Wills in Sutton, Greater London
Niche Will writing Services extends to all areas of Greater London Including Sutton which is part of outer London.
The demographics of Sutton show that there are inside the Top 100 areas (out the 376 measured by the census) for co-habiting couples.
Under the Labour Government we have seen the divide on Inheritance Tax privileges between married / civil partners and co-habiting couples, and it is something that the residents of Sutton should be made aware of.
In 2006 the exemption on inheritance taxation ceased being an isolated and individual tax for married couples and civil partners. The ‘nil band rate’ as it is more commonly known which currently stands at £325,000, if unused, will now be transferred and added to the spouses £325,000 band. This means that their children and Estate will only be hit with an Inheritance Tax bill over £650,000. Conversely and importantly for the co-habitants of Sutton and others across London and England this does not apply to them. That’s right even if you have been living with the same partner for all your adult life.
So what can be done to redress the balance? Well the best place to start is to make a Will. A Will allows you to determine the beneficiaries you want to benefit from your £325,000 tax exemption in an efficient way. Then you may want to consider the use of IOU Trusts to take assets out of your estate but benefit from loaning them back to you.
The important thing with Estate Planning is to start in your mid-thirties or mid-forties as this will allow for the solutions to work to the optimum.
Don’t delay as the reality is that the Conservatives are even more pro-marriage so should they get in power on 6th May 2010 expect a greater disparity in taxation.
If you are co-habiting you should really call now to find out more T: 020 7993 2044 or simply complete our free quote form.
Niche Will Writers Sutton | Will Writers in the Sutton Area
