Case Study: No Inheritance Tax To Pay

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Case Study: No Inheritance Tax To Pay

How Will Power helped a family save £80,000 in IHT

How expert advice reduced an initial tax bill from circa £80,000 to zero

Mr D died in 2017 quickly followed by his spouse. Mrs D was recommended a tax saving Will designed to take advantage of an additional Inheritance Tax allowance (known as the Residence Nil Rate Band) but died before signing her new Will.

Will Power were engaged to apply for Probate on behalf of the children. The children understood that they may have to pay Inheritance Tax but Will Power sincerely wanted to see if there might be a way of reducing the Inheritance Tax bill.

Specialist IHT advice

Will Power consulted with the Inheritance Tax expert at the firm of solicitors they have partnered with. The specialist provided calculations that are not available using the usual forms and provided an explanation of his thinking.

To everybody’s delight HMRC came back and stated there was no tax to pay. This was then confirmed by the “Risk Team” at HMRC.

Additional saving of £50,000

Most experts can describe a way of appointing out assets from a trust belonging to the last to die and then treating these assets as if they are gifted to the children in the Will thereby taking advantage of RNRB allowances. However, this would only have saved £30,000 in this case.

The determination of Will Power’s consultant and the expertise of a specialist Probate lawyer helped save an additional £50,000.

“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.