My legacy matters

26/08/2025

its a knockout

14/02/2021

The changes in force.

Discover the key tax changes that’ll affect buy-to-let landlords in the 2020-21 tax year, including reforms to mortgage interest tax and letting relief.

11/02/2021

Makes interesting reading , any comments

Do executors have the responsibility to sell the house to clear the debt, thus making the right to reside clause and trust irrelevant? Lawyer Helen Taylor replies.

25/06/2019

Inheritance Tax- Don't lose out!

In 2015 a new tax relief was given to us by the Government.

A tax relief so complicated even the most respected minds in the tax world had issues understanding exactly how we obtain this relief.

David Cameron wanted to give us all £500,000.00 of relief against Inheritance Tax, it was almost pledged in his election manifesto.

However instead of simply raising the threshold from £325,000.00 per person to £500,000.00 per person, they decided to give us the Residential Nil Rate Band.

In other words, if you have a house that is worth enough to push your worth over the limit of £325,000 you would eventually be able to claim another £175,000.00 (after April 2020) giving you a total of £500,000.00.

Wonderful we all declared.

However, we then read the small print.

As I am sure you might expect there I no such thing as a free lunch.

There are some rules:
1. The estate must be left to a direct lineal descendant

2. If you have an estate worth more than £2,000,000 you will lose it gradually until you eventually lose it completely

3. You can transfer the allowance between spouses meaning that in total up to £350,000.00 will be claimable in addition to your allowances

4. You can only use the allowance on a house that you have actually lived in

There are many more rules, however the most important one is number 1 above.

Many people that have written their wills have been very sensible and used a trust to cater for the needs of their children or wider beneficiaries.

For example, they might not want their children to inherit until they are say, 25.

Can you imagine the issues an 18 year old might face at 18 armed with £500,000.00?

The problem in that because the money is left to a trust, a trust is not a person and is therefore not a lineal descendant.

Therefore, anyone that has done this could be risking the loss of the tax relief on £350,000.00.

If the Will they have drafted has not been done taking this into account it could mean the loss of £140,000.00.

I am not a gambler, however from experience, I would suggest that most people that have a Will are at risk of simply giving the tax relief straight back to the Government.

Do not leave it to chance, get in touch with us on 07775671144 or [email protected]

We can check your arrangements and make sure that you are not losing out.

18/06/2019

Welcome to My Legacy Matters UK.

Last week we dealt with 30 cases across the North West of England, ranging from concerns with regards to Care Home Fees, protecting property to pay care home fees, arranging Will Storage and arranging guardianship trusts for disabled children.

I wonder what hot topic we will be discussing this week!

12/06/2019

Why choose My Legacy Matters?

Our services are cost effective but you will have the assurance of our wealth, experience and expertise.

We can always help no matter how complicated the circumstances are.

It is important to write your Will but it’s equally important to ensure the Will is valid.

At My Legacy Matters, we take great pride in what we do and always offer a thoroughly professional and friendly service to our clients.

Get in touch to find out more about the support and services that My Legacy Matters can offer to you and your family.

My Legacy Matters because your Family Matters

Speak to us on 07775671144

Email on
[email protected]

12/06/2019

Because your Family Matters
My Legacy Matters is a Will Writing and Estate Planning Service, that is designed to give you and your family the peace of mind that you require, whilst making it possible for you to put your affairs in order.
Our experts have over 20 years of experience in Will Writing and Estate Planning.
We are members of the Institute of Professional Will Writers.

12/06/2019

Concerned about Inheritance Tax??

When someone dies, their estate their cumulative assets, money, investments and possessions, less any debts will be passed on to their beneficiaries. These are usually family members but may also include friends and charities.If the deceased has left a Will, the beneficiaries will be named.

12/06/2019

Planning a funeral can be a stressful time for loved ones, who are already dealing with their own bereavement,

Recent figures from the Money Advice Service, show that the cost of a funeral has almost doubled in cost, a funeral with a funeral director now costs around £4,000.