The "Which?" Guide to Giving and Inheriting ("Which?" Consumer Guides) - Softcover

Lowe, Jonquil

 
9780852029466: The "Which?" Guide to Giving and Inheriting ("Which?" Consumer Guides)

Synopsis

Inheritance tax (IHT) is a major worry for more and more people. Rising house prices have increased the value of typical estates to a level where more people are likely to face a large tax bill. The inheritance tax maze is complex and often hard to negotiate. 'Giving and Inheriting' is an essential and comprehensive guide to estate planning and tax liability that will help you to reduce the tax bill faced by your heirs - ensuring your gifts go to your loved ones and not to the tax collector.'Giving and Inheriting' answers questions such as: how do taxes on lifetime gifts and residual estates work and what can you do about them? How can you dispose of assets without being liable for Pre-owned assets tax (POAT) instead of IHT? With up-to-the-minute practical advice on estate planning from an acknowledged financial expert, this guide explains: tax-free gifts and ways of reducing your heirs' tax liability; how trusts can still be useful despite new rules; gifts to children and to charity; special considerations concerning property, such as equity release schemes; and, your rights as a beneficiary and how to renounce unwanted inheritance.

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Review

'A comprehensive guide for those in generous mood' -- Pensions World

'A good starter kit for potential donors ... clear, sensible ...
and helpful.' -- Money Observer

'Could be the wisest investment you will ever make' -- Irish News

Synopsis

When making lifetime gifts, or passing on wealth to your heirs, it's easy to overlook the tax consequences. As a result gifts are too often wrapped in an unnecessary tax bill. Also, following several years of rising house prices, inheritance tax can bite deeply into even modest estates. Yet with forward planning, in many cases a tax bill can be reduced or avoided altogether. This guide explains how to plan your giving and shows you how to use tax rules efficiently to ensure that your gift reaches the right person and is not unnecessarily taxed. It includes handy calculators, numerous examples and sections on popular themes such as giving away your home, making gifts to children and grandchildren, and using trusts.

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