So what Trusts can I use to protect my assets on death? There are several types of Trusts you can put in your Will to ensure your assets at death will reach your chosen beneficiaries. Firstly there is a Property Protection Trust which can provide a protective shelter for the value of your home allowing […]
Tag Archives | Care Fees Inheritance Tax Wills Trusts
So what is RNRB?
Government has introduced a new allowance for Inheritance Tax in addition to the current Nil Rate band of £325,000 per person It is called Residence Nil Rate Band ( RNRB ) Where a person dies on or after 6 April 2017 and leaves the home to direct descendants ( and this includes step-children ) an […]
How to lose your home
An article in the latest Mail on Sunday illustrates how you can lose your home by not updating your Will to cover current circumstances. A couple had lived together unmarried for 18 years and owned the house in which they lived as ‘Tenants in Common’. The male partner had never divorced his previous wife and […]
I already have a Will
The number of times people have said that to me when asked to make a Will. ”I already have one. Made it years ago” How naïve to think that it covers current circumstances or up to date legislation. Any Will should be reviewed at least every three years to ensure it is relevant both as […]
Simon Cowell knows when
It is reported today that Simon Cowell has had a DNA test which tells him when he is going to die. Apparently he is good for another 40 years yet. This will certainly give him time to plan his affairs to ensure the maximum part of his estate will reach his loved ones on his […]
Live and let die
When the sun shines and life feels good the thought of dying is far from your mind. You feel as though you are going to live for ever. Unfortunately that is not the case as death is inevitable. What is even worse it is unpredictable. Many deaths reported in the press over the last few […]
Political Promises
One party has promised an increase in the basic rate relief for Inheritance Tax. For married couples and civil partners they are increasing the joint thresholds from the present £650k to £1m based on the value of their residence. They herald it as a major boost for Inheritance. Unfortunately when examined the additional relief only […]
Pension Pot Perils
With the new legislation on Pension Pot withdrawals coming into force from April 2015 there are considerable risks for those who take out large lump sums. The immediate effect is to increase the value of your estate for Inheritance Tax purposes. A large withdrawal from your pension pot added together with the value of the […]
Care Act 2014
The provisions of the Care Act 2014 come into force from April 2015 It is worthy to note that from then Local Authorities will not have the power to assess married couples/civil partners jointly for means test purposes . Each person considered for care will have to be assessed on their own individual assets. Assets […]
Tony Benn ‘s Trust
It is reported today that maverick socialist Tony Benn’s £5m estate will probably avoid Inheritance Tax. The reason appears to be because it was placed in Trust after the death of his late wife. Tax experts say it is likely a ‘deed of variation’ was utilised to transfer part of the property into Trust after […]