ChatterBank2 mins ago
Inheritance Tax
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Has anyone had any experience of putting a property in to a trust fund. ( For my Grandchildren)? I fear that if anything should happen to me, the value of my property, plus any investments etc . plus any monies in bank accounts etc would take me over the limit allowed and the Government would take a substantial amount of the money I would like to leave my Son and Grandchildren, if this makes sense to anyone I would appreciate your comments on the best move to make.
Many Thanks
Many Thanks
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No best answer has yet been selected by nelliebee. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.It makes perfect sense
and you are a wise girl to think ahead
they say IHT is a voluntary tax
Having said that, and having identified that you need IHT planning advice
er asking us is perhaps not the wisest course
I was the subject of a wills trust and I have not decided to go down that road myself. My own feeling is that you should give the money to the people you want it to go to when you are alive....and explain why you are giving it
For a trust you need a specialised lawyer I think they are called STEP practitioners but I may be wrong.
In terms of giving your property away and retaining control - everyone wants to do that and good luck....
and you are a wise girl to think ahead
they say IHT is a voluntary tax
Having said that, and having identified that you need IHT planning advice
er asking us is perhaps not the wisest course
I was the subject of a wills trust and I have not decided to go down that road myself. My own feeling is that you should give the money to the people you want it to go to when you are alive....and explain why you are giving it
For a trust you need a specialised lawyer I think they are called STEP practitioners but I may be wrong.
In terms of giving your property away and retaining control - everyone wants to do that and good luck....
Thank you both, I need to be reducing my capital rather than increasing it. which I seem to be doing at the moment, I have a property which I rent out and a holiday home in Norfolk, plus the property I live in so I have adequate income, I just feel that having worked hard all my life, (as did my late Husband,) I really want my money to go to family rather than the Government. I will book an appoinment with a financial advisor a.s.a.p. Thank you both very much.
Nellie- do you have the double allowance of £650000 (i.e. with an unused allowance from a deceased spouse) or the single figure of £325000?
From what you say one or both of these figures will be exceeded so it is worth seekeng professional advice. You can give gifts out of income too- that may help. But of course the government will never get a huge share of it- the 40% tax is only payable on the amount over the threshold, so I think that would still leave a very substantial amount for your son and grandchildren
From what you say one or both of these figures will be exceeded so it is worth seekeng professional advice. You can give gifts out of income too- that may help. But of course the government will never get a huge share of it- the 40% tax is only payable on the amount over the threshold, so I think that would still leave a very substantial amount for your son and grandchildren
http:// www.hmr c.gov.u k/inher itancet ax/intr o/trans fer-thr eshold. htm
I'm not sure why my link didn't appear. Hope it helps
I'm not sure why my link didn't appear. Hope it helps
FILaw left his property in trust to his wife for her life & to be divided between his kids on wifes death. (Perhaps to avoid wife sharing with replacement OH). Will was drawn up professionally & probate registered.
Similarly, I cant see why you couldnt leave assets in trust for sons lifetime, to be disbursed on sons death, to grandkids.
Similarly, I cant see why you couldnt leave assets in trust for sons lifetime, to be disbursed on sons death, to grandkids.