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BUDGET 2024 The Changes To Inheritance tax

The budget 2024, our new Government has decided in it's first budget to raise further income for the Treasury by increasing Inheritance Tax. Whilst the rates have not increased the existing allowances (ie nil rate bands), have been extended for a further fixed period...

A Right of Residence

A Right of Residence is something you can include in your Will If you own a house and want to make sure that someone can continue living there after your death one of your options is to create a Right of Residence for them. This will make sure that the person keeps...

It pays to be civil

Mixed sex couples can enter a Civil Partnership and enjoy most of the Tax benefits of being married. This is a legal relationship which provides some real financial benefit to those who wish to live together without getting married. The set up costs are nominal...

Peace of Mind

Many people I meet on the subject of Wills seek an answer to the nagging thought of what will happen after their death. What will happen to their belongings and assets,who will deal with them,how and who are executors appointed,what about the funeral,can pets be taken...

Social Care costs

Government's answer to the rising burden of Social Care appears to be to place the burden fairly and squarely with Local Authorities. They have been allowed to increase Council Tax to meet the cost of providing care in the community for the elderly and infirm. Under...

Something to Harp about

Out of a £1.3m estate the deceased's son is only to inherit an antique Harp with an estimated value of approx. £3000, according to a story in a daily newspaper today. The bulk of the estate is bequeathed to his sister and five grandchildren. The son is now challenging...

Life in Ruins

'Life in Ruins' is how Danae Brooks describes her life after the death of her second husband who died suddenly without signing his Will. In an article in the magazine YOU this week she implores people to make a Will and sign it or face the emotional and practical...

Care home Fees-forever upwards

A new report by the healthcare agency 'Prestige Nursing and Care' states that the average cost of a single room in a care home has soared by 5.2% in the past year to £30926pa.This is an average throughout the country. In London for example the costs have rocketed by...

Baby Boomers- Selfish or not?

People born between 1947 and 1964 often referred to as Baby Boomers have come in for criticism under a recent study by law firm Stephensons according to a recent report in the Daily Mail. It has shown that the children of the Baby Boomers are facing poverty in their...

So what is RNRB?

Government has introduced a new allowance for Inheritance Tax in addition to the current Nil Rate band of £325,000 per person It is called Residence Nil Rate Band ( RNRB ) Where a person dies on or after 6 April 2017 and leaves the home to direct descendants ( and...

Without a Will—–Then where?

Dying without a will is dying intestate and statutory rules apply to the distribution of your assets. If at death you were married or in a civil partnership your spouse/partner inherits the first £250k If there are any children(incl. adopted /illegitimate) and the...