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Expert advice from Inheritance Tax and succession planning solicitors

Making provisions for your loved ones after you are gone is a fundamental part of managing your estate and assets. Without careful planning, inheritance tax - a duty paid on your estate on death and also during lifetime in certain circumstances - can take a sizable portion of your estate. Charged at 40%, Inheritance Tax is applied to property, cash in bank accounts and personal belongings, foreign assets and, in some cases, even assets you have given away in the last seven years.  There are many pitfalls for the unwary!

We work with people from a variety of backgrounds and professions, all of whom have a unique list of concerns and want support with specific issues in relation to their individual circumstances. In all cases we have been able to give them sensitive and practical advice, helping them make informed decisions and avoid those pitfalls to ensure their planning is a success.

Working with us, you can have absolute confidence that you will have an expert team dedicated to achieving the very best outcome for you and your family:

  • Everything we talk about throughout the time we spend working together will always be totally confidential
  • Our teams are top ranked by legal directories, so you can be sure that you are being guided by specialist experts in all areas of inheritance tax and succession planning
  • Our partners and lawyers have decades of experience, an excellent reputation and over the years have built up strong relationships with other lawyers, intermediaries and professional bodies; and
  • We have teams in Beverley, Lincoln and York, and work with clients across East and North Yorkshire, Lincolnshire and the East Midlands.

The types of Inheritance Tax and succession planning we can help you with

Based in York and Lincoln and helping clients across the UK, our friendly team of solicitors offer expert inheritance tax planning advice, helping you plan your estate, making it as tax efficient as possible to maximise the benefit of your financial legacy.

Our team can help you with:

Inheritance Tax planning

Following a person’s death, we often work with beneficiaries to ensure their own Inheritance Tax planning is managed and if need be execute deeds of variation to redirect the inheritance to others or into a trust arrangement.

Other keys areas for Inheritance Tax planning that we advise on is using trusts and alternative structures such as family investment companies.

For farmers and landowners

We understand that with agricultural businesses and landed estates the future of the business or the estate and the family are interlinked. We have years’ of experience in advising farmers and landowners on Inheritance Tax Planning and the interaction between Agricultural  and Business Property Reliefs and how the plans for the future can impact on these reliefs or how those reliefs can be exploited in support of those plans. 

In support of that, our team has the breadth and depth of knowledge and expertise required to advise on a full range of succession planning issues including, inheritance and other taxes, partnership agreements, tenancies, wills and trusts.

Proper structuring of your farm business or estate can mitigate the risk of Inheritance Tax and maximise the family wealth that can be passed on.

Succession planning

When it comes to business and estates, ensuring that management and ownership is transferred efficiently to the next generation is vital for continuity.

Where families or estates and their interests are large or complex, early planning is advised. We advise entrepreneurs, business owners and family businesses on succession planning and have a special expertise in work that combines our private and commercial expertise, especially where shareholdings and trusts are involved.  When needed we can liaise with relevant third parties to ensure funding is available to help extract value from a business in the event of an owner’s death.

Succession planning can also cover issues such as mitigating against the depletion of your estate through the payment of long term residential and care fees or putting in place suitable structures for disabled beneficiaries.  We have the expertise to cover whatever scenario is relevant to you.

Exemptions and Reliefs

There are circumstances, such as gifts to charity, spouses or Nil Band Rates, when taxes do not apply. Making best use of these options and other less well known exemptions and reliefs combined, sometimes, with trust arrangements can significantly reduce the impact of inheritance tax while also ensuring wealth is passed on in an appropriate way depending on a client’s particular circumstances.

Capital Gains Tax advice

We provide Capital Gains Tax advice to individuals and trustees on disposal of assets and implement plans to assist in mitigating Capital Gains Tax. We will work with other professionals to coordinate and ensure all reporting and registration requirements are met.

Recent examples of our Inheritance Tax and succession planning work

The private client team support a variety of high net worth individuals and families across the UK with a core of businesses in the country’s agricultural heartland.

Our recent highlights include:

  • Succession advice to a UK domiciled couple with significant assets in both the USA and the UK. We liaised with third party professionals in both jurisdictions;
  • An entrepreneur and family with assets that had benefitted from significant capital growth, we are liaising with accountants and tax advisors to minimise future potential tax bills;
  • A landed estate owner with issues around inheritance tax and succession planning along primogeniture lines. We set up testamentary documents, advised on the trust and partnership structure; and
  • Working with two family groups to structure their relationship in connection with land that has development potential and ensuring that tax where possible is mitigated.

Our team

Inheritance Tax and succession planning work is a very specialised area of law. Our partners and lawyers have decades of experience and an excellent reputation in representing families in optimising their tax-planning and protecting wealth and assets for multi-generational enterprises.

Our teams are given the highest ranking by the Legal 500 and Chambers and Partners, so you can be sure you are being represented by specialist lawyers in all aspects of Inheritance Tax and succession planning.

Our team is also accredited by the Law Society as members of the Wills & Inheritance Quality Scheme.  This is a further mark of the team’s drive to ensure the best standards are maintained when advising clients about their succession issues.  Very few if any local firms are accredited by the Law Society to this scheme.

We have teams in Beverley, Lincoln and York, and work with clients across East and North Yorkshire, Lincolnshire, the East Midlands and foreign jurisdictions.

How we work

Everything we talk about throughout the time we spend working together will always be totally confidential.

Offering expert advice and guidance, we will recommend a path that helps you take control of the situation and leads to a resolution that works for the situation you find yourself in.

Whatever your reason for coming to us, our first step is always to listen with patience so that we understand what has happened before and what you want to happen next. Rest assured that there are very few stories that we have not heard before or challenges that we have not previously overcome.

Using our knowledge and experience we guarantee that we will be able to give you a range of options, with a detailed overview of the likely process, outcomes, timescales and costs.

The recommendations we make will always be specific to you, so whether you are dealing with issues of children, finances, property, or something else, our team will help you come up with a plan that works.

Our fees and costs

Whether you want to talk about wills or broader succession planning issues we offer a no obligation initial meeting.

At the end of that meeting we will be able to provide an accurate estimate of costs having fully understood your circumstances and needs.

We will typically send you a bill every month so that you can see how much you have spent in that month and where the overall costs compare with the estimate.  This will keep you regularly updated and if factors have arisen which require the estimate to be increased we will discuss that with you before the estimate is exceeded.

What our clients say about us

  • "From the very start Langleys were interested and engaged. Their motto, like Barack Obama’s, seems to be: yes we can. They were always looking for a way to make things work; to find a solution. A pleasure to be around that sort of energy. Plus, of course, they knew their stuff and if it came to pass that they did not have an immediate answer, they went out of their way to find it."
  • "They have an in depth knowledge of inheritance tax."
  • "A large firm which manages to behave and feel like a small firm with a personal touch."

York

James Knowles, Wills, Trusts And Probates Solicitor In York For Langleys Solicitors

James Knowles

Partner

01904 683 181

07936 340 921

Langleys will only use the information you provide to contact you in relation to your enquiry.

Lincoln

Amy Allison | Partner | Joint Head of Private Client | Professional Trustee | Langleys Solicitors

Amy Allison

Partner

01522 508 795

07523 519 150

Langleys will only use the information you provide to contact you in relation to your enquiry.

Lincoln

Paul Horton Joint Head of Private Client department

Paul Horton

Partner

01522 508 790

07976 414 309

Langleys will only use the information you provide to contact you in relation to your enquiry.

Legal Directory Feedback

Langleys have demonstrated excellent knowledge of inheritance tax, plus business and agricultural reliefs.

Chambers, 2021

Their attention to detail is second to none and they make sure you understand everything from start to finish.

Chambers, 2021

Easy to approach and down to earth - I find them friendly, knowledgeable, and willing to assist with almost any query.

Chambers, 2021

Great attention to detail and focus on achieving the right outcome for the client.

Chambers, 2021

I have been very impressed by the professionalism and communication from Langleys.

Chambers, 2021

Langleys are a delight to work with: they're client-focused and have a wealth of knowledge

Chambers High Net Worth guide 2021
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