How the Right Estate Planning Advice Could Save Your Family Hundreds of Thousands - Especially Ahead of the Autumn Budget

As Chancellor Rachel Reeves prepares to deliver her Autumn Budget on 26 November, many families are watching closely for potential changes to tax rules affecting property, wealth, and inheritance. With government borrowing at historic levels and key tax rates protected by manifesto commitments, inheritance tax (IHT) is once again under scrutiny.

There’s growing concern that reforms could include:

1. A lifetime cap on gifts
2. Changes to the seven-year rule
3. Removal of taper relief

Each of these could significantly impact how families pass on assets.

Planning Ahead with Confidence

At Solomons Solicitors, we understand how unsettling this uncertainty can be. That’s why we’re helping clients take proactive steps now, before any announcements are made, through tailored estate planning, flexible wills, and the strategic use of trusts.

Real Examples of How Planning Has Made a Difference

Mr and Mrs A: £70,000 IHT Saved Through Will Planning

With a projected estate exceeding £3 million after the 2027 pension changes, Mr and Mrs A worked with our team to restructure their affairs by:

1. Capturing the Residence Nil Rate Band
2. Incorporating flexible trusts
3. Allowing for future adaptability

They’ve reduced their children’s future tax liability by at least £70,000.

Mr C: £130,000 IHT saved with a Deed of Variation after the death of a parent, Mr C applied a Deed of Variation to redirect assets in a way that:

1. Reduced the value of his own estate
2. Preserved key allowances

This move is expected to save his children £130,000 in inheritance tax.

Mr and Mrs S: £400,000 IHT Saved by Recovering Overlooked Allowances

Both previously widowed, Mr and Mrs S came to us for a routine review. We identified that they were missing out on £1 million worth of allowances that couldn’t be transferred. By updating their wills, we helped them preserve these allowances - saving their families £400,000 in tax.

Even Mr S, who described himself as “not one to rush into spending on professional advice,” said the review was one of the most worthwhile decisions he’d made.

Why Choose Solomons Solicitors?

We combine technical expertise with a personal approach. Our private client lawyers:

1. Stay informed on legal and tax developments
2. Offer bespoke solutions tailored to your family’s needs
3. Provide clarity and support during complex decisions

Whether you’re reviewing your will, considering a trust, or planning for future generations, we’re here to help you make informed, confident choices.

Don’t Wait for the Budget  - But Know It’s Never Too Late

While acting before the Budget may offer the greatest protection, there will still be opportunities to adapt and restructure afterwards.

If you’re unsure how potential changes might affect you, we’re here to provide clear, practical advice tailored to your circumstances - before, during, and after any legislative updates.