Inheritance Tax

We offer a full advice service to help Clients protect their estates and loved ones where possible against care home fees, inheritance tax and unwarranted challenges and disputes to their Will.

Inheritance Tax is currently charged at 40% on estates worth more than £325,000 (the current nil rate band for 2014/15) or 36% if the estate qualifies for a reduced rate as a result of a charitable donation. IHT is also levied on assets transferred in the preceding seven years before death on a decreasing scale.

It’s also sometimes payable on trusts or gifts made during lifetime.

Increased threshold for married couples and civil partners

Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies – to as much as £650,000 in 2014 to 15. Their executors or personal representatives must transfer the first spouse or civil partner’s unused Inheritance Tax threshold or ‘nil rate band’ to the second spouse or civil partner when they die.

How Much is Your Estate Worth?

Probably a lot more than you think.  Clients often forget to include not only their full assets, including home  contents and jewellery,  but death in service benefits, insurances and any debts due to them . There are so many ways to reduce tax with the correct advice.  To nil in many cases.

Wolf Law’s Service Standards

We will write to you suggesting a review of your Will every 3-5 years to ensure that any life changes such as death, divorce, marriage, children, grandchildren are taken into account.

We provide reassurance and security to individuals and their families, often at times of emotional stress, by providing quality legal advice relating to:
► Wills ► Trusts ► IHT planning ► Lasting Powers of Attorney
► Advance Decisions
 ► Care home fees ► Estate administration 
► Probate ► Funeral plans ► General advice when you are unsure what to do next.

Contact a member of our private client team for friendly professional advice or complete our short online enquiry form.

Please also view our pages on Your Will, Powers of Attorney and Probate & Administration for an overview of our services.