Get familiar with the increase in probate costs, coming into effect April 2019, if you are in the unfortunate position of organising the estate of loved ones.
There’s a lot written about inheritance tax (IHT) planning and much of it is useful and reasonable. There are clever schemes that involve gifting money, investing in particular share classes that qualify for certain reliefs, complicated products from life companies, and a plethora of different trust arrangements available directly from Solicitors. However, although these schemes work, before you engage in them you should firstly consider more simple solutions, some of which I have set out below.
Buying an overseas property is probably the most exciting thing that you will ever do. The prospect of holidays to come, or even moving abroad, is a very enticing prospect for many people and when you do it, you probably can’t wait to go out to your new property. However, it does make sense to take a step back and think at this stage about who you want to inherit from you, as arranging things now can make a big difference not only in terms of making things easy for your heirs, but also in terms of reducing tax...
Having wealth brings with it many advantages but also responsibilities. One of these is to ensure that after your death, any wealth that remains is a benefit to your family, other individuals or organisations you wish to support and not an expensive burden. If asked “what would you want to happen to your wealth after you die” most people will reply with a check list of quite reasonable wishes