Wills
Protect your estate - We've all paid taxes at some point in our lives on our earnings, our homes and our savings. Nobody like paying taxes, and it doesn't stop when you die: your estate may be subject to inheritance tax!
Combined inheritance tax-free thresholds
Many individuals assume that when it comes to their estate, married couples and civil partners have an automatic combined inheritance tax-free threshold of £650,000. However, this is not the case, and it is not as simple as it appears.
The Reality
The same tax allowance applies to married couples and civil partners as it does to single people, which is currently £325,000.
There will be no tax due on the first death if you have basic Wills in which everything is bequeathed to one another. However, after the death of the remaining partner, tax may be imposed on the remaining assets in your estate.
When attempting to minimise or reduce Inheritance Tax, careful planning is required. It is possible to claim the full £650,000 by demonstrating any unused amount of the first partner's allowance at the time of their death. As a result, planning will guarantee that you have the proof you need to take advantage of the entire £650,000 threshold, giving your estate the maximum protection available.
Still have questions?
Don't worry if this seems complicated; we are here to assist you. We can ensure that your estate is completely safeguarded from avoidable losses due to care fees, Inheritance Tax, and "unwanted outsiders," or third parties that have a claim to your estate for any reason. Contact us today for more information
