Posts

Reform set to cut complexity of inheritance tax

Reform set to cut complexity of inheritance tax   Proposed changes could have far-reaching implications for future estate tax planning Sweeping reform of inheritance tax has been recommended to cut complexity of the so-called ‘death tax’, but experts are warning that individuals will need to review existing planning if the changes go ahead. Headline recommendations to government from the Office of Tax Simplification (OTS) include changing the rules surrounding gifts of cash, property and other assets made while someone is still alive, and an overhaul of the relationship between IHT and capital gains tax for farm and business assets.   Proposals include a simplification of the lifetime gift exemptions to a single personal gift allowance, with a revised threshold for small gifts and reform of the regular gift out of income exemption.    The OTS also recommends that the current seven-year gifting rule for potentially exempt transfers be cut to five ye...

GAMLINS LAW TO OFFER CANCER RESEARCH UK’S FREE WILL SERVICE

GAMLINS LAW TO OFFER CANCER RESEARCH UK’S FREE WILL SERVICE Gamlins Law on Russell Road in Rhyl is proud to have joined Cancer Research UK’s Free Will Service. The Free Will Service helps people aged over 55 to write or update their will free of charge. It also gives guidance for people considering leaving a legacy gift to Cancer Research UK. The service is now being provided at Gamlins Law where trained solicitors will be able to offer support to people living in Rhyl and assist with drafting a will. Cancer Research UK receives no government funding for its research and relies heavily on the generosity of people leaving gifts in their wills. Over a third of its research into the prevention, diagnosis and treatment of cancer is funded through supporters leaving a legacy to the charity. A legacy gift can be anything someone wishes to leave in their will. Traditionally this is money but it could be anything that has a monetary value like an estate or specific item. An...

Find my Will! A blog on lost Wills and how to stay one step ahead!

Find my Will! A blog on lost Wills and how to stay one step ahead! Finding a lost Will is no easy task and the trap of losing your Will is something that happens oh so easily.   Like a mobile phone down the sofa or remembering where you put your keys, legal documentation   is no different! You might at this stage be asking “how could I lose something as important as my Will” but you’ll   be surprised at how easily it happens! One of the most common ways that a Will is lost is by self-storage. “If I make the Will and store it myself, it can’t go missing right?” However that is often the problem. Because a Will is so important, and the content so sensitive, they often get hidden away. This means that they may be safe from prying eyes, but in later years or during a house move or clear out, a Will could often be lost. It could also be that you pass away and your loved ones are struggling to find your Will. If there isn’t a clear indicator as to its location, it cou...

End of life care and Lasting Powers of Attorney: Giving power back to your loved ones.

End of life care and Lasting Powers of Attorney: Giving power back to your loved ones. By Samuel Amer On the 30 th of July, the UK Supreme Court handed down an unprecedented decision. The court held that when an individual was in a permanent vegetative state, and there was an agreement between the family and doctors, medical staff could withdraw food & water from the patient allowing them to pass away. This decision is seen as quite a departure from legal precedent. Previously families and doctors who were in agreement would have to endure an agonising process of applying to the Court of Protection to have life sustaining care removed. Although some groups feel that the decision is inhumane, many people who have endured the terrible situation of watching a loved one needlessly remain in an undignified state have welcomed the ruling. As the nation’s aged population increases, it’s the case that more of us have developed our own views on end of life care, and also...

Free Wills: The bankers’ ticking time bomb……

Free Wills seem to be offered everywhere these days. Whether it’s your pension company offering a bargain service, or leaflet in the back of the Radio Times, it appears that everyone is trying it and particularly doing it for free. However all that glistens isn’t gold, and nothing in this world comes for free……. Its recently been uncovered that in the late nineties and early noughties, many high-street banks were offering free or cut price Wills to their clients and staff. It is only now that many people who trusted their banks and wished for them to act as their Executors (ie the person dealing with the deceased’s assets) are realising the hefty costs they would be charged for administering simple Estates. Although a lucky few have been able to spot the potential costs before passing away, many people have had a loved one’s Estate being ground down by bankers administration fees ranging from £7000 to £32,000. At an already difficult moment, it’s hard to imagine the though...

The Danger of Death Bed Wills

Death Bed Wills: The very real danger……   By Samuel Amer Death Bed Wills, and also what’s known as “last minute Wills”, are a very serious business. Like all things in life, it’s best to be prepared, and the same goes for Estate planning and having a Will in place. But I am afraid to say that many of us are leaving the creation of a Will to the very last minute,   and running what could be a very serious risk. Deathbed Wills, as the name suggests, are Wills that are usually made shortly before an individual passes away. The last minute Will on the other hand a is a Will that is usually made in a short timeframe, and this can which can be for a whole host of reasons. Whether it’s down to you going in for crucial surgery in a matter of days, or whether it’s just a precaution in case something happens to you whilst on holiday, the number of people leaving their Wills to the last minute is certainly on the rise. You may not know it, but you too could fall into this...

All wrapped up before the holidays!

All wrapped up before the holidays: how long does it take to make a Will? By Samuel Amer “How long does it take to make a Will” is one of the key questions you’ll probably be asking when considering whether you have time to create a Will. Everybody has busy lives and you may not always have the time to come to the solicitors to make a Will, but it seems we’re always being told how important it is. How many times have you thought “I must make a Will because of the kids, the house or your partner” but you’ve never quite got round to it? More than once I am sure! And now with summer on its way and holidays being booked, the question of “have we got our Wills sorted” rears its head once again. Contrary to what you might think, getting your Wills sorted doesn’t take long at all. Here at Gamlins Law we pride ourselves on a quality service that is efficiently delivered. From the point of first meeting, to having the Wills signed, we aim to have your matter completed in approxi...