Divorce - the pitfall of overlooking financial matters

11/06/2020

Divorce is often the focus of separating couples following marital breakdown. It is a far from perfect process which takes many months to conclude. It is therefore understandable that many couples are eager to move on with their lives following the award of Decree Absolute, the final stage of the divorce process which will finalise their legal separation. This has however led to a significant number of divorcing couples never addressing the potential financial claims that follow divorce.

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Trusts to receive Pension & Life Policy Death Benefits

11/06/2020

Do you have a life policy or pension, either of which might pay out a lump sum to your surviving spouse on your death? If so, depending on the size of the joint estate, you may wish to consider ways of sheltering the lump sum from the survivor’s estate so it does not suffer the 40% inheritance tax (IHT) on their death.

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The day the music died ... without a Will

11/06/2020

In August 2018 Aretha Franklin, the Queen of Soul, died without leaving a Will. Her four sons are now undertaking the necessary steps to request that their mother’s $80 million estate be divided equally between them. Their lives could have been made simpler, and Aretha’s specific wishes followed, if she had left a valid Will.

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Civil partnerships: open to all?

11/06/2020

This month, a Supreme Court ruling means that civil partnerships will now be available to heterosexual as well as homosexual couples. But it’s not just couples who are after this alternative to marriage; Catherine and Ginda Utley, sisters who live together, have recently made headlines when calling out for civil partnerships to be made available to siblings too.

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Who’s been naughty and who’s been nice? ....

11/06/2020

How can you treat those on the nice list, be tax efficient and be more popular than ever this Christmas, all in one go? Tax efficient gifting that’s how! Gifts can be liable for Inheritance Tax (IHT) if you give away more than £325,000 capital in the 7 years before your death. While for some this tax charge can be unavoidable, there are ways in which tax efficient gifting can significantly reduce any potential tax charge for others.

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The (increasing) Price of Probate

11/06/2020

When an individual passes away, most institutions freeze the deceased’s accounts until a Grant of Representation has been obtained by the personal representatives of that estate. A Grant of Representation will be required for purposes such as withdrawing funds, selling or transferring shares and selling a property; this list being non exhaustive.

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