On the 15 April 2017, Michael Robinson of Moneybox on BBC Radio 4 ran the following report: “Trying to avoid care home fees? Think twice, consumers told” Care from the NHS is free, but if you need social care because you’re physically or mentally frail, you have to pay for it yourself. And it is not cheap. The latest figures … Read More
Rising House prices increase amount of Inheritance Tax paid
On the 12 March 2017, The Daily Telegraph reported “£2bn more to be paid in inheritance tax than previously thought as house prices soar” The newspaper reported that Britons will pay almost £2 billion more in inheritance tax over the next five years than previously estimated. The Office of Budget Responsibility (OBR) believes the Treasury will take in £1.8 billion … Read More
Who is my next of kin?
You have probably heard the term next of kin, but what does it mean? According to the dictionary or Wikipedia, it means “a person’s closest living relative(s)”. However, in legal terms, it can mean different people in different situations. There is no legal definition for “next of kin”. You may be able to identify who you would consider to be … Read More
What happens to our digital life on death?
Our digital lives seem to know no bounds with every aspect of the way we live today having a virtual dimension should we choose it. Not all that long ago, the topic of digital life would not have been a concern when it came to estate planning or estate administration. However, as it is becoming more common to be consumed … Read More
Are the Governments claims that the family home will pass free of inheritance tax too good to be true?
The Government introduced the new “residence nil rate band” which is given in addition to the usual inheritance tax allowance of £325,000 per person (as at 2016/2017). An estate will be entitled to the new allowance if : • the individual dies on or after 6 April 2017 • the individual owns a home, or a share of one, so … Read More