WillPack

Inheritance Tax Exemptions and Allowances

Where clients are wishing to reduce their potential inheritance tax liability, there are lifetime inheritance tax exemptions and allowances they should be made aware of. For a number of these, they may need to seek regular advice from tax specialists to ensure that they will qualify for an exception or do not exceed an allowance. … Read moreInheritance Tax Exemptions and Allowances

Chancellor requests a review of Inheritance Tax

Review of Inheritance Tax

In a letter published on the 31st January, the Chancellor of the Exchequer has requested that the Office for Tax Simplification carry out a review of the inheritance tax regime. The Chancellor has acknowledged that the inheritance tax system is complex and wished for simplification to ensure that the system is fit for purposes and … Read moreChancellor requests a review of Inheritance Tax

Disabled/Vulnerable Person’s Discretionary Trusts

The Disabled/Vulnerable Person’s Discretionary Trusts These are useful trusts to use when your client has a child or another relative with a disability and who needs constant support. If this person inherits from a Will directly, this may affect what disability benefits they may receive. We can put the assets into a Discretionary Trust with … Read moreDisabled/Vulnerable Person’s Discretionary Trusts

August Newsletter Round 2

The 2nd installment of our August newsletter.

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Introduction to Guardianship

Appointment of Testamentary Guardians The appointment of testamentary guardians is rarely considered by parent, but it is highly desirable that they should consider who should look after their children if both were to lose their lives while their children are under eighteen. The appointment of a testamentary guardian can only be made by a person … Read moreIntroduction to Guardianship

Flexible Life Interest Trust

Flexible Life Interest Trust  Due to more complex estates and greater wealth, greater flexibility is essential to cope with any future changes to the family structure (such as new family members) and changes in the tax regime. The best way to gain the maximum flexibility is by the use of a Flexible Life Interest Trust … Read moreFlexible Life Interest Trust

Roles of executors and trustees

Who are trustees? A trustee is someone who is given legal responsibility to hold property in the best interest of or for the benefit of someone else (the beneficiaries). As the name implies, the trustee acts under a “trust” to do what is best and to act in the interests of the beneficiaries and not … Read moreRoles of executors and trustees

Could Changes to the Taxation of Pilot Trusts Affect You?

Following the Chancellor’s Autumn Statement at the end of 2014, legislation is now going through parliament which aims to limit the use of ‘pilot’ trusts. Pilot trusts are an accepted form of Inheritance Tax (IHT) planning, commonly used to reduce the impact of the special IHT regime which applies to trusts, known as the ‘relevant … Read moreCould Changes to the Taxation of Pilot Trusts Affect You?