Every person has a tax free allowance on the the first £325,000 of their estate. Where an estate exceeds this value, tax planning becomes essential to ensure that a person’s estate does not pay inheritance tax unnecessarily.
In the case of couples who own property together, it is advisable that they own it as tenants in common rather than as joint tenants to ensure that their estates do not amalgamate. This would increase the value of the estate for inheritance tax purposes. This is especially so for unmarried couples who would pay inheritance tax on the death of the first partner.
We are happy to discuss and advise you on the best way to ensure that your hard earned assets remain protected.
Contact Elizabeth Middleton Solicitors now on 01189590153, email us at firstname.lastname@example.org or complete our contact form on http://www.elizabethmiddletonsolicitors.co.uk/contact