Wills Trusts Tax Solutions LLP

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Inheritance Tax (IHT) has been described by successive Chancellors as a Voluntary Tax, i.e. you only have to pay IHT if you fail to plan properly!

The first £325,000 of your estate is IHT free.

You pay 40% IHT on everything above that figure.

However, I have seen multi-million pound estates without any IHT liability!

There are many exemptions. e.g. Spousal Relief, Residential Nil Rate Band Relief to name but two. Some are automatic. Many only apply if you take the right actions.

Experience shows that many people leave their Tax Planning too late. Early planners are more likely to substantially or completely remove their IHT burden.

Get your “Free Family IHT and Generational IHT Risk Assessment”. Phone 0800 488 0907 or Email paul@willstruststax.co.uk

Funding Long Term Care Fees is a bigger financial threat to most estates than inheritance tax. It is standard practice for local authorities to take and sell the family home to cover the cost of Care Fees. It is estimated that 70,000 homes are sold every year to fund long term care.
Long Term Care is not regarded as “medical care”, so you have to pay for this personally rather than receiving it through the NHS.
A quick bit of internet research shows that, in our area, nursing home fees are at least £56,000pa.
As with IHT planning, early planners are more likely to substantially or completely remove the threat of Care Fees decimating their estate.
For your “Free Long Term Care Fees Risk Assessment”
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

We all have a Birth Certificate – Many of us have a Marriage Certificate – and, we will all inevitably at some point, have a Death Certificate.
The question I ask, “is there a valid Will to go alongside it?”
There is no legal requirement to have a Will but if you don’t, when you die the government decide where your assets are distributed, not you - and that might not be where you would have chosen – it could even all go to the state!
The first step in a good financial plan is to have a Will and preferably one that is drafted to protect your assets from the Five Major Threats.
It’s never too early to write a will but it’s often too late.
Get your “Free Will Requirement Assessment”. Or “Free Will Review”.
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

When our children get married, we all hope that it will be “Till death do us part” and that they will have a long and happy marriage.
Unfortunately, nearly half of all marriages (42%) end in divorce.
If our children’s marriages fail they can lose some, if not all, of their inheritance.
Most of us have worked hard for many years to create any wealth that we might have e.g. The Family Home plus maybe: - A Business – Investment Properties - A Holiday Home - Pension Schemes - Life Insurances - Investments. - Cash
It would be a shame and totally unnecessary for any inheritance our children might receive from us to be put at such risk. We can protect our children’s inheritance for them, (without them knowing if necessary),
To explore various options to protect your children’s inheritance for them
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

About 600 bankruptcies and 3,800 county court judgements a day prove that, for a variety of reasons, people get into extreme financial difficulty.
Top 12 reasons for Bankruptcy and pressure from creditors are: - Using credit for living expenses – Student debt – Job loss - Business failure – Reduced income – Divorce – Unexpected expenses – Bad budgeting & overspending – Mortgage arrears - Gambling or other addictions – Long term sickness – Unpaid fines or bills
Bankruptcy & pressure from Creditors doesn’t mean that your beneficiaries have to lose their inheritance – it can be protected with a properly worded Will.

Phone 0800 488 0907 or Email paul@willstruststax.co.uk

Apparently, half of all people who win the lottery are broke within 5 years.
For a lot of people, inheriting a lot of money is a bit like winning the lottery.
Regrettably, for some, the old adage “Easy come - Easy go” is all too real. This doesn’t make them “Bad People” it just makes them “Bad at Money Management”.
Even “Financially Sensible” people can go off the rails and become “Financially Delinquent”. Especially if they start mixing with the wrong people or come under the wrong influence.
“Bad Money Management” or “Financial Delinquency” and children/grandchildren squandering their Inheritance is a common problem that can easily be solved with a special clause in your will.
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

Marriage After Death. Not many people pass away wanting their surviving spouse to stay a widow/widower with all the loneliness that can bring. A quick bit of internet research shows that most widowers do in fact remarry and many widows do also.
As an example. If a wife dies first and at some point, her husband remarries.
In the new marriage,
1 – If the husband dies first the new wife inherits everything. The children will inherit nothing.
2 - If that marriage fails, the new wife could get half or more of the childrens inheritance.
It doesn’t have to be this way and a carefully worded Will would protect the children’s inheritance without disadvantaging the new spouse
To explore various options to protect your partner and children from this problem please
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

There may come a time when, owing to some form of health problem or incapacity, you are unable to manage your financial affairs or personal welfare. If this were to happen, you will need someone to act on your behalf. This person is known as your “Attorney”.
You, the “donor” granting Power of Attorney, need mental “Capacity” so LPAs must be set up before required.
Having someone to manage your affairs who you know, trust and who understands you is far more preferable than a court official.
Giving a family member or trusted friend Power of Attorney in advance ensures that, if the worst were to happen, you can rest assured that both your financial affairs and personal welfare are in safe hands.
For your “Free Risk Assessment regarding loss of capacity”
Phone 0800 488 0907 or Email paul@willstruststax.co.uk

“Probate” is the word used to describe the Legal and Financial processes involved in dealing with the property, money and possessions of a person who has died.
It is the Executors job to obtain Probate. Being executor can be a stressful, time-consuming and thankless job that carries substantial legal and financial responsibility which frequently makes them unpopular with the beneficiaries
Many people appoint a professional Executor who deals with winding up and distributing the estate and taking all legal and financial responsibility.

(In one case where a family friend who was asked to be Executor, they ended up personally owing HMRC £1.15m per year for 9 years because he had made errors with the estate planning calculations – an extreme case, but it proves the point!)

For our “Free Advice Sheets” on: “What do I do when somebody dies” & “What is the Role of an executor”
Phone 0800 488 0907 or Email paul@willstruststax.co.uk