Insurance Brokers 🚧 Article Under Construction🚧
Though different professions, I am grouping them as property professionals.
We welcome calls from clients, estate agents, and mortgage advisors who would like to discuss how we can collaborate to provide excellent service and a holistic outcome.
Buying a property
40% of homeowners don't have a Will. The laws of intestacy, not the homeowners, decide what happens to the property if one or both of them dies.
Many couples wish for their surviving partner to stay in the home if one of them dies. If they are not married, there is significantly less chance of that happening unless they have a Trust.
If one of a couple dies, and the survivor inherits the property, if they remarry, fall into debt, or cannot make mortgage repayments on their home, the home may be lost, with nothing to pass on to children unless an insurance policy with a Trust was in place.
Some couples think that because they put in different amounts to the deposit, this means something legally when they come to sell. Without anything specific on the title deed the original contribution means nothing.
If a couple is unmarried, there is no automatic inheritance; everything could go to the children or other relatives.
Case examples.
🌿Partnership in disputes & General power of attorney.
A family landscaping business had two partners: Father & Son.
The son had a major personal disagreement with the father, which spilled over and affected the business partnership. The son refused to speak with the father or cooperate in any way. There was not enough time to put in place a revised partnership agreement or Business LPA. Recalling a previous case, the accountant contacted us. We were able to draft and professionally witness a General Power Of Attorney (GPA), and Letter of Wishes within 24hrs. This enabled another family member to speak on behalf of the son to ensure that accounts and contracts were up-to-date.
🌿Probate & Capital gains tax Calculation
A client (against our advice) was completing their mother's probate. They needed a Capital Gains Tax calculation in a hurry. I referred this to an accountant who offer guidance the relevant advice.
🌿IHT and potentially exempt Transfers.
Accountants speak with clients annually or more often if there is a significant change. When discussing assets, liabilities, and income, it is wise to consider future planning.
When determining what your beneficiaries will receive, consider the tax on your estate. Estates above £325,000 (or £650,000 for a married couple) may be subject to a 40% inheritance tax. An additional threshold of £125,000 (rising to £150,000 in 2019/20) can be used for passing on a family home to direct descendants, given certain conditions. Gifting certain assets can reduce the value of your estate, as long as it's done at least seven years before your passing. Inheritance tax rates are tapered if the gift was made less than seven years before death. Certain gifts are completely exempt from inheritance tax. It's crucial to seek professional advice when making gifts as part of your estate planning due to the complex rules and exemptions related to inheritance tax.
