What is the Residence Nil Rate Band?

2018-03-14T10:49:53+00:00March 14th, 2018|Wills, trusts and estate planning|

Inheritance tax (IHT) is charged on your death at the rate of 40% based on the value of your assets. This 40% rate is only charged on any value exceeding the nil rate band. The nil rate band (£325,000 in the tax year 2016-17) is the amount which is chargeable to IHT at the rate of 0%. From 6 April 2017, an additional residence nil rate band (RNRB) applies so that less IHT may be paid when the family home is left to children, grandchildren and some other individuals.

Choosing your LPA attorney

2016-08-22T14:11:15+00:00August 19th, 2016|Wills, trusts and estate planning|

Choosing who to appoint as attorney is the most important part in the process of making a Lasting Power of Attorney (LPA). Your attorney will be the person making decisions about your property and financial affairs and/or health and welfare should you become incapacitated. Acting as an attorney is an important role. You should choose [...]