Inheritance Tax Planning – What About Pre-Inheritance?

We have all heard of surveys and reports about nearly or newly retired professionals stating with a smile on their face that they were going to ‘spend the kids’ inheritance’. Many dreams were being fulfilled, involving travel to exotic far flung places, cruising, buying a boat or a Harley Davidson motorbike – or whatever appealed. [...]

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Avoiding Inheritance Tax via Gifting (and how spouses or civil partners can use gifts to provide for each other on death and avoid disinheriting their children)

With significant inheritance tax benefits for gifts between spouses or civil partners, it makes financial sense for married couples to leave everything to each other on death. However, with the increase in second marriages and step-families, you could experience real tension between wanting to provide for your partner after their death and ensuring that you [...]

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Inheritance Tax & Personal Pensions – Hot Topics Q & A

Q. I am a married 51 year old surgeon, and have several large pension funds which have built up over many years, with a combined value of around £400k. I dont intend to cash in my pensions until age 60 plus, and have recently turned my attention to the subject of Inheritance Tax. Our estate [...]

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Dental Practice Sale – Options on Your Premature Death?

This week we have a guest article from specialist dental solicitor Edwin Ross. Edwin looks at a new twist for the sole practitioner – Who will get the practice if you die before retirement? Take it away Edwin… Are you a sole practitioner?  Have you ever considered what would happen to your practice in the [...]

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Last Will and Testament – The Perils of Dying ‘Intestate’

Not the most enlightening of subjects is it? And not one you’ll probably discuss often, with either friends or family. What’s that I hear you say? Dying. The good news is that I’m not going to take up the next few minutes of your life talking about how we might all eventually leave planet earth. [...]

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Inheritance Tax Planning – How Gifting Can Really Help – Hot Topics Q&A

Q. My brother and I am concerned about the Inheritance Tax situation regarding our mother. Her estate will be well in excess of £1.2 million, and although I am aware that she can now use our deceased fathers nil rate band allowance which helps, there will still be a tax bill of over £200k. She is now in [...]

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Lasting Power of Attorney – The Missing Link

As from 1st October 2007 the Mental Capacity Act 2005 came into force, affecting a large number of people, their families and advisers. In particular, one of the biggest impacts came with Lasting Powers of Attorney replacing Enduring Powers of Attorney. It is no longer possible to set up an Enduring Power of Attorney, although [...]

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Spanish Property – Wealth Tax & Inheritance Tax

We have many clients who have either bought in Spain or the Balearics, or are thinking about doing so. In the past few years, there have been some changes in how the Spanish government tax those who are UK based and have a Spanish property, although with a change of government this could alter again. Here [...]

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Nil-Rate Band Will Planning – Your Options Explained (Post 9 October 2007)

  Since Alistair Darling’s Pre-Budget Speech on October 9 2007, there have been a number of reports in the press stating that will planning using the nil-rate band of the first of a married couple to die will no longer be necessary as you can now transfer the nil-rate band between spouses and civil partners. [...]

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Enduring Power of Attorney – Last Chance Saloon

If you’ve not heard yet, you only have a few days left to organise your Enduring Power of Attorney. Officially, you have until September 30th to get it in place, at which time EPAs will be replaced by Lasting Powers of Attorney. If you lose mental capacity because of dementia, you will need someone else [...]

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