Inheritance Tax Planning
Protect Your Legacy, Minimise Your Tax Burden and Gain Peace of Mind
Inheritance tax is often disregarded by many individuals, assuming it’s not their concern. However, by ignoring inheritance tax planning, you run the risk of leaving your loved ones with a significant tax bill when you pass away and potentially having to sell your hard-earned assets and properties to cover the tax bill.
How can we help?
At Abac we specialise in providing a range of services to assist you in effectively managing inheritance tax matters. Whether you require strategic tax planning to help preserve your wealth for future generations or assistance with completing tax forms for the deceased, our experienced team of accountants are here to guide you through the entire process.
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Inheritance Tax Planning
- Our knowledgeable advisors will work closely with you to develop a customised tax planning strategy that will help protect your assets while ensuring tax efficiency. We consider various options, such as trusts, exemptions, and reliefs, to help you preserve your wealth for future generations.
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Tax Efficient Will Drafting
- We will work in conjunction with your solicitor during your will making process to maximise tax efficiency in your will.
- Our team will review your most recent will and advise on any changes required to ensure you benefit from every tax relief for which you could be eligible.
- If you do not have a will or solicitor, our advisors are able to write your tax efficient will to ensure your wishes are met.
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Trusts and Estate Management
- Explore the benefits of trusts in managing your estate, enabling you to protect and preserve your assets for future generations.
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Review your domicile and residency status
- Our team can advise on the implications and any potential tax advantages you can avail of based on your domicile and residency status
Early planning is key – the sooner you start considering inheritance tax planning and implementing appropriate strategies, the better positioned you’ll be to protect your estate and provide for your family’s financial future.
Inheritance Tax Services on behalf of the deceased:
Dealing with the intricacies of inheritance tax paperwork can be overwhelming, particularly in these difficult circumstances, but rest assured that our dedicated team at Abac is available to support you throughout this challenging period. We will correspond directly with solicitors, allowing you the space to grieve and focus on personal matters.
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Inheritance Tax Form Completion
- Our knowledgeable team can assist in completing necessary inheritance tax forms, including the IHT400, and associated schedules on behalf of the deceased.
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Calculation of Inheritance Tax:
- Our experts perform accurate calculations to determine the inheritance tax liability based on the information provided. We consider applicable exemptions, reliefs, and thresholds to optimise tax efficiency within the legal framework.
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Liaison with Solicitors:
- We understand that this is a difficult time for you, and we aim to alleviate some of the burdens. Our team are happy to correspond directly with solicitors involved in the estate administration on your behalf, we collaborate closely with them, exchanging necessary information and ensuring a seamless flow of communication. This relieves you of the administrative burden, allowing you the time and space needed to heal and process your emotions.