Pretty much everyone but full time IHT Professionals. Ordinary people and non-specialist financial advisers (including accountants), will writers and solicitors will all find aspects of the book informative. Some of it will be blindingly obvious to anyone with professional training, our average reader will have had no training and needs to start from scratch! Anyone with basic knowledge can skip the rest and just use the Planning Tips section.
A: We believe a well planned and thought through estate planning strategy will minimise the risks and a number of pointers are included in the book. Our own Will writing service is uniquely placed to minimise disputes after death.
A: Yes, within limits and conditions. The book covers this area in some detail. The arrangement is know as a Deed of Variation or as an Instrument of Variation. If anyone in your family has died in your family within the last 2 years and either had to pay IHT or the money has gone to people who don't need it and want to pass it on without creating further potential tax problems, buy my book NOW!! 2 years is an absolute deadline! You may care to contact www.SWWTrust.co.uk who are expert in these matters, and offer an economical and personal service throughout England and Wales. Most of their staff are STEP qualified - a far higher specialist qualification than most other professionals have.
A: Tax avoidance is making the best use of legal tax breaks (which the book can help you find). Tax Evasion is tax avoidance pushed to far, or plain criminal activity such as trying to pass over large sums of cash or items to avoid taxation. Many people who think they are upright citizens are guilty of tax evasion through ignorance. And we all know that ignorance is no excuse. Inheritance Tax has so many legal allowances, why break the Law and risk a prison sentence needlessly?
A: The book contains all the information you need to work out your potential liability: you just need to add the figures up then multiply the taxable balance by the current Inheritance Tax Rate of 40%.
A: Unclaimed assets are far more common than people realise: their are literally billions of pounds worth of unclaimed insurance policies, deposit accounts, shares and even property. The book will give you some suggestions on how to find them before they end up being lost forever.
A: Banks can charge up to 5% plus VAT on even an estate which contains only a bank account. The hourly rate, in extreme circumstances, can be thousands of pounds! Many solicitors charge an hourly rate of £150 plus, and then charge a fee based on the value of the estate of 1 to 1.5% - which is pure profit! The book will make you aware of these practices, and how to avoid them and save (potentially) thousands (or tens of thousands) being taken from your beneficiaries.
A: In some cases, the book will give you strategies which could save thousands of pounds of tax every year that you live, so yes, it is free money. Other strategies will cost a few hundreds of pounds, but potentially save hundreds of times the cost. For
just £19.95 NOTHING it is hard see how you can fail to benefit. There is even a
100% money back guarantee (!)
A: The book gives general advice, which can be of enormous benefit. We strongly recommend that you contact us or another professional in the field to ensure that the advice is entirely appropriate to your situation. Saving Inheritance Tax is a major issue, but it needs to be considered in the overall context of your tax, domestic and legal situation. The book simplifies matters as far as possible and this inevitably misses out some of the details which are (generally) insignificant or apply to relatively small numbers of people. Proceed without detailed advice at your own risk!
A: Yes, we are happy to work as a team with other advisers. Many solicitors realise that this is a specialist area, and few are fully trained in it, or have the time to keep up to date in this rapidly changing area. Almost none offer the sort of ongoing service we do through www.WillCustodian.co.uk
Q: My mother and father died in an accident last year, without leaving Last Will and Testaments. This resulted in us having to take out a loan of £150,000 to pay the Inheritance Tax Bill, before I could access the money I inherited. Could you have helped?
A: Not only could we have helped then, the book will show how we may be able to help now, and potentially reclaim up to £120,000 of the Inheritance Tax you have already paid!
A: It will be tax paid by the time you get it - but a badly organised Will may cause the burden of taxation to wipe out some beneficiaries inheritances. Read our book to find out how to avoid this.
A: Yes, it is quite surprising how much can be given away without any Tax liability - this is covered in some detail in the book. The section also cover giving tax free cash and other gifts to friends and relatives. An organised, tax efficient Planned Giving program can make a tremendous difference. And you can start one without cash!
A: You should find the book illuminating.
A: Yes, we can. The issues are not really covered in the book, as being of fairly limited interest. We will be pleased to advise.
A: Yes, briefly, but farm and agricultural estate planning is a very specialist area of interest to a relatively few people and would need a separate book on Inheritance Tax Planning for Agricultural Property. Please use the enquiry form for advice.
A: This area is covered, but needs specialist advice. Contact us if you would like help.
A: An instruction from is included in the book - we try to avoid our clients having to fill in forms.
Q: How often do Inheritance Tax Laws change?
A: Generally speaking changes are announced in the Budget each year, but the Inland Revenue is constantly on the prowl to challenge avoidance techniques which it is less than happy with. Sometimes the Law is effectively changed by the Courts, so quite significant changes can occur at any time, so it is important to keep your planning under review (see www.WillCustodian.co.uk which provides an inexpensive storage and review reminder facility). Technically the Courts do not change the Law, they just refine its interpretation.
A: Normally speaking, the tax is paid by the estate of the person who has died, but the situation can be more complicated than that. More information in the book!
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