Case Study: Excessive Inheritance Tax Bills Protection

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Case Study: Excessive Inheritance Tax Bills Protection

How an unmarried couple are protected from excessive Inheritance Tax bills

Mr J and Miss S are an unmarried couple who live together and have no intention of marrying.

They were surprised when they read that couples who live together have no inheritance rights no matter how long they have been together.

Also, unlike married couples, they cannot benefit from the transfer of an unused Inheritance Tax (IHT) allowance.

Inheritance Tax (IHT) Trusts

So Mr J and Miss S consulted Will Power, and we investigated all their circumstances and desires for the future.

As their joint assets amounted to more than £325,000, we concluded that best advice was for them to include Inheritance Tax (IHT) Trusts in their wills. These would ensure that Mr J and Miss S were protected from IHT bills on their property up to the value of £650,000.

In this case no IHT is payable on first death because the estate of the first to die amounts to less than £325,000. If it amounts to more, then IHT will have had to be paid on the excess. Will Power can however affect an introduction to one of our trusted financial partners to enable this payment to be covered by insurance.

Expertise Without The Cost

Mr J and Miss S were pleased with the specialist advice provided by Will Power. They were delighted that the expertise provided cost nothing, paying only to prepare the required legal documents. The resulting Inheritance Tax Saving (IHT) will significantly outweigh the fee to Will Power.

“We would like to commend Will Power for a job well done. They have exceeded my expectations and I would most certainly recommend them wholeheartedly.”

About Will Power

Will Power has been helping families take care of their future since 1992 and have well over 10,000 local clients. We come to you, our advice costs nothing, and we spend the minimum amount possible of your time carefully exploring your circumstances.

You can be sure that once we have visited and examined your family’s situation, we will recommend the most appropriate wealth and care fee protection services for you and your family.

Will Power is a member of the Institute of Professional Willwriters and is compliant with IPW code of practice.