Tax planning is crucial and should be done as early as possible. Different tax issues can arise which can make wills complicated. We will provide tax advice before drafting your will and assist with tax planning. Capital Acquisition Tax is a complex matter, and by planning ahead, you can set out clearly who should get what from your estate. This will also allow you to maximise inheritance tax reliefs and exemptions if your estate might be worth more than the inheritance tax threshold when you die.
Gifts are treated in a number of ways for Inheritance Tax purposes. This will only be relevant if the value of the gifts exceed the Inheritance Tax threshold when you die. If your estate is over the threshold, any gifts you make more than seven years before you die will be exempt from Inheritance Tax.
Certain types of property can be passed on free from Captial Acquisition Tax or at a reduced rate depending on your Capital Acquisition threshold.
If you would like further information on the tax issues concerning your will, you can speak to our Probate Specialist by Freephone on 1800 54 54 54 or email us at email@example.com