Inheritance & Tax Planning Solicitors

Whether you are thinking about the future of your family home, passing wealth to children or grandchildren, or simply wanting greater peace of mind, our inheritance and tax planning solicitors can help you put the right arrangements in place.

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Good planning is not just about protecting assets. It is about making life easier for the people you care about most.

What is Inheritance and Tax Planning?

Inheritance and tax planning involves organising your finances, property and assets in a way that helps protect your estate for future generations.

For some people, this means reducing the amount of inheritance tax that may be payable after death. For others, it may involve protecting family wealth, planning for later life care, supporting children or grandchildren, or ensuring assets are passed on as intended.

Putting the right plans in place early can help provide clarity and peace of mind for both you and your family.

Why Inheritance Planning Matters

Without careful planning, a larger proportion of your estate may be lost to tax or distributed in a way that does not reflect your wishes.

Planning ahead can help:

preserve more wealth for future generations
reduce uncertainty for your family
support vulnerable beneficiaries
protect family businesses or property
provide clarity and peace of mind

Even relatively simple steps can make a significant difference over time.

No matter how complex the situation, we’ll do everything we can to find a resolution that meets your specific needs. Speak to a member of our team today to arrange a meeting by calling us on 0800 118 1500 or filling out our online form below.

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When Might You Need Inheritance or Tax Planning?

Protecting Family Wealth

Many families want to ensure more of their estate passes to loved ones rather than being lost unnecessarily to tax.

Passing Property to Children or Grandchildren

Rising property values mean more people are considering how best to pass on homes and other assets efficiently.

Planning for Business or Farming Assets

Business owners and farming families often require specialist planning to help protect assets for future generations.

Later Life and Care Planning

Some people choose to review their estate planning as part of preparing for retirement or considering future care arrangements.

Following Major Life Changes

Marriage, divorce, retirement, receiving an inheritance or selling a business can all be important times to review your estate planning arrangements.

Why Choose Talbots’ Inheritance & Tax Planning Solicitors?

Our inheritance and tax planning solicitors can advise on a wide trange of matters includings inheritance tax planning, trusts, gifting assets, succession planning, protecting business or agricultural assets, estate structuring, and Wills and future planning arrangements.

At Talbots Law, we understand that inheritance and tax planning is about more than finances alone. It is about protecting the people and future you care about most. Our experienced Trusts & Estates team provides clear, sensitive and practical advice tailored to your circumstances, helping you make confident decisions without unnecessary complexity or jargon.

With tens of offices across the Midlands, we support clients with clear communication, practical advice and a focus on achieving the right outcome efficiently. Trusted by thousands of people each year, our TrustPilot reviews demonstrate our pride in exceptional service.

How can I minimise my Inheritance Tax liability?

If you’re worried about the Inheritance Tax on your estate, there are a few solutions:

Gifts

Making a gift or gifts to family members or friends from your estate is a great way of cutting the amount of Inheritance Tax you are liable for. If you’re married or in a civil partnership, you can pass your estate – either in whole, or partially – to your spouse, tax-free. The same rules will not apply if you are in a relationship but not married or in a civil partnership, so be wary of this.

If you wish to make a gift to someone who is not your legal spouse, the value of the gift will be included in Inheritance Tax, but only for seven years. That means that if you give a certain amount to a family member or friend but you go on to live seven years longer, the gift will no longer be liable for Inheritance Tax when you die.

Trusts

By putting a certain amount of your assets into a trust fund, they will no longer count as part of your estate and therefore will not be liable for Inheritance Tax. So, if you were to set up a trust to support a family members’ education, this money would not be included in Inheritance tax.

It may, however, be subject to other forms of taxation. The rules surrounding tax and trusts vary depending on the situation, so speaking to an expert can help to clarify whether it’s a good idea for you.

Charity

A good way of reducing your Inheritance Tax bill is to give a certain amount to charity of your choice. By giving at least 10% to charity, not only do you benefit the cause, but you reduce the amount of Inheritance Tax that is due on the rest.

What is the inheritance tax threshold?

Inheritance tax is only usually charged on the value of an estate above certain thresholds set by the government. In many cases, individuals can pass on a certain amount tax-free, with additional allowances sometimes available when leaving a home to direct descendants such as children or grandchildren.

The rules can be complex and will depend on your personal circumstances, the value of your estate and who you plan to leave assets to. Seeking legal advice can help you understand whether inheritance tax may affect your estate.

Can I give money to my children tax-free?

Many people choose to give money to children or family members during their lifetime as part of inheritance planning.

Some gifts can be made tax-free straight away, while others may still be considered part of your estate for inheritance tax purposes if you die within a certain period of time. The rules surrounding gifting can be complicated, so it is important to understand the potential legal and tax implications before making large financial gifts.

What happens if no inheritance tax planning is done?

Without inheritance and estate planning, more of your estate could potentially be lost to inheritance tax than necessary.

A lack of planning can also create uncertainty for family members, particularly where property, business assets or larger estates are involved. Putting arrangements in place early can help protect assets, provide clarity and make things easier for loved ones in the future.

What is the seven-year rule for inheritance tax?

The seven-year rule relates to certain gifts made during your lifetime. In simple terms, if you live for seven years after making a qualifying gift, it may no longer count towards the value of your estate for inheritance tax purposes.

If you die within seven years of making the gift, inheritance tax may still apply depending on the circumstances. This is one reason why many people begin inheritance planning well in advance.

When should I start inheritance tax planning?

Many people assume inheritance tax planning is only necessary later in life, but planning ahead early can often provide more options and greater flexibility.

Major life events such as buying property, having children, receiving an inheritance, retirement or business ownership are all common reasons to review your estate planning arrangements. Starting earlier can help ensure your affairs are structured in the most effective way for the future.

What assets are subject to inheritance tax?

Inheritance tax can potentially apply to a wide range of assets within your estate, not just your home or savings account.

This may include property, investments, business interests, valuable possessions and certain gifts made during your lifetime. The overall value of your estate and the way assets are owned or passed on can affect whether inheritance tax becomes payable.