Have you made your Will?

[fixitflav]

We are working on a living trust for our kids. I’ll take a massive hit on IH tax one day. I need to protect the money we’ve made on going.

There's been no mention I've seen about the proposal to bring pension pots into IHT.

 

[Dec27]

There's been no mention I've seen about the proposal to bring pension pots into IHT.

Sorry I’ve not read all the thread. I mean when a relative dies ill owe a lot of IHT.

Poor me some will say.

 

[fixitflav]

Sorry I’ve not read all the thread. I mean when a relative dies ill owe a lot of IHT.

Poor me some will say.

Neither have I in great detail. It's just that it's relevant to the discussion and I thought it would have come up.

 

[Dec27]

Neither have I in great detail. It's just that it's relevant to the discussion and I thought it would have come up.

I’ll give it all a proper read tomorrow mate.

 

[HERTS P&D]

As most know, I am a massive Donkey fan and volunteer at my local sanctuary. I

On a serious note, do you have anything in common with a donkey?

Andy

 

[Justin Passing]

There's more on pension pots.
If you have a sizeable pot of your own, you'd not be able to take the money out without paying tax on it after 25%, possibly at high rate, depending...
But if the spouse dies, and you're under 75 years old, it transfers as cash, without any tax deduction.
I don't think that makes sense

 

[MNW67]

Sorry I’ve not read all the thread. I mean when a relative dies ill owe a lot of IHT.

Poor me some will say.

I misunderstood your previous post.

 

[Highway Man]

On a serious note, do you have anything in common with a donkey?

Andy

I suppose we have the same affect on people, they are very popular, people love them, hard working, have cute faces so lots of things with me are common in Donkeys. Great question Andy as I have never thought that deeply about it before. I have some amazing qualitys as everyone knows and so it is something people often think about me in different ways. I am often compared to handsome and beatiful people and also to some of the great minds of our time. I can understand this question and why you would ask so I feel it a great honour to be compared. with such a noble animal.

 

[motorbiking]

There's more on pension pots.
If you have a sizeable pot of your own, you'd not be able to take the money out without paying tax on it after 25%, possibly at high rate, depending...
But if the spouse dies, and you're under 75 years old, it transfers as cash, without any tax deduction.
I don't think that makes sense

There is no inheritance tax between spouses. So it makes sense.

 

[Mottie]

Sorry I’ve not read all the thread. I mean when a relative dies ill owe a lot of IHT.

Poor me some will say.

Surely you mean you MIGHT owe a lot of IHT IF you inherit? Years ago, a friend of mine, an only child,
had the same attitude, bragging to everyone what he would inherit when his mum died. When she died, she stunned him by leaving it all to his kids. Another friend of ours is in the same position and his mum has told him that he and his brother will be getting nothing and it is going to their children - her grandchildren. Even that has caused arguments - he has one child and his brother has two. They will all be getting a third each. He thinks his child should get 50% and his brothers kids should get 25% each. He feels he is being penalised for only having one child. My neighbour left me and her other neighbour £5k in her will for the "kindness and help" we had given her as neighbours. I saw the Will. She was quite wealthy. She had two children and she left the rest of her estate to her son. I presume to stop any arguments, she specifically mentioned her daughter saying she had left nothing to her as she had "helped her out financially throughout the whole of her life". Wills and inheritances. A minefield. And a shock for some!

 

[pete01]

.

 

[securespark]

There's a good programme on wills and IHT, the Martin Lewis Money Show this Tuesday just gone.

Watch it on catch up.

Also covers other married and civil partnership financial benefits.

 

[motorbiking]

Anyway back to @pete01 dilemma, assuming he is a joint tenant with mrs Pete, he can structure his will as he likes leaving his assets to his kids and wife accordingly as a percentage of the total estate. The ownership of the house will override this meaning his wife gets the house anyway. At a point in the future he can serve notice to sever the joint tenancy.

There is one downside with the tenants in common thing is that the house has to be valued upon death as it forms part of the deceased estate for IHT.

 

[securespark]

I seriously suggest pete, and anyone else interested, watches the show I mentioned.

 

[HayMaker]

I am desperately trying to find a way to be married for inheritance tax purposes, but not for divorce purposes. I just don't like the idea of having a pre-nup.

Me and my partner have both been married before, and obviously it didn't work out. So neither of us want to get married again. In my mind, anything can happen and I don't want to be looking at another divorce in x years time. So we are looking at civil partnership. But we'll probably discuss that when we try to sort our wills out