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You can’t avoid death or taxes
Wills and inheritance tax. It’s a topic that many avoid but to put it bluntly, there is nothing more certain than death and taxes. So if you want toprotect your
assets as well as your family, it is time to plan ahead. Many people put off making
their wills and putting their affairs in order becauseit seems complicated and intim- idating and because they don’t want to think about it. However, if you intend to
leave a house and other assets to your children and family it’s vitally importantto planin advance. The Nottingham Building
Society has announced a part- nership with Nottingham- based experts TheWillWriting Company tooffer adviceon this very complex area. They say that by offering you
a free initial consultation, either in branchor at home, they can help you tomake sure your assets are protected and pass as easily and quickly as possible to the people you care abo u t . They canmake sure that you
have taken all reasonable steps to avoid or reduceinheritance tax too. Whatever carefulplanning
you choose tomake cannot be completed without making a robust and valid will. There are manyways toor-
ganise your affairs and various steps to consider but expert advice should always be sought. The starting point is to as-
sess how much your assets are worth (such as your house, life insurance, contents, cars, sav- ings, investments, pensions and muchmore besides) and then calculate the current in- heritance tax liability. You may be surprised asto
how much this all adds up to. You then consider many op-
tions, including: ■ Giving away (making a gift) of some of your wealth to your family, friends or charities.But be careful – there are very strict limits that define what you can, or cannot, do without causing an unnecessary tax burden for your family. ■ Be very careful if you wish to consider giving away all or part of your home to your fam- ily while you continue to live there. There are many poten- tial pitfalls in doing so and there may be othersolutions that may be more appropriate for you to consider. ■ It may be possible to form one or more various types of trust which allow youtoplace
your money or other assets out- side of your estate in order to reduce the burden on your fam- ily. There are alsomany other advantages of arranging spe- cific trusts or even considering forming a pilot trust which can be used to skip generations and may help avoid paying unne- cessary tax. Generally, assets held in discretionary trusts are not subject to the delays, costs, trouble and stress associated with obtaining probate after someone has died. ■ Financialplanning may in- volve the purchase of a pur- chased life annuity or lifetime mortgage to provide you with a lump sumor tax efficient in- come whilst potentially redu- cing any inheritance tax bur- den. ■ It is also possible to re- arrange the affairs of someone who has already died so that their estate is more tax effi- cient,but this must bedone within two years and have the consent of all of the original beneficiaries of the will. Tom Gormanly, from The
Will Writing Company, said: “Many people fail to realise just how muchmoney, timeand effort can be saved by getting some professionalestate and tax planning advice. “However, to be honest it can
be a bit daunting and the best advice we cangive is to speak to an independent inheritance tax adviser and anestate plan- ning consultant.”
Thursday July 28, 2011 7
irritation to buyers MORE than half of home buy- ers and sellers in the UK say the lengthof time ittakesto buy a house isthe most frus- trating part of the process,ac- cording to researchfrom 1st Property Lawyers. The survey of 1,300 home
owners also revealed unexpec- ted delays in the run-up to ex- changing contracts were a ma- jorsourceof stress for38per cent of homebuyers,and a fur- ther 17 per cent complained about a lack of communication from their conveyancer. The main gripes with estate
agents were them stretching the truth (33 per cent), a lack of communication (27 per cent) and sellers seeing inappropri- ate buyers coming to view the home (26 per cent).
Fewer people are predicting rate rise
THERE’Sbeen a 20 per cent drop in the number of people who expect interest rates to riseover the next 12 months, according to a survey by the Worldwide Property Group. “By maintaining the base
THINK AHEAD: A will could help you reduce inheritance tax.
rate at0.5 per cent in May, the month that many had marked as the changing point, the Bank of England has offered renewed confidence to those expecting a rise and high- lighted that the fragile state of the economy makes this an un- likely event forsome time to come,” said Kevin Wilkes, of Worldwide Property Group.
Delays are biggest
102Nottingham Road Arnold Nottingham NG5 6LF CALVERTON
Residential Sales ARNOLD
Tel: (0115) 958 6586 28/30 PELHAMSTREET, NOTTINGHAM
e-mail address firstname.lastname@example.org
1ACHURCHSTREET, RUDDINGTON Tel: 0115 984 5222
A4bedroomed detached with entrance hall, cloakroom/w.c. lounge, dining room, kitchen, utilityroom, 4bedrooms and family bathroom. Double garage and good sized gardens to both front and rear.
RISE PARK £169,995
This 3bedroom detached propertysits in acul de sac location on the edge of Calverton Village. Thepropertyoffers entrance porchtoopen plan lounge/diner with open plan staircase to first floor.Th
e kitchen is 17ft.Good sized bedrooms and bathroom to the first floor.Good sized garden to rear with offstreet parking and attached garage to the front.
This 3bedroom semi detached propertystands on a corner plot with detached garage &further car standing. Accommodation offers, lounge, dining room, study,kitchen, bathroom and conservatoryand three bedrooms.
WEST BRIDGFORD Valley Road
ARNOLD Middlebeck Drive
A3bedroomed detached bungalowwith accommodation comprising of hallway,good sized lounge, kitchen, 3bedrooms and family bathroom. GFCH and UPVCDG. Adriveway leads to the garage whichhas been converted. Gardens to front and rear.
This immaculately presented 3bedroom semi detached house has accommodation comprising of through Lounge/diner,conservatory, kitchen, 3 good sized bedrooms and bathroom. Good sized gardens to both front and rear and detached garage.
This three bedroomed semi detached house is a2minute walk away from Arnold Town Centre. Accommodation comprises of lounge/dining area, ground floor bathroom with 3good sized bedrooms to the first floor.
constructed to ahigh specification in 2005 occupying amature level plot .Central Heating, double glazing. Spacious open plan living accommodation and finished to ahigh specification throughout with many additional features.
An architect designed five bedroomed detached family house
Internal viewing recommended Price Guide: £825,000
BILBOROUGH Cockington Road
This extended 2bedroomed semi detached house is immaculate and offers gas central heating and double glazing,dining kitchen, good sized rear garden and offstreet parking.Pe
rfect first time buy!
This 2bedroomed mid town house is in immaculate condition throughout and offers newly fitted kitchen, lounge, 2good sized bedrooms and bathroom.Th
ere is alow maintenance rear garden and open plan to the front. There is also a garage in blockadjacent to the property.
HERON RIDGE £79,995
Amid terraced propertyinacul de sac position, with offroad parking.Ac
commodation includes lounge, kitchen diner and lean- to summer house, 3bedrooms and bathroom. Gas central heating and majoritydouble glazing.
on alarge mature level plot with asouth facing rear aspect Gas Central Heating, Double Glazing, Three bedrooms Tandem Garage
modernisation and improvement extended to side and rear standing Atraditional detached family residence offering scope for Viewing recommended Offers invited around £299,995
SHERWOOD Hood Street
Atraditional centre terraced house recently refurbished
with anew kitchen, bathroom, re-decorated and new carpets having al high level of
This three bedroomed semi detached house comes to the market with no upward chain.Th
epropertyoffers gas central heating and double glazing.Good sized accommoation with generous gardens to both the front and rear.
This three bedroomed mid town house has no upward chain! Accommodation comprises of lounge, dining kitchen, 3good sized bedrooms and bathroom. Gardens to both front and rear and garage in ablock.
This three bedroomed mid town house comes to the market with no upward chain! accommodation comprises, lounge, dining kitchen, 3bedrooms and bathroom. There is gas central heating,double glazing and gardens to the front and rear.
Adeceptively spacious detached chalet style bungalow with double garage &ample parking, central heating &double glazing. Acc: Ent. hall, living room
kitchen, bedroom/diningroom, bathroom w.c 3furthur bedrooms, Good sized plot with gardens. Offers around £165,000
presentation. Acc: Living room, fitted kitchen, two bedrooms, bathrom w.c. Gas Central Heating, Good sized rear garden.
Ideal Investment Property Offers around £103000
REDUCED NEW NEW
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