Inheritance Tax Planning Inheritance Tax Planning

• Reviewing your current inheritance tax position
• Advising on lifetime gifting and exemptions
• Explaining potentially exempt transfers and chargeable lifetime transfers
• Considering trusts where appropriate
• Reviewing Wills for tax efficiency
• Advising on Business Property Relief and Agricultural Property Relief
• Considering charitable giving and the reduced rate of IHT
• Working with your other professional advisers towards the same goal

Why This Matters

The standard inheritance tax rate is 40% on the taxable part of an estate. For some families, that can mean a substantial bill. Preston Redman helps clients consider practical, legitimate planning options while making sure personal security and family relationships are not overlooked.

When to Take Advice

You may wish to speak to Preston Redman if any of the following apply:

• Your estate may exceed the available tax thresholds
• Property value has increased significantly
• You want to help children during your lifetime
• You own business or agricultural assets
• You have surplus income or investment assets
• You want to benefit charity
• You are concerned about making gifts too early

Key Considerations

Tax planning should never be viewed in isolation. Preston Redman will discuss affordability, control, future care needs, family fairness and the practical evidence HMRC may expect. Sometimes the best advice is to take action. Sometimes it is to wait, document the position or avoid a strategy that creates more risk than benefit.

We will also consider how this area fits with your wider arrangements. For example, a Will may need to work alongside a trust, an inheritance tax plan, a business succession strategy or a Lasting Power of Attorney. Looking at these issues together often provides a better and more practical result for clients.

What the Process Usually Involves

The first step is usually a focused conversation about what has prompted you to seek advice and what outcome you want to achieve. Preston Redman will then identify the documents, information and decisions needed, explain the likely options and help you understand the consequences of each route. We aim to make the process feel manageable, particularly where the background is emotional, urgent or technically complex.

For many clients, the most useful part of the process is having the issues organised clearly. We can help you separate the decisions that need to be made now from the points that can sensibly be reviewed later. Where specialist tax, financial planning or accounting input is required, Preston Redman can work alongside your existing advisers so that everyone is working from the same plan.

Useful Information to Gather Before Speaking to Us

You do not need to have every detail ready before contacting Preston Redman, but the following information can help us give focused advice more quickly:

• A brief summary of your family and business circumstances
• Details of any existing Wills, trusts, powers of attorney or court orders
• An approximate list of assets, liabilities and income sources
• Details of any urgent deadlines, tax dates or practical concerns
• The names of any accountants, financial advisers or other professionals already involved

Why choose Preston Redman?

Preston Redman combines specialist Private Client experience with the reassurance of a long-established Dorset law firm. The firm holds Lexcel accreditation, reflecting recognised standards in practice management and client care. Within the Private Client team, there are full members of the Society of Trust and Estate Practitioners (STEP), an international association for professionals specialising in family inheritance and succession planning.

Clients come to Preston Redman because they want advice that is technically sound but easy to understand. Our Private Client solicitors take time to explain the legal position, identify the practical choices and provide a clear route forward. We understand that these matters often involve family, money, health and long-term security, so our advice is direct without losing sight of the personal context.

Call our helpful team today so we can help you with your inheritance tax planning requirements.