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When your partner goes into care

When a couple are separated because one of them needs to move into residential care, it is a huge life change that can be stressful for both of them. The anxiety can be compounded if there is uncertainty about the financial situation and confusion about how the care fees of...

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Livery businesses and inheritance tax relief

Business property relief (BPR) is a highly valuable inheritance tax relief which can reduce the taxable value of business property by up to 100% and thus save considerable amounts of inheritance tax (IHT). The grant of BPR is, however, far from automatic and there a number of pitfalls within the...

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Lasting powers of attorney: should you have one?

Denzil Lush, a retired court of protection judge, is reported to have said in the foreword to his new book that he would not draw up a lasting power of attorney (LPA) and that if he were to become incapacitated he would prefer to rely on the court appointing a...

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Five tips to reduce your estate’s inheritance tax bill

Recent statistics show that HMRC collected £5.1 billion in inheritance tax (IHT) in the period from June 2016 to May 2017, a 9% rise on the previous year’s receipts. Much of this record take must be attributable to the fact that the IHT nil rate band (the amount that can...

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Inheritance tax planning for individuals without children

When we think about inheritance tax (IHT) planning it is often in the context of parents  passing on family assets to their children in a tax efficient manner. However, IHT is not just an issue for those with children.  We look at three situations where individuals without children can use...

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The inheritance tax residence nil rate band is now in force

The inheritance tax residence nil rate band (RNRB) comes into force today. We look at what you need to know and how you can increase your entitlement. Inheritance tax saving In this tax year if you comply with the necessary requirements the RNRB will save an individual up to £40,000...

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Lasting powers of attorney: top ten tips

Lasting powers of attorney are often associated with elderly people, but in fact everyone should consider making a property and financial affairs Lasting Power of Attorney (LPA).  Accidents and illness can happen at any age; an LPA ensures that someone is appointed to deal with your financial affairs should you...

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Inheritance Act claims by adult children

The Supreme Court has delivered its judgment in the case of Ilott v The Blue Cross & Others, a case brought under the Inheritance (Provision for Family and Dependants) Act 1975 which considered whether it was right for Heather Ilott to be have been cut out of her mother’s Will....

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Probate fees increase: another death tax?

When the government consulted on possible increases to probate court fees last year there was widespread opposition from the solicitors’ profession. Despite the overwhelming disagreement expressed by the respondents to the consultation, the government has confirmed that the proposals are to go ahead from May. We look at the changes....

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Five new year resolutions to protect your family wealth

Clarke Willmott’s private capital team suggests some strategic resolutions that will help protect your family and its wealth in 2017: Review your Will: you should review your Will every five years or when there is a significant change in your circumstances. For couples with estates in excess of £650,000, 2017...

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