Wills And Taxes

[AMH]

My father is currently re-doing his will and is interested in how to avoid as much tax (esp inheritance tax) as possible.

I always understood property etc could be transferred to family as long as the giver lived on for min. 7 yrs it was tax free - solicitor says different.

Does anyone have any good dodges to share ?

[Steve]

buy some property over seas ;)

[Loz]

Dodge Viper??

Dodge Ram Short Bed V8 4 cab??

Dodge City??

Dodge (played by steven Baldwin in the film "Fled" with Laurence Fishburne)

[MsW]

If his estate - including property at current value - is below £250k (I think, or thereabouts) there will be no inheritance tax due.

Other than that, the 7 year rule is true (according to the Sunday broadsheet financial advice)

Maybe an accountant would be a good first call :)

[Loz]

Maybe an accountant would be a good first call :)

THink you might be best with a solicitor on that one as well... as dodging tax can land you seven to ten years in the big house!

Now thats a lot of Ankle grabbing :yack:

[MsW]

It's not evading tax - it's tax avoidance - totally different and totally legit.......... :D

And your friendly local accountant - well, that's his job

(My next door neighbour house before last was an accountant, and many a dinner party conversation turned to just such topics. We were a boring lot )

[Claire G]

Recently done our wills through our bank and they were really helpful in doing things so that we can avoid/minimise inheritance tax. Putting things into trust etc.

Bit depressing doing a will when I'm not even 30 yet. :duh:

[Loz]

...not even 30 yet!

Don't bloody rub it in!

[Fidgits]

I've had to have a will since I started this job!!!

The life insurance policy demands it....

[simonskippy]

My father is currently re-doing his will and is interested in how to avoid as much tax (esp inheritance tax) as possible.

I always understood property etc could be transferred to family as long as the giver lived on for min. 7 yrs it was tax free - solicitor says different.

Does anyone have any good dodges to share ?

You may want to try JM Russell the firm that he works for has an excellent reputation in the local area for sound and quality advice. Even property abroad is not a safe option anymore as that loop hole is closing as is the possibility of tax ing earnings abroad. I'm in a similar boat at the mo, i'm taking advice and the info we seem to be recieving is that non of it is tried and tested so they don't really know - this is really annoying for my folks as well, the law seems to change each year!!!

Si

[tdiplc]

I think it depends on your circumstances and the value of the wealth involved.

A Family Trust or an Employee Benfit Trust is well worth looking at but you have to be careful because there are a lot of sharks out there that will use your money to rack up big fees.

I have done a fair bit of investigation into this and have some useful info and contacts if anyone wants to PM me.

[JMRussell]

My father is currently re-doing his will and is interested in how to avoid as much tax (esp inheritance tax) as possible.

I always understood property etc could be transferred to family as long as the giver lived on for min. 7 yrs it was tax free - solicitor says different.

Does anyone have any good dodges to share ? 

You may want to try JM Russell the firm that he works for has an excellent reputation in the local area for sound and quality advice. Even property abroad is not a safe option anymore as that loop hole is closing as is the possibility of tax ing earnings abroad. I'm in a similar boat at the mo, i'm taking advice and the info we seem to be recieving is that non of it is tried and tested so they don't really know - this is really annoying for my folks as well, the law seems to change each year!!!

Si

Thanks for the Ad Simon.

Yep IHT can be a real problem and the person's home is the major problem.

Some basic advice :-

Get the tax advice from an Accountant

Get the will drawn up by a lawyer - if you don't know one the accountant will

DON'T USE BANKS

The house you live in is one of the hardest of things to give away. One of the best dodges is when you move house - you give away the cash to your intended and they then buy your new house and let you live in it - a degree of trust is necessary.

If you're a Gold Member watch this space I'm trying to put some tax/accounting deals together with a national group (UK 200) - hopefully will have it doen later this month.

In the interim if anyone does have a quick problem feel free to send me an email and I'll give you some sort of answer at no charge or tell you if you really need to take professional advice. (please feel free to remove this if it constitutes advertising)

[JMRussell]

I think it depends on your circumstances and the value of the wealth involved.

A Family Trust or an Employee Benfit Trust is well worth looking at but you have to be careful because there are a lot of sharks out there that will use your money to rack up big fees.

I have done a fair bit of investigation into this and have some useful info and contacts if anyone wants to PM me.

Good advice. Family trusts can be great.

Employee Benefit Trusts though are now less good (almost defunct) following recent tax changes.

Be wary about off-shore without taking very careful advice (and preferably get a second opinion) rules have and are changing particularly as regards residency and domicile.