Rod Smith’s article on Intellectual Property and tax planning, entitled Let’s get creative with the tax planning; IP to I-Plan! has been published in the latest ACID (Anty Copying in Design) Magazine. To read it, please see page 12- 13 in the online version of the latest magazine, issue 66.
Wills and estate planning
As a probate lawyer I encounter my fair share of issues and delays when dealing with financial institutions and HMRC. However, I could always be certain that applying for a grant of probate would be a fairly painless and relatively swift process. Unfortunately, as many of you will have recently experienced, this is no longer the case.
Many will have seen stories in the news about cryptocurrencies and what can happen when the owner who has sole access to the password dies. The Independent recently reported on the death of Gerald Cotten, the chief executive of the QuadrigaCX exchange, who was believed to have had the only password to £145 million of cryptocurrency.
The Residence Nil Rate Band is an additional Inheritance Tax allowance that can be claimed for estates where the deceased owned their own home and left their home, or a share of it, to their direct descendants.
The current additional allowance is £150,000 and will increase to £175,000 in April 2020. This means that in April 2020 married couples and civil partners will potentially be able to claim Inheritance Tax allowances totalling £1million.
However, there are significant limitations to when the additional Residence Nil Rate Band can be claimed:
A surprising number of people don't get around to writing a Will. We are all busy people and, because it can feel daunting, it stays on the 'to do' list. But if you want to choose who you leave your assets to, it's important to have a Will in place. Below are five simple steps to take you through what you need to do:
- 1. Work out roughly what you own
Therefore what your Will covers. Have a idea of the size of your estate and the value of your assets such as your home.
Many will have seen stories in the news about cryptocurrencies and what can happen when the owner who has sole access to the password dies.
The Independent recently reported on the death of Gerald Cotten, the chief executive of the QuadrigaCX exchange, who was believed to have had the only password to £145 million of cryptocurrency.
The glib quip ‘Where’s there’s a will there’s a relative’ is popular with comedians, eager to poke fun.
However when it comes to wills there’s a serious side, with national law firm Stone King knowing it’s hard enough dealing with the death of a loved one without the added stress of managing the legal aspects.
It makes sense to leave your affairs in order so loved ones can negotiate their way through legalities more easily at what can be a very difficult time.