Life is full of surprises. At Attwaters Jameson Hill we ensure that, should your circumstances change unexpectedly, you and your family are prepared. Our specialist solicitors are dedicated to helping you put your affairs in order, whether through a carefully drafted Will, a Lasting Power of Attorney (LPA), or a lifetime trust. With particular experience in helping high-net-worth and wealthy individuals to pass on their wealth tax-effectively, we are also the law firm of choice for those looking to pass on complex wealth and assets.
Does your Will benefit from the tax-free allowance?
The Residence Nil-Rate Band (RNRB) is a tax-free allowance, introduced in April 2017, that is available when you pass your main residence on to a direct descendant.
What do I need to know?
- It’s available in addition to your own Nil-Rate Band (also known as Inheritance Tax threshold) of £325,000.
- The allowance has been introduced in stages over four years, starting from £100,000 (April 2017), rising to £125,000 (April 2018), £150,000 (April 2019) and finally to £175,000 (April 2020).
- This means that from April 2020, the Inheritance Tax threshold for married couples will be up to £1 million (i.e. each couple’s Nil-Rate Band of £325,000 combined with the £175,000 RNRB threshold).
- It covers the main residence, when this is passed to direct descendants, but certain conditions do apply.
- Only one residential property will qualify for the relief. If you have multiple properties, you can nominate one to pass down.
In light of the changes, it would be wise to review the terms of your Will to ensure you do not lose this valuable relief.
If you are looking to review your Will, then email firstname.lastname@example.org, or call 0330 221 8855 to speak to one of our friendly team for advice.
To find out more about the RNRB, click here.
We have been helping people manage their affairs for over 200 years, advising them through each of life’s stages as they unfold.
Helping you plan ahead with Wills and Probate advice
You might be worried about the consequences of not making a Will or have concerns about how much Inheritance Tax your family will be liable to pay on your estate. You may need guidance on what LPAs involve or want to find out how to prevent your assets being used to pay care home fees. If you possess significant wealth and assets, you may be concerned with how best to pass this on to your loved ones whilst minimising your tax liabilities.
If you have questions, talk to us. We are sensitive and understanding. Above all, our priority is to help you take decisions that will help you avoid distressing problems further down the line and make things clearer for those you leave behind.
How we can help. Making things easier – for you and your family
The team is recognised by Chambers & Partners, the guide to the legal profession, and we are members of the Law Society Probate Section, Solicitors for the Elderly and the Society for Trust and Estate Practitioners (STEP). We offer a full range of services, including:
- Wills – We accurately record your wishes and help minimise your tax liabilities.
- Probate and administration of estates – We work with you to wind matters up efficiently and ensure the deceased’s wishes are properly followed.
- Trusts & tax – We have been advising on tax and trusts for over 200 years, meaning our lawyers possess vast technical knowledge as well as years of experience in working with high-net-worth individuals to minimise their tax liabilities. This means we are ideally placed to meet your objectives.
- Personal injury trusts – Supported by our personal injury and medical negligence teams, we set up and administer trusts for people who have received significant amounts of compensation following injury.
- Older client services – We give older people and their families the peace of mind they need regarding the funding of their care and estate planning.
- Powers of attorney – We explain the significance of LPAs and draft them in accordance with your specific instructions.
- Court of Protection – Our work includes applications for statutory wills, lifetime gift orders and special needs trusts.
- Estate disputes and Will disputes – Our litigation team handles all types of dispute, including those arising from a Will or the management of assets during someone’s lifetime
Ranked in Tier 3 in the Legal 500 2021 Directory. With Lesley-Ann Mayhew being noted as a ‘Leading individual’ for her Court of Protection work and a ‘Next Generation Partner’ for her Tax, Trusts and Probate practice. The team is described as “Small but nimble team with access to the whole spectrum of advice across the firm” with commentators stating “This is a boutique outfit which offers a tremendous service to its clients. Lesley-Ann Mayhew is a star performer who has strong, incisive knowledge of this field. She is an extraordinarily hard worker who works tirelessly for her clients” and “The superb Lesley-Ann Mayhew acts as deputy to some of their clients that lack capacity. She is extremely knowledgeable and sympathetic to clients needs.”
We are happy to visit you at home, in hospital or in your nursing home if it is more convenient. Call us on 0330 221 8855 or contact us online.