The inheritance tax threshold for a married couple is £650,000 for the current tax year, providing they leave everything to each other on following the death of one of the spouses. In addition, a new additional allowance, called the Residence Nil Rate Band, may provide an additional amount to increase the threshold for married couples.
However, the tax system doesn’t help couples who are not married, and it doesn’t help those who don’t want to leave everything to their surviving spouse.
If you are an unmarried couple, you could benefit from the inclusion of a Nil Rate Band Discretionary Trust in your Will to allow your partner to make use of your £325,000 allowance.
The rules involved in inheritance tax are complex and it is for this reason alone it is important to discuss your situation with an APS Associate, as only then will you be able to understand its potential effects on you, whether your loved ones will lose out on some of their inheritance and, more importantly, what can be done through APS to reduce or even eliminate its effects.
Other Trusts available include:
- Childrens’ Trust
- Discretionary Trust
- Disabled Persons Discretionary Trust
- Asset Protection Trust (Lifetime)
For more information or to book your FREE will review, call Jim Gregory, at Will Writing East Kent today on 07712 672658 or 01304 614956. Alternatively, fill in the callback form on this page.