Posts tagged “Estate Planning”

The impact of the Autumn Budget’s Inheritance Tax changes for families

Posted on 11th November 2024

Inheritance Tax (IHT) decisions in the Autumn Budget will probably change financial arrangements for many families.

Currently IHT affects about one in 20 or 4% of estates each year but by 2032 this is expected to increase to 7%. Parents might start passing on assets to their children much earlier to minimise IHT liabilities.

Family homes form a large part of estates when people die, adding to Inheritance Tax liabilities.

Why having a valid Will is important for parents

Posted on 23rd August 2024

Parents with young children should include them in their Wills.

Every year, thousands of children under the age of 18 lose one of their parents. As long as both parents are co-guardians then their remaining parent can look after them.

However, more than half of the UK’s parents don’t have a valid Will. They might not have one at all or they have one that’s out of date.

What is Willanthropy?

Posted on 12th August 2024

Willanthropy is a word you might not know – it’s the act of leaving a gift to charity in your Will. This year’s Remember A Charity Week is from 9th to 15th September, so it’s a good time to think about it.

Like this woman sitting on a park bench, you might be thinking about leaving a gift to charity in your Will.

Can family members and dependants make claims on your estate?

Posted on 25th July 2024

Family members and dependants can make a claim on your estate when you die, even if they're not included in your Will.

Someone can make a legal claim on your estate when you die, even if they’re not included in your Will.

No changes in the Spring Budget for IHT

Posted on 25th March 2024

The Spring Budget announced to the uK parliament didn't include amendments to IHT

There were a lot of rumours ahead of the Spring Budget on 6th March about changes to inheritance tax (IHT).

Action was expected to make sure policy was clear ahead of the General Election later this year.

However, nothing was mentioned, leaving the government’s position unspecified despite other tax changes such as National Insurance Contributions (NICs). There were also changes to Child Benefit and VAT registration.

More people are leaving donations to charity in their Will

Posted on 25th January 2024

More people are leaving donations to charities in their Wills

Donations to charity have increased by over 40% in the last decade according to recent figures from Remember A Charity.

Even with cost of living increases, eight out of 10 said they were likely to leave a charitable legacy. Twice as many people said they were more likely to give than last year. Almost a third of UK donors aged over 40 say they have or intend to include a gift to charity in their Will.

How to reduce Inheritance Tax: Regular financial support for your children

Posted on 13th November 2023

You can give gifts to family members out of your excess income.

You can make regular payments to your children out of your income which can help reduce Inheritance Tax (IHT).

Should I make my Will online?

Posted on 24th July 2023

We’re all learning to use technology in our daily lives, from banking, reading the news or looking for a dinner recipe. Should we make our Wills online too?

Here are some things you should know.

Laptop with government website Wills page

Councils can claw back care fees

Posted on 26th June 2023

Did you know that your local council can claw back money it provides for your care fees?

It can do this if it believes you gave away assets to avoid paying the full cost of your care.

If you need residential care your council could claw back the cost - older couple looking out of a windows

Write a will – the best legacy you can leave for your loved ones

Posted on 15th June 2023

We will all pass away one day. One of the best things we can leave behind for our loved ones is a carefully considered Will that clearly explains our wishes.