When does the inheritance tax spouse exemption end?
The spouse exemption under Section 18 of the Inheritance Tax [...]
The spouse exemption under Section 18 of the Inheritance Tax [...]
Lifetime gifts remain legally possible, but the family court can [...]
Separation has no effect on a will. The Wills Act [...]
A discretionary trust is the most reliable way to protect your beneficiary's inheritance from a future divorce, because the trustees that are not your beneficiaries, hold legal title to the assets.
Once you have gifted money to your children, you cannot reverse the gift (unless that person chooses to give the money back to you), but you can still protect both its tax position and the money itself.
Until the final divorce order is issued, the law still treats you as married. Your existing will, joint tenancies, beneficiary nominations, and the inheritance tax spouse exemption all remain in force.
Yes, in most cases the £175,000 residence allowance can still be claimed when the family home is in your spouse’s name only. The allowance, known as the residence nil-rate band (RNRB), attaches to a qualifying home that passes to direct descendants on death, not to historic ownership.
A disabled person's trust is a UK legal structure that holds money or property for a disabled beneficiary without affecting their means-tested benefits.
A lifetime trust is created, settled and registered while you are alive. A will trust does not legally exist until death.
If a married couple die together and it is unclear who died first, UK law generally assumes the older spouse died first. This can significantly affect how inheritance tax is calculated and whether both tax allowances are preserved.