Transferring your assets to a protection trust may seem like a good option to reduce Inheritance Tax or minimise care fees.
However, a recent report says that misleading claims have persuaded people to choose this route when it won’t help them.
Generally, the UK’s high net worth individuals (HNWIs) have investable assets of over £1million or annual income of over £300,000.
These are the people we would once have called ‘millionaires’, which certainly excludes most of us. However, it’s estimated there are over 3million in the UK.
The latest survey from the charity Will Aid found almost six out of 10 people have never written a Will.
One in 10 of those who have a Will say it no longer reflects their wishes.
The story of thieves raiding unclaimed estates continues after recent coverage by the BBC.
As house prices increase but Inheritance Tax (IHT) thresholds remain frozen, families want to reduce their tax liabilities.
We expect the Autumn Budget in late October or early November. It might introduce tax changes that will affect your inheritance when a loved one dies.
Forged Wills for people who die intestate is emerging as a trend, recently highlighted in a BBC podcast.
Have you remarried or divorced, started a new family or have stepchildren?
A new report recommends more options to allow challenges to your Will.
Once you reach your 50s, you’ll probably discover raising a mortgage becomes more difficult. One alternative might be to release equity from your home, but other options are available.
Very few people take advantage of inheritance tax rules that allow you to make gifts from your surplus income. That’s according to recent results of a Freedom of Information (FOI) request.
This information shows that only 1,500 estates, about 2%, made gifts using this rule in the last three years. However, following government pension reforms, this could change.