…You could even save Inheritance Tax along the way!
Fisher Jones Greenwood are proud to support St Helena Hospice’s Will month for the fifth year running. During the month of June people are encouraged to call to arrange an appointment from Monday 1st June until Tuesday 30th June to discuss their requirements. During this period we will waive our usual fees for preparing Wills in exchange for a suggested donation of £90 for a single Will and £135 for couples Wills with all sums raised payable to St Helena Hospice. Appointments are available in our Colchester and Clacton office.
If making a Will or updating an existing Will is on your to-do list now is the perfect time to get your affairs in order!
Leaving part of your estate to a charity such as St Helena Hospice in your Will can also help reduce your inheritance tax liability on death. Any gifts made to charity will not form part of your estate for inheritance tax purposes. Furthermore, if you have a taxable estate you can reduce the inheritance tax on the rest of your estate from 40% to 36% if you leave 10% of your net estate to charity.
By way of example:
Ms White has a net estate of £500,000 and she gives the whole of her estate to her partner with whom she has not married or entered into a civil partnership. The current inheritance allowance is £325,000 for the tax year 2016/2017. The taxable estate is therefore £175,000 (£500,000 less £325,000). This will result in an inheritance tax liability of £70,000 (40% of £175,000).
If Ms White gave £17,500 to St Helena Hospice (which is 10% of her net value of £175,000) her estate would pay 36% on £157,500. This means her estate would pay £56,700 in inheritance tax as opposed to £70,000.
For further information on the St Helena Hospice’s Wills Month please follow the link below:
http://www.sthelenahospice.org.uk/get-involved/wills-month.aspx
Alternatively, if you would like to arrange an appointment please contact a member of our Wills, Life Planning and Probate team on 01206 700575.
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