This blog explains the stages and timescales involved when you are the executor of someone’s affairs and have a legal responsibility to administer their estate. Stage one Arrange valuations of all assets and obtain details of all liabilities, both held in the sole name and jointly owned. 8-12 weeks Obtain income information for Income Tax […]
A lasting power of attorney (LPA) is a legal document that allows a person to give another person or persons, the attorney, authority to make certain decisions on their behalf. LPAs effectively took over from enduring powers of attorney on the 1st October 2007. The two types of LPA Property and affairs LPA This gives […]
On 13 July, the Chancellor wrote to the Office of Tax Simplification (OTS) to request that a review is undertaken of Capital Gains Tax (CGT). Aspects he specifically mentions the review look into are allowances, exemptions, reliefs, losses, and how gains are taxed in comparison to income. His aim of the review is to assist […]
Executors can find themselves in a difficult position when faced with the prospect of purchasing assets from an estate, even when they are paying market rate for those assets and the other beneficiaries agree to the sale. Being an executor is often an onerous and largely unglamorous role, which involves hours of work usually with […]
The whole idea of getting up at 6am on a dark winter’s morning to ride out in the pouring rain can seem quite baffling to non-horsey people but this is a normal way of life for many. Your horse is a much beloved member of the family, perhaps more loved then some relatives, and whilst […]
Further to the commencement of the new tax year last week, it is now necessary for an online capital gains tax (CGT) return to be submitted in certain cases where a building is disposed of. Where such a tax return is required, the submission deadline will be 30 days from the date of completion.
I recently came across a quote which said “in business, what you don’t get done today can be done tomorrow. But with family, what doesn’t get done today is gone forever”. None of us know what is around the corner and those personal tasks which may affect your family are too often put off. You […]
Understandably the coronavirus pandemic has caused many people to consider their existing Will or has encouraged them to make one. What is the issue for will signing? The current lockdown to slow the spread of the virus is causing problems with the signing of Wills because the Wills Act 1837 requires the person making the […]
On 11 March 2020, the new Chancellor, Rishi Sunak, delivered his first Budget. It was also the first Budget since Boris Johnson became Prime Minister in July, the General Election in December and the departure from the European Union in January. A lot has changed!
There is now less than a month before we hear what Rishi Sunak disclosures in his first budget. Here are some of the predictions on what he might say which will affect farmers and landowners: Personal Tax: For farm and estate employees, the level at which they start to pay National Insurance rises to £9,500 […]
At the end of last month the All-Party Parliamentary Group for Inheritance & Intergenerational fairness (APPGIIF) published a report which recommended a complete overhaul to the inheritance tax (IHT) system. It should be noted that the APPGIIF is an informal group, and whilst is contains members from both the House of Commons and House of […]
At the start of every year it’s natural to look back and consider not only what’s been achieved, but also what needs to happen in the next year. As a private wealth lawyer, I encourage my clients every year to use this time to consider whether their Wills, tax planning and general financial arrangements are […]
There are many myths about joint accounts, especially concerning what happens if something happens to one of the joint account holders.
What happens when you can’t manage your financial affairs due to ill health and nothing has been put in place?
Inheritance Tax (IHT), quite often called a voluntary tax, remains an emotional topic. Every person has an allowance, also known as the Nil Rate Band (NRB), before IHT becomes chargeable. Since 6 April 2009 this amount, has been set at £325,000. However, for married couples the position is slightly better as assets can be passed […]
The recent discovery by Lloyds Bank of more than 9,000 forgotten Wills, which it had retained for ‘safe custody’, highlights the dangers of failing to ensure the Will being administered is in fact the last Will made by the deceased. In the Lloyds case, the bank had failed to ensure that thousands of Wills were […]
If you are considering giving a gift to a loved one, you should be aware of the myths that exist which could lead to your gift not being deemed ‘valid’, the consequences of which can be expensive.
Many people want to give gifts to family and friends during their lifetimes. Not only does this mean that you can see loved ones benefit whilst you are alive, it can also reduce the value of your estate for inheritance tax purposes. However, the rules surrounding lifetime gifts and estate planning are complex. If you […]
When it comes to considering the horrors of life and the risk of being haunted by poor decisions, an often overlooked area is the need to plan for death. It’s understandable as no-one likes to think about their mortality, but also clients often don’t realise the real harm that can be caused to families as […]
More and more people are giving up either work or taking time to care for an elderly relative, something that isn’t always easy emotionally or financially. Many people face the dilemma of not wanting a stranger to look after their relative, yet for financial reasons are unable to care for that relative themselves. As such, […]
As a child, I was always encouraged to collect – be it stamps, postcards or old books – and as an adult that passion for collecting antiques and works of art has continued. There is nothing like the thrill of hunting down that one rare piece at an auction or antiques fair to add to […]
Here at Moore Blatch, we love wealth protection – so it always raises a smile when others are equally fascinated by the topics we adore. Thanks to Radio 4’s The Archers, it seems the whole country will be riveted by such issues for a few weeks to come. The stability of Bridge Farm is where […]
Earlier this month the Office of Tax Simplification (OTS) published its second and final report in relation to its review into inheritance tax (IHT). As a brief reminder, the first report, as published back in November 2018, looked at the administration side of IHT. This second report focuses on the design and calculation of IHT, […]
A Property & Financial Affairs Lasting Power of Attorney (LPA) can prove essential in helping to protect a farm should the farmer become unable to take an active role in its day to day activities, through old age, accident or mental/physical illness.
HMRC has confirmed that there has been a significant increase in the amount of Inheritance Tax (IHT) received in tax year 2017/18, with receipts increasing to approximately £5.2bn.
We are frequently contacted by individuals wanting to confirm if we are holding a family member’s will.
Since the age of 18, I have always had an interest in wine. Not just the drinking of it, although I do enjoy that part, but also the laying down and collection of fine wines.
It is a principle of public policy that the law should not allow offenders to benefit from their own crime; the forfeiture rule derives from the common law precedent that a person criminally responsible for another’s death cannot benefit from their estate.
As a recent addition to Moore Barlow, when joining I was asked by family members “What firm are your joining? How long has it been in existence? Who, indeed, are Moore and Blatch?”
As life gets more complicated, so do the financial affairs that need to be settled after death. This is a difficult time even for the most able among us, and therefore expert advice is invaluable.
The recent case of The Hospital Trust and Miss V & Others  EWCOP 20 before the Court of Protection highlighted the application of the best interest’s principle in extremely sensitive surroundings.
A lasting power of attorney (LPA) is a legal agreement allowing an individual to give authority to someone they trust in order to make key decisions on their behalf. There are two types of LPA, one covering financial affairs and the other health and wellbeing, both being used when an individual is no longer able […]