Inheritance tax and the fear of long term care are the two issues that concern the majority of our clients.
Preparing Assets in Respect of Community Care & Inheritance Tax
With the creation of the transferable Nil Rate Band announced in 2007, spouses and civil partners now have two allowances totalling £650,000 for the tax year 2016/2017. In essence, if your combined assets do not exceed this figure, inheritance tax should not concern you.
But, if you are unmarried, have business assets or have assets in excess of two allowances, then more sophisticated tax planning Wills may be beneficial for you.
Long Term Care
If you need long term care, you could see your hard earned capital drop to £14,250. You can use your Wills to create special trust that will protect your share of the house and savings in the event of one spouse/civil partner dying and the survivor moving into a care home. We can also give you comprehensive advice and guidance on this complicated area of law.
At Clarkson Wright & Jakes we offer a free half hour consultation where we can discuss your requirements. We work on a fixed fee basis so you know exactly how much you will be paying. We can also store your Will for you at no additional charge.