Inheritance Tax: Save £100,000s with simple advanced planning Article Discussion

joe134

xylophone wrote: »

Including HMRC?
Perhaps you could go down to the local library and try the computer there?And perhaps you might find a book there along these lines http://www.amazon.co.uk/dp/0749459956/?!!!!!hydra0b-21&hvadid=11068009805&ref=asc_df_0749459956
Make sure that anything you use is completely up to date.
http://www.kingsmanassociates.co.uk/Property%20Protection.pdf Another link if you can get it.

Hi xylophone, thanks again.
I got the second link no problem, and did know all about it.
Having gone through the procedure not long ago, for a friend, 92, who had no relatives, we took it upon our selves to act for her, and hence the decission to never go into a home(if possible) £800pw here.
She has passed away now, so am pretty familiar with that side of it, but, although the kids say, they would never see either of us in a home, there,s always a chance it becomes inevitable.that,s why I was looking at TIC,s, and going down that trust route.
Will look into it further.death and taxes, the 2 things you cannot avoid eh;
Son,s in NHS,always worked in mental homes.wrote books on it, on amazon,too, and grandaughter,s a carer.Will get that book, thanks.,probably on kindle list.
thanks again for info, and help, it can be a minefield, but, doing research, I think it,s possible to do a lot before approaching the pro,s.;:beer:

John_Pierpoint

joe134 wrote: »

Left my body to science.

I would like to do this (Even this sort of thing does not bother me)

Man carrying his "pelt":



However I do think that the whole (expensive) ritual of being buried or burnt with its accompanying semi permanent "memorial" can help those left behind to come to terms with the new reality.

How do you feel about that?

joe134

dzug1 wrote: »

Just a few semi-random thoughts to aid in your learning process:

TiC is easy - you just send a form to the Land Registry with the fee. Whether it's necessary with today's IHT rules is debatable

What you have in mind is not as simple as it sounds. The way you have described it, whoever dies first will not inherit the whole estate - they will inherit a life interest in it. Either the will or a separate document needs to set out the terms of that life interest - like does it include the house, if so who is responsible for maintenance, can it be sold to eg downsize. Who are the trustees - can they cope with the bureaucracy involved? What do you/they know about the taxation of trusts?

Do you really want to dictate to your wife what she can do with your assets once she has inherited them? Or vice versa? If you don't the second bit of the will is redundant - it can be changed after your death just as quickly as another will can be drawn up.

You say three grandchildren - what if more come along?

The IHT band does not transfer automatically - you apply for it in the course of applying for Probate

It will be a long learning process - even with professional input.

Hi dzug, I,m confused by your post, is it appertaining to me.
The first to die will inherit nothing, they are dead.
Regarding more grandkids, the two boys have had the snip, and daughter is sterilized.
My wife and I have left everything to each other, if I go first, she will have to draw another will up, and she/me can do what we want, we trust each other to abide by the others wishes at death.I,m not dictating what she can do, or vice versa, it,s what she wants, and I will abide with her wishes, if she goes first.
and hope the reverse applies.
I need to look into the trust situation, SHOULD we choose to pursue that route, but will make sure the trustees , kids are aware of thier responsablities, they are pretty intellegent, and have all dealt with probate before.
regarding tax, who is fully familiar with all the relevant tax laws, it,s a learning curve for all of us;Having had first hand experience of so called proffessional, dealing with moms/dads affairs,I doubt they are 100% sure.
Sorry if this doesn,t appertain to me, but you have copied/pasted parts of my post?

joe134

John_Pierpoint wrote: »

I would like to do this (Even this sort of thing does not bother me)

Man carrying his "pelt":



However I do think that the whole (expensive) ritual of being buried or burnt with its accompanying semi permanent "memorial" can help those left behind to come to terms with the new reality.

How do you feel about that?

Hi John, I,ve discussed it with all concerned and they are all in agreement.
I,ve always carried a donor card, so why not donate the lot.
Look out for Gunter on TV, he fascinates me.
I,ve roamed the world, so don,t really belong anywhere, if they will not take my body, there are restrictions at time of death, then have alternative, sea burial, ex mariner.
My body belongs to me, I have seen, so many wishes ignored, just so the remaining family can salve thier consciences.Just lost my brother, his daughter defied his wishes, and did what she wanted.Seen it so many times.,never there when they are needed, but they come out of woodwork when money's involved.The papers are signed, and it,s stipulated in my will, or money goes elsewhere.If it were left to me, everyone should be a donor, or opt out.There,s plenty of deserving people who would be eternally grateful.
Why do people need a place to visit to pay thier respects?
The time will come when no land is available for burial, let someone else have my plot.Haven,t entered this lightly, had 70 years to decide and discuss it, but at the end, the new reallity is, , you are gone, and if there is a hereafter, why have a semi-permanant spot here, like having your cake and eat it;
deep pholosophy, I just love it.
No crocodile tears at my departing.

John_Pierpoint

Personally I agree with you but having recently been an executor, for a 10 beneficiary will, it is interesting the unexpected issues that come up.

Scattering the ashes in the crematorium's garden at the foot of a specially selected and "plaqued" rose was something of an issue.

The local authority were quite ruthless; stop paying and the memorial goes.

There was a large stack of memorial benches hidden round the back of the building.

Some plaques, part hidden, nailed to mature trees - perhaps repositioned by families who felt they could no longer afford the fees. Some incorporated little "shrines" like the ones one finds alongside the road where there has been a fatal RTA.
In fact there is one near here, where a primary school kid evaded the lollypop person, that now has a tree with a plaque.
The council eventually realised that there was political capital to be made by giving in.

joe134

John_Pierpoint wrote: »

Personally I agree with you but having recently been an executor, for a 10 beneficiary will, it is interesting the unexpected issues that come up.

Scattering the ashes in the crematorium's garden at the foot of a specially selected and "plaqued" rose was something of an issue.

The local authority were quite ruthless; stop paying and the memorial goes.

There was a large stack of memorial benches hidden round the back of the building.

Some plaques, part hidden, nailed to mature trees - perhaps repositioned by families who felt they could no longer afford the fees. Some incorporated little "shrines" like the ones one finds alongside the road where there has been a fatal RTA.
In fact there is one near here, where a primary school kid evaded the lollypop person, that now has a tree with a plaque.
The council eventually realised that there was political capital to be made by giving in.

The restrictions on donating a body to science isn,t plain sailing.
If you die at weekend, then that,s a problem. Suicide, no no. cancer, iffy.I have to pay the undertaker to collect me, and take me to thier place, where if suitable, will be collected by Leeds University, for thier use, and they then decide if parts can be used for donation to a suitable donor, they like to keep the lot for training purposes.
When they have no further use, they cremate me, and scatter my ashes at the Uni, memorial gardens, where family members can visit, BUT, they do not notify anyone when they do it.
Brother wanted his ashes scattered on his wifes grave, newcastle on tyne,but his children decided to take them down to stafford, and scatter them there, even though they never spoke to him for 20+years.I just picked the tab up for funeral,he died intestate, no money at all.I also payed for his wifes.Lost 3 siblings this year alone, all younger.
Family can be very frustrating, even when it,s all sorted for them, like mine.Just have to hope they do as you put in the will.but in my experience, it rarely happens, there,s always 1 that doesn,t agree.
Sorting my alternative, at sea, also was very complicated,money at every turn, and restrictions galore.
I wonder at times if they had the right idea, die with nothing, the state, or other, will pick the tab up.
Having a bit of cash is nice, but it can cause aggro, even when you are gone.
As Forest Gump said, lifes like a box of chocolates.
Not related to the Pierpoints of Thorsby Hall, Nottingham by chance.stayed there many times;

John_Pierpoint

No not as far as I know.
Not an American plutocrat or a hang-man either.

Have thought of being buried in the garden - but I might devalue the widow's home.

joe134

John_Pierpoint wrote: »

No not as far as I know.
Not an American plutocrat or a hang-man either.

Have thought of being buried in the garden - but I might devalue the widow's home.

It,s legal, someone did it a few months ago.
no different than living next door to a cemetary.same as burying your dog, et.al
Wouldn,t bother me, as long as water table is deep enough.
each to thier own, too much red tape these days, just to make money.

scottishpasty

Please be gentle with me guys and gals, I haven't really had any money to save for quite a while and haven't been active in posting on this forum for a very long time.

Never the less I feel compelled to post now as my wife and I have just had a will writer round to speak to us about estate planning and our wills.

Our life is complicated in that I have two adult children from a previous relationship and an 8 year old with my current wife. We own a house have no savings other than my wifes long statnding endowment in her own name and I am due to have a communtation payout for my pension in the next 3 or 4 years.
We wished to set up a family trust spliting the house into tenants in common and then having a 3 way split for my half of the house in turst and my wife having a one way trust for her half.
The life insurances etc will be going to each other to pay of mortgages and debts, then split to the trusts as described above in which we are both trustees of each others trusts. We also asked for a corporate trustee to be placed on each of the trusts alongside my wife and I so that when we both die there is an independant body in charge of the trusts.

We were quoted by this individual £3000...yes £3000 for this service.

We have our current wills in place with a solicitor however there are no trusts set up in this will. We have asked how much it would costs and gave her a rough idea of our family set up. The reply was that the cost would be in the region of £500 plus VAT to set it all up.

I asked the willwriter what the difference between the solicitor and his practise was, and he could only say that he is an expert in estate planning and will writing ( he is a member of the will writing society and carrier a card) where as s solicitor knows a bit about law and a bit about estate planning and a bit about trusts and wills they are not expert because they don't deal with it all the time, he is as he does!

£3000 seems an awful lot of money, and our solicitor is part of a large firm who claim to the be and estate experts amongst other things.

Our trouble is that the will writer has been recommended through a company we have used to re mortgage recently, and this company has come from one this websites links.

We trust the this website and it's contributors views and are concerned that £3000 is the actual going rate, and that £500 plus VAT is too cheap and the solicitor is vague as the will writer claims.

Does anyone have any advice they could give me regarding average costs for something like this?

Thanks

CTA_2

scottishpasty wrote: »

Please be gentle with me guys and gals, I haven't really had any money to save for quite a while and haven't been active in posting on this forum for a very long time.

Never the less I feel compelled to post now as my wife and I have just had a will writer round to speak to us about estate planning and our wills.

Our life is complicated in that I have two adult children from a previous relationship and an 8 year old with my current wife. We own a house have no savings other than my wifes long statnding endowment in her own name and I am due to have a communtation payout for my pension in the next 3 or 4 years.
We wished to set up a family trust spliting the house into tenants in common and then having a 3 way split for my half of the house in turst and my wife having a one way trust for her half.
The life insurances etc will be going to each other to pay of mortgages and debts, then split to the trusts as described above in which we are both trustees of each others trusts. We also asked for a corporate trustee to be placed on each of the trusts alongside my wife and I so that when we both die there is an independant body in charge of the trusts.

We were quoted by this individual £3000...yes £3000 for this service.

We have our current wills in place with a solicitor however there are no trusts set up in this will. We have asked how much it would costs and gave her a rough idea of our family set up. The reply was that the cost would be in the region of £500 plus VAT to set it all up.

I asked the willwriter what the difference between the solicitor and his practise was, and he could only say that he is an expert in estate planning and will writing ( he is a member of the will writing society and carrier a card) where as s solicitor knows a bit about law and a bit about estate planning and a bit about trusts and wills they are not expert because they don't deal with it all the time, he is as he does!

£3000 seems an awful lot of money, and our solicitor is part of a large firm who claim to the be and estate experts amongst other things.

Our trouble is that the will writer has been recommended through a company we have used to re mortgage recently, and this company has come from one this websites links.

We trust the this website and it's contributors views and are concerned that £3000 is the actual going rate, and that £500 plus VAT is too cheap and the solicitor is vague as the will writer claims.

Does anyone have any advice they could give me regarding average costs for something like this?

Thanks

In my experience, with lawyers you pretty much get what you pay for.

My wife has had an incredible difficulty getting money out of a trust that she is entitled to, because her grandfather used a very cheap solicitor.

TBH, for the set up cost and drafting all that, £500 sounds very low to me.