Inheritance Tax Solicitor – Glasgow Scotland

When someone passes away, inheritance tax is the amount owed on their estate. Furthermore, certain transfers made during a person’s lifetime are subject to inheritance tax (IHT); gifts made and trusts established up to seven years before death are also subject to IHT.

IHT is not required on all estates. At the moment, £325,000 is the inheritance tax threshold.

The executor often pays IHT from the deceased’s estate and oversees closing it down. To determine the entire IHT liability, the estate must be valued.

The total amount of IHT liability may be decreased by taking advantage of specific exemptions and reliefs. Some bequests and donations are not subject to IHT:

• Giving your spouse or civil partner gifts and bequests.
• Charity donations, whether made in your lifetime or as part of your will, are often exempt from inheritance tax.
• Presents that you give at least seven years before you pass away
• Gifts that are eligible for the yearly exemption. This allowance can be carried over to the following year.
• Presents under £250

To help you minimise any inheritance tax liability you may encounter—which is becoming more and more common for the reasons mentioned above—a properly prepared Scottish Will with an appropriate trust is essential. To make sure that the assets and property you have acquired through a lifetime of hard work go to the people you would like to benefit from, you must get the right advice and assistance on your will and estate planning.

Additionally, creating a will guarantees that you utilise all of the exemptions and reliefs that are available to you to avoid paying IHT. As your life evolves, it’s also critical to revise your will.