Is Your Estate In Order?
As we all get older our minds will at some stage come around to thoughts of leaving our wealth to children, friends and family. As hard as it may be it is vital that we all appreciate that we will pass away one day and it is never too soon to put your finances in order.
We have covered this subject on the site on a couple of occasions and the fact that the government have literally received millions of pounds from estates where either there was no will or surviving family. These are the hidden millions which are disappearing to the government, the same government which has been taxing you since the day you were born!
However, even the best laid plans in the world can come unstuck by the complicated tax situation in the UK which is stacked very much in favour of the authorities. This need not always be the case and by taking profession advice about your assets and your finances it should be possible to negate as much of the tax liability as possible, or at least keep a large chunk of it away from the government!
Professional advice is not cheap but then again neither is inheritance tax, a tax which can eat up a substantial amount of your assets on your death, and comes in at 40% above the nil rate band.
Share this..
Related stories
Extreme weather prompts insurance warning
Homeowners in areas set to be hit by extreme weather conditions have been advised to check their home insurance policies. Earlier this week, the Met Office confirmed that severe gales are due in South West and South East England and in Wales and London. Heavy snow is also anticipated to fall in Wales and in the north and west of Scotland. With the gales in particular capable of causing damage to h...
Read MoreNorthern Rocks double edged sword
Northern Rock, the nationalised UK bank, has today confirmed that lending liquidity of up to £14 billion will be pumped into the UK mortgage market over the next two years. It is forecast that £5 billion of this figure will be made available in 2009 with the balance in 2010. However, this is something of a double edge sword as the company has also admitted debt repayment problems have soared for...
Read MoreTuesday Twitter Twenty
How financially aware are you?
Twenty questions in twenty minutes. We ask the questions and you get to answer them.
On Tuesday 22nd October at 2pm the Financial Advice Support Team here will be sending out twenty finance based questions via our financialAdvice.co.uk Twitter feed @financialUK.
The questions will focus on all things financial such as saving, mort...
Read MoreBoxing Day sales are no more
More and more retailers in the UK are bringing forward their "Boxing Day sales" and in effect offering massive discounts and announcing massive promotions ahead of Christmas day. While it is common knowledge that the UK retail sector has been struggling for some time, each and every retailer in the UK is now trying to squeeze as much money as possible from consumers. We are seeing companies such a...
Read MoreGeorge Osborne announces £83 billion of public spending cuts
In line with expectations George Osborne, the Chancellor of the Exchequer, today announced £83 billion in public-sector spending cuts which will come into play over the next four years. He also confirmed that around 500,000 jobs in the public sector would be at risk although the vast majority of these, spread over four years, would likely occur due to natural wastage whereby those leaving posts a...
Read More