Inheritance Tax Planning - A look at Business Property relief 08/09/2011
Inheritance Tax (IHT) is payable on death at a flat rate of 40%, after various exemptions and reliefs have been applied.
The largest of these relate to exempt persons (such as spouses and charities). There are also some assets which qualify for relief from IHT at up to 100%. One such relief is called Business Property Relief (BPR), and the focus of this article.
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New Inheritance Tax Reliefs for Gifts to Chairy 07/07/2011
This year’s budget produced few surprises and little change to the inheritance tax regime in the UK. However the budget did bring the announcement that people who left 10% or more of their Estate to charity would, with effect from April 2012 benefit from a 36% rate of Inheritance Tax (IHT), rather than the usual rate of 40%.
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Standard Provisions Of The Society Of trust Estate 21/06/2011
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STEP Standard Provisions 2nd Edition 21/06/2011
Written by James Kessler QC TEP with guidance notes by Toby Harris TEP LLB CAT
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Administration of Trusts 08/06/2011
Trusts are a popular tax planning tool and are, if correctly used, able to offer assets significant protection against items such as inheritance tax, bankruptcy and divorce.
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An Age Old Problem 07/06/2011
Increasingly the news often includes references to care fees and the growing population. The average age is now much greater than it was fifty years ago and it is becoming common for people to reach an age of 90+
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Types of Trust 16/03/2011
There are many different names and types of trust. This article attempts to give a very brief synopsis of the main types or names that you are likely to encounter.
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The Use of Trusts in Inheritance Tax Planning 16/03/2011
Over the years we will all have read newspapers with headlines promising inheritance tax thresholds of £1 million and it began to look like inheritance tax may become less onerous. However along came the recession and things changed.
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Deputy Applications 23/11/2010
It is sometimes necessary to apply to the Court of Protection for an Order relating to someone's affairs when that person is unable to manage these for themselves.
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Older Clients Issues - Frequently Asked Questions 28/10/2010
We are often approached by family members on behalf of an elderly person. These queries can be on a variety of subjects.
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Dying Tidy 28/10/2010
Your Executors must arrange for your estate to be valued and disposed of in accordance with your Will or in accordance with the Administration of Estates Act. In order to do this they must be made aware of all of your assets and liabilities.
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Giving Away Your Home 28/10/2010
By giving your home to another person or persons you are giving away your legal title to it. The house will belong to them absolutely and will become part of their estate. It will be subject to their Wills, their matrimonial affairs and their disputes. It will be theirs to mortgage, or sell as they wish. It may also give them a liability for Capital Gains Tax purposes.
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Managing Your Finances 28/10/2010
It is important that any investments chosen are right for you and that the correct advice is taken. Different specialists deal in different investment packages.
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Powers of Attorney - Frequently Asked Questions 26/10/2010
We are often asked to explain the different types of Powers of Attorney available and how they can help someone. This leaflet explains some of the queries that we receive.
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Why we recommend making a Lasting Power of Attorney 26/10/2010
Illness can develop at a slow or quick pace but accidents happen suddenly. In the blink of an eye your physical and/or mental capacity can be severley damaged. This is devastating and can have financial as well as emotional affects on your whole family.
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Working with a Lasting Power of Attorney 26/10/2010
It must be remembered that your attorney can only make decisions or take any actions on your behalf either at your specific instruction or if you are mentally incapable of doing so yourself. Your attorney must encourage you to make decisions yourself and explain what is needed to you in such a way that you will understand what is required.
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Registering a Lasting Power of Attorney 26/10/2010
Only once the process of registering the Lasting Power of Attorney document is the appointment of your attorney validated. The Office of Public Guardian will mark each page of the document "Validated" and give the appointment a unique registration number.
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Registration Fees for Powers of Attorney 26/10/2010
There is a fee payable to the Office of the Public Guardian for registration and validation of a Power of Attorney. This fee is currently £130 for each application unless you qualify for an exemption or remission.
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Lasting Power of Attorney Instruction Form 26/10/2010
Please complete this instruction form clearly. If you have any queries please do not hesitate to contact one of our specialist Private Client lawyers at your local office.
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Information Required To Obtain Grant 17/09/2010
Before application can be made for the Grant of Probate, or Letters of Administration, it is necessary to establish the gross and net value of the estate. To do this valuations (market values) must be obtained in respect of all assets including personal items and household contents (both in the UK and abroad), and liabilities (to include the funeral and family mourning) as at the date of death.
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No Contest When it Comes to Making or Reviewing Your Will 11/03/2010
The High Court has recently published statistics showing a significant rise in the number of court proceedings brought by claimants unhappy with the inheritance they have been left by family and friends.
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Inheritance tax reliefs and exemptions 29/01/2010
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Instructions for the preparation of my Will 01/01/2010
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Practical Property Issues 01/05/2009
What practical steps should an Executor take in relation to any property in the deceased’s Estate?
You have been appointed Executor of an Estate which includes property – so what responsibilities do you have in your role as Executor towards that property? Part of an Executor’s duty to the beneficiaries of the Estate is to protect the assets, and there are some very important initial steps you should take to safeguard property.
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What happens to your assets if you die without leaving a valid Will? 01/02/2009
The Rules of Intestacy
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Why Make a Will? 01/11/2008
Most adults in this country do not make a Will so why is that we recommend that you have a Will? It is true that for a great many people not having a Will is not a problem, however, it is equally true that for many people not having a Will can cause major problems.
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Trusts for the Disabled 01/11/2008
A special form of non-interest in possession Trust is a Trust for the disabled. Such a Trust is, in reality, a discretionary Trust specially formulated to assist disabled persons, without prejudicing any rights and benefits that disabled persons may be entitled to from the government or local authorities.
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Protective Trusts 01/09/2008
Protective trusts (or spendthrift trusts, as they are sometimes known) are a hybrid category of trust, sharing the characteristics of a life interest trust and a discretionary trust.
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Life Interest Trusts 01/09/2008
It is a right to receive income or have the use of property for life. Where a life interest trust subsisted prior to 2006 or is created by Will then as far as inheritance tax is concerned, a life interest is neutral. The underlying value of property is in effect treated as if it were part of the estate of the person with the right to its use or income. If the Trust was created by way of a lifetime transaction after 2006 the inheritance tax treatment is different and the trust may be subject to tax on it’s creation at up to 20% and thereafter at 6% every 10 years. As a consequence of this the creation of these trusts during lifetime is less common unless the trust created is below the Nil Rate Band for inheritance tax.
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Definitions and Meanings 01/09/2008
Definitions and meanings of words & expressions used during the administraton of an estate.
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Executors and Trustees 01/09/2008
Frequently asked Questions
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What Happens When Somebody Dies? 01/04/2008
When somebody dies, the first and most noticeable effect is that all, or substantially all, of their affairs and assets are frozen and little or nothing can be done about them until one has obtained either a Grant of Probate or a Grant of Letters of Administration.
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How often should I review my will? 01/08/2007
Our general advice is that Wills should be reviewed at least once every 5 years, however this is a generalisation and in practice the regularity of review depends very much upon your individual circumstances. The aim of this article is to try and give some guidelines, both general, and specific to the last few years, as to when you should be looking at your wills.
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