Ascot Estate Planning Ltd

Top Tip Tuesday: You cannot use your £3,000 annual exemption and your £250 small gift allowance on the same person in the same tax year. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning In the last tax year, HMRC received a record £5.2 billion in Inheritance Tax (IHT). It is thought that more middle and working class families are facing an IHT bill due to rising house prices. Read the full article here: https://www.financialplanningtoday.co.uk/ …/9092-hmrc-receiv…
Contact us on 01344 851 250 for more information.

Top Tip Tuesday: When creating a Lasting Power of Attorney, a useful feature is the ability to appoint a replacement attorney to take over in the event that the original attorney cannot act. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning When making a Lasting Power of Attorney, you can choose whether to give your attorneys authority to give or refuse consent to life-sustaining treatment. Where no authority is given, the decision will be made by your doctors. Contact us on 01344 841 250 for more information.

Wisdom Wednesday: When writing a new will it is important to state clearly that the new will revokes any previous wills. Destroy the original and any copies of your previous wills to avoid confusion. Contact us on 01344 841 250 for more information.

Top Tip Tuesday: Unless your will has been signed by two witnesses, it is not valid. It's important to note that someone who benefits under the will cannot be a witness. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning The Residence Nil Rate Band (RNRB) provides an additional tax-free allowance to be applied against the deceased's main residence, as long as it is left to a direct descendant and the estate is valued at less than £2,000,000. Beyond that figure, the RNRB will be gradually withdrawn. Contact us on 01344 851 250 for more information.

Wisdom Wednesday: If you are likely to have a large Inheritance Tax Bill, consider taking out an insurance policy to pay out an amount equal to your Inheritance Tax liability. Your beneficiaries can then use this to pay the tax. Contact us on 01344 851 250 for more information.

Top Tip Tuesday: You can make gifts out of income free from Inheritance Tax. These gifts must form part of normal expenditure and cannot reduce your standard of living. This exemption is claimed by your executors, so it is important to keep clear records of gifts made. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning Placing your assets in a trust could protect your property from sideways disinheritance, where assets pass sideways to a new spouse or partner after first death and end up going down the wrong bloodline. Contact us on 01344 851 250 for more information.

Wisdom Wednesday: It is essential that you review your Will regularly to ensure that it still reflects your wishes and the changing finances and circumstances of family life. Changes such as marriage, divorce or the birth of a child may change how you wish to dispose of your property upon death. Contact us on 01344 851 250 for more information.

Top Tip Tuesday: If you have young children, setting up a trust will allow them to receive their inheritance over a longer period of time rather than all at once. You can also place conditions on the trust so that the funds can only be spent on certain things such as education. Contact us on 01344 851 250 for more information.

Wisdom Wednesday: Writing life assurance into trust ensures that the proceeds from the policy can be paid directly to your beneficiaries rather than into your estate, and therefore will not be included in the Inheritance Tax calculation. Contact us on 01344 851 250 for more information.

Top Tip Tuesday: Appointing a professional executor or trustee removes the responsibility from family and friends, and ensures that an unbiased approach is taken in the event of any disputes or difficulties. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning If you leave everything to your spouse through a will on your death and they later go into care, the majority of your estate could be lost to care fees. Contact us on 01344 851 250 for more information.

Wisdom Wednesday: Despite the introduction of the Residence Nil Rate Band, Inheritance Tax receipts hit a record high in the last tax year. Read the full article here: https://www.ft.com/con…/a19d0982-47a9-1 1e8-8ee8-cae73aab7ccb
Contact us on 01344 851 250 for information on how you can reduce your IHT liability.

Top Tip Tuesday: Business Relief is a relief which prevents shares held in many trading companies from being liable to IHT after they have been held for two years. This is a highly effective strategy of removing money from your estate for Inheritance Tax purposes. Contact us on 01344 851 250 for more information.

Motivation Monday: Reasons to sort your Estate Planning If you die without appointing a guardian for your children they could be placed in care until the Court appoints guardians to look after them, which could be a lengthy process. Contact us on 01344 851 250 for more information.

Wisdom Wednesday: If you die intestate, there could be lengthy delays before your beneficiaries can access your funds - even joint bank accounts could be frozen and your spouse may not be able to access the money. Contact us on 01344 851 250 for more information.