What to do with your holiday home

What to do with your holiday home

If you are lucky enough to own a holiday home, you might be wondering what to do about it long-term. For example, will you give it to your children? The problem is around Capital Gains Tax. If you simply pass your holiday home to your descendants as a gift, it counts...
NRB Trusts: Yes or no?

NRB Trusts: Yes or no?

Most married couples and civil partners choose to leave their personal estate to their surviving spouse in their will. Some include a Nil Rate Band (NRB) trust, sometimes called a ‘discretionary trust’, ‘flexible trust’ or ‘legacy fund’. Why? Because NRB trusts can...
Red herring

Red herring

It’s time to clear up a misunderstanding. Some people think their next of kin can make legal decisions on their behalf – but the concept ‘next of kin’ is a red herring. Next of kin usually means your husband, wife, or nearest blood relative, but the...
Power of Attorney: Horror stories

Power of Attorney: Horror stories

You might have noticed a series of horror stories in the media recently about Powers of Attorney (POA). Of course, all news outlets only focus on the bad stories, so please be aware that these are freak cases. How risky is a POA? The Ministry of Justice is reported as...
IHT: How to have your cake and eat it too

IHT: How to have your cake and eat it too

Don and Jane are in their 80s. They have four children and seven grand-children. They also have a house worth about £1m and considerable investments, including a family trust. They’re proud to have a substantial amount they can bequeath to their descendants. But...