Assets assigned to Trust can potentially reduce the Tax payable. Trusts are also subject to Tac, but appropriate managements by the Trustees can reduce any amount due substantially. Trusts can significantly reduce the impact of Tax on future generations. Can Trusts reduce or eliminate the Tax I Pay? Trusts have been instrumental in mitigating Tac …
MARRIED COUPLES/CIVIL PARTNERS WITH ESTATES VALUED LESS THAN 2 X NIL RATE BANDS (NRB), AND NON-MARRIED COUPLES (ANY ESTATE VALUE) If you do not have a valid Will when you die, your assets will be distributed in accordance with the Intestacy Rules, laid down in the Administration of Estates Act 1925 and the Inheritance & …
WHAT IS POA? Powers of Attorney (POA) have been serving the public for centuries. They are powerful legal documents which allow an individual (Donor) to appoint a person of their own choice (an Attorney), to look after their affairs should they at a later stage no longer wish to make these decisions, or lack the …
The Lifetime Property Protection Trust (LPPT) is simply the most comprehensive trust of its type, designed to remove the concerns that many have when placing their home into trust. The LPPT provides you with the peace of mind that you have done all that you can and have the professional support you need moving forward, …
As you get older or your needs increase, you may find it more difficult to cope in your own home. Living in a care home can be very expensive and the costs involved in moving into a care home can literally wipe out your entire savings and your home may have to be sold to …
STANDARD WILL On death a Standard Will makes ‘absolute’ gifts of the individual’s assets to the Deceased’s specified Beneficiaries. There is NO protection of these gifts from any subsequent claims on the Beneficiaries. If clients wish to have ‘conditions’ with regards to the ‘gifts’ then this would require the assets in the Will being left …
Applying for Probate can be both daunting and a time-consuming process. Make an exhaustive list of all the assets and debts, including utility bills. Settle all the Deceased’s debts and pay any Inheritance Tax necessary. Make payment of Tax, this becomes your personal responsibility and may leave you open to personal liability or penalties. Arrange …
It’s never too early but often too late! You can put off making a Will until it is too late, and this poses all sorts of problems for the people left behind. Not making a Will could mean that some, or all of your Inheritance either goes to the wrong person, or to the state. …
In the United Kingdom, every individual is allowed to leave his or her estate to whomever they want on their death. This is achieved by preparing a Will. Wills vary in complexity due to what is intended to be achieved, but in essence all have the same basic features. TESTATOR A Testator is the person …
Mirror Wills can lead to a complete loss of your estate. Find out how a different style of planning can protect you from 3rd party claims.
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