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Friday 16th January 2009

REASONS TO BE JOLLY?

We admit - it is not easy to find reasons to be jolly with so much doom and gloom delivered to us constantly via the media. Let's hope that it will be over as quickly as it started, although many of us will need to make adjustments to deal with the changes. For savers and pensioners it is particularly hard and we hope that the Government's proposals for pensioners will provide some help. Many people are taking the opportunity to check that their paperwork and legal documents are in order and up-to-date. Our team - Jennifer Brewer, Anna Spall, Karen Grimm and Barbara Davies (more about us), has put together the following information which we hope will be of interest to you.

INHERITANCE TAX OPTIONS

The introduction of the Transferable Nil Rate Band allows a surviving spouse or civil partner to benefit from the unused portion of the Nil Rate Band of the first to die. This means that in total the estate of the survivor could have a NRB of £624,000 which will rise to £650,000 from April 2009. There are various ways to reduce your Inheritance Tax bill (including using the Transferable NRB) to help preserve family wealth – we are happy to review these options with you at any time.

PILOT TRUSTS

These are tax-efficient empty or dormant Trusts which are set up to receive funds on someone’s death.  They are often used for Pension Funds and Death-in-Service benefits.  However they are also useful and tax-efficient to protect an inheritance for children or grandchildren.  Read more

WILLS

The Government is introducing changes effective from 1st February 2009 for those who die intestate (without leaving a Will). These changes are well overdue but do remember that, if you die intestate, the law decides who your beneficiaries will be and they may not be the ones you would choose. Read more

CAN WE HELP YOU?

We will be glad to help you with any queries you have about Wills, Inheritance Tax, Trust or Asset Protection. You can send us an email or phone us on 020 8891 6141.  We look forward to hearing from you.

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