Ten Estate Planning Myths Exposed
Estate planning can seem confusing and complicated. It’s often misunderstood, and there are plenty of myths about how it works. From Wills to Lasting Powers of Attorney and Funeral Plans, find out the truth behind the misinformation below. 1. Estate planning is only for people with high net worth Everyone needs to put plans in…
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New Inheritance Tax Gifting Rules Proposed
Please note that the changes discussed in this blog are just proposals, not the current law, and may never be implemented. The Office of Tax Simplification (OTS) has proposed several changes to the rules surrounding inheritance gift giving before death. One of these is reducing the number of years before a gift is exempt from…
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Lagerfeld Named Cat in his Will – Can Pets Receive Inheritance?
When he passed away in February 2019, Karl Lagerfeld left his cat, Choupette, £153 million in his Will. If the correct legal arrangements were made, Choupette could inherit the money under German law. Lagerfeld adored the cat and hired two maids to look after her, as well as having four different dishes prepared for her…
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Sir Ken Dodd Leaves Wife £27.5 Million in his Will
Sir Ken Dodd may have had the last laugh when it came to his tax affairs. By marrying Anne Jones – his partner of 40 years – days before he died, his family managed to avoid a significant Inheritance Tax (IHT) bill. It has been reported that Sir Ken left his wife a total of…
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Re-marriage in Later Life Risks Sideways Disinheritance
According to data from the Office for National Statistics (ONS), more people are getting married at a later stage in life. The number of brides and grooms aged over 65 increased by 46% in ten years, from 2004 to 2014. What’s more, in 2014, only 8% of couples aged 65 or older were getting married…
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Estate Planning Saves Sir Bruce Forsyth’s Family Thousands
Thanks to smart estate planning, Sir Bruce Forsyth has saved his family from a large Inheritance Tax (IHT) bill. By leaving his wife Lady Wilnelia Merced his estate, he managed to avoid a hefty amount of tax being payable on it. Because the couple were married, the legacy Wilnelia inherited was exempt from IHT. She…
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Rise in Probate Fees Called Out as a “Death Tax”
Tax experts have spoken out against a new “death tax” that has been brought in by the government without a proper debate in Parliament. The changes, which impact probate fees, could leave many families paying much more when a loved one dies. Currently, there is a flat fee of £215 if friends or family organise…
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Holiday Let Owner Wins Business Property Relief Case
In a landmark case, the Executors of the late Grace Joyce Graham have won against HMRC, allowing Business Property Relief (BPR) to be claimed on her holiday let. Mrs Graham owned a holiday letting business which was part of her family home on the Isles of Scilly. This was run on a day-to-day basis by…
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DIY Wills Causing a Rise in Family Disputes
A recent report has highlighted the dangers of DIY Wills. Without the guidance of a professional, self-written Wills can cause major family disputes. With only one third of adults in the UK having written a Will, levels are worryingly low. Yet more people than ever are choosing to write their own. 40% of people surveyed…
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Soul Legend Aretha Franklin Did Not Leave A Will
Aretha Franklin did not create a Will before she died, court documents revealed. After years of declining health, Franklin died at the age of 76. She was attended by friends and family at her home in Detroit, Michigan. Known by fans as the Queen of Soul, she won 18 Grammy Awards and sold over 75…
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