GPW Trusts is dedicated to protecting you, your family and your estate. Specialising in Wills and Trusts, Probate, Lasting Powers of Attorney, Long Term Care Fee and Inheritance Tax Mitigation. 

GPW Trusts is dedicated to protecting you, your family and your estate.  Specialising in Wills and Trusts, Probate, Lasting Powers of Attorney, Long Term Care Fee and Inheritance Tax Mitigation. 

Posts tagged “Inheritance Tax”

An inheritance tax tool could soon disappear as part of a Government clampdown. 
 
An invaluable tax planning tool that has enabled families to avoid large inheritance tax charges for generations could soon disappear as part of a Government clampdown, according to Kent legal firm Furley Page. 
 
The firm says that, during George Osborne’s budget speech, he announced plans to take forward a “…review on the avoidance of inheritance tax through the use of Deeds of Variation” by this autumn. Furley Page solicitor Joshua Williams is warning that could mean time is running out for beneficiaries to take advantage of them. 
 
“Tax avoidance is not the same as tax evasion,” explains Mr Williams. 
 
“The critical difference is that tax evasion is the illegal practice of not paying taxes by not reporting income, reporting expenses not legally allowed, or by not paying taxes that you owe. Tax avoidance, however, is a completely legitimate way of managing your tax affairs to ensure you pay the lowest tax possible. A Deed of Variation is one example. 
Pablo Picasso, Abraham Lincoln, Amy Winehouse and Robert Burns. Well known figures who all died without making a Will. 
 
Making a Will is one of the most important decisions you will ever make. But why is it so low on our priorities? 
 
Writing a Will means acknowledging our mortality. Our circumstances change throughout life and making decisions can be difficult. We worry about the cost attached, and fear that we have nothing of worth in our estate. 
 
If you haven’t taken the time to write yours, you’re certainly not alone. Over half of the UK population and almost four in ten over-50s haven’t made a Will. 
 
This means risking part or all of your estate going to people who you never intended to benefit. 
 
To help you get your affairs in order, here are some key points to consider. 
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