The Chancellor Rachel Reeves announced a series of reforms to the UK Inheritance Tax (IHT) regime as part of the Autumn Statement on 30th October 2024. Below, we provide a summary of those key changes. Freeze on IHT nil-rate band and residence nil-rate band It was announced that the freeze on the IHT nil-rate band …
Ensuring the future security of our loved ones ranks high on the priority list for many individuals. While we cannot foresee what lies ahead, we can be realistic of what modern living involves and place proactive measures in place to guarantee the protection of our assets and the provision for our families in the unfortunate …
For many years, Long Term Care & Capacity have been pressing issues for families with frail and elderly parents. Despite abundant information, many families remain unprepared, struggling to navigate the costs and strict regulations when care is needed. Why is this the case? The Reality Most people prefer not to think about their parents requiring …
What traces its history through Ancient Rome and the Crusades, can have many de facto owners, none at the same time, and can hold entire groups of companies, money or property while owning nothing? The answer is a trust. Trusts play a vital role in private wealth planning like pensions, business structures, local government — …
The Potential Consequences of Generosity We are often approached by clients who have received advice that they should consider gifting their house to their children as a means of avoiding this being sold to meet ongoing care costs in the future, or to minimise their Inheritance Tax liability on their death. However, the reality of …
If you are not sure what to do with inheritance, we have outlined some options available to you in this article. There are two potential situations. The first is you think that when your Mum, Dad or other relative dies, you will inherit. The second situation is that your Mum Dad or Auntie has died, …
Let’s talk about the increasing demand and cost of care. As we are living longer and therefore often longer in poorer health, more & more people will require care. In the year to March 2022 the number of people living in care homes was 360,792, up from 291,000 in 2011. One in seven are expected …
It is good to explore the strict set of rules applied to Lasting Powers of Attorneys and gifting as the majority of individuals acting as attorneys are assuming incorrectly what they can or cannot gift if a loved one lacks capacity. Lasting powers of attorney (LPAs) allow someone, a ‘donor’, to choose someone they trust, …
For many people, their home is one of their most valuable assets, if not the most valuable. It is therefore an obvious candidate for lifetime estate planning. The question therefore often comes up as to whether it is possible for parents to give their home to their children and continue living there. The answer to …
Sideways disinheriting is extremely common and can be very upsetting in the aftermath of a loved one passing. It has been highlighted by the case of Scarle vs Scarle when stepsisters battled in court to inherit their respective parents’ estate. Unfortunately, despite both losing a parent, only one stepsister would win the case, and in …
