New legislation has come into force which will apply to people who die after 6 April 2017.
Currently estates can be valued at £325,000 before inheritance tax is payable. This is known as the nil-rate band. This is transferrable between spouses and civil partners so that if the first to pass does not use their nil rate band, the surviving partner can use both giving a maximum of £650,000 before tax is due.
The new residence nil-rate band will be in addition to the current nil-rate band. This will apply to any qualifying property or share in property which is passed to a linier descendant such as a child or grandchild under a Will. This will not apply to any gifts made in the testator’s lifetime.
This new residence nil-rate band will also be transferrable between spouses as the current nil-rate band is. The value of this nil-rate band is being phased in depending on date of death as follows:
- £100,000 in 2017/18
- £125,000 in 2018/19
- £150,000 in 2019/2020
- £175,000 in 2020/2021There will be tapered relief on estates valued over £2,000,000.
- It is important to seek legal advice when drafting a will to ensure that you maximise the relief available under the new legislation. If you would like to discuss making a Will, please contact our wills and probate team on 01443 238411 to discuss the matter further and for help with drafting an effective Will.
Well known in their local community for its people focused approach, Full Stop Law’s free Facebook clinic has taken ‘local’ just that little bit further.
This week, the firm trialed the first of its free weekly clinics and were inundated with enquiries. As such, the clinic has now become a permanent service. Every Tuesday between 12 noon and 1 pm a member of the team is available via Facebook chat to offer free advice and support.
“We’ve been delighted with the take up of our first session,” said Managing Director, Victoria Cannon. “Several members of the local community contacted us for advice on matters concerning children, divorce and even debt recovery. As an online service, our clinic is available to anyone. Whilst we may predominantly practice within the Pontyclun area, we have, and continue to work with clients nationally and internationally.” She continued.
The free clinic covers a wide range of areas that go beyond family law. Those with any legal queries involving, wills, powers of attorney, business debt recovery, and landlord and tenant issues are invited to contact our specialist team via the firm’s Facebook page between 12 noon and 1 pm on Tuesdays.
Find the page by visiting https://www.facebook.com/fullstoplaw
Full Stop Law is delighted with recent addition to the team, Julie Carvey, who brings a wealth of experience in Wills, Probate, Trusts and Lasting Powers of Attorney.
Julie qualified through Cardiff Law School and during the following 12 years worked in both London and then Cardiff. Specialising in looking after the needs of clients in later life, Julie also works with clients to ensure that their wishes are met in the event death or incapacity.
In addition to her many years’ experience, Julie has been an accredited member of STEP for the last decade. STEP is a professional body whose members are qualified and certified on a continuing professional development basis to provide appropriate and up to date advice to clients regarding wills, trusts, probate and planning to protect the interests of spouses and families across generations. It is a sign of quality and one that Director, Victoria Cannon, is delighted to bring to Full Stop Law.
“The addition of Julie to our team is such an asset,” she said, “we always focus on the needs of our clients – it’s what Full Stop Law is renowned for, but now, in addition to our excellent reputation, Julie’s STEP accreditation is a mark of excellence which assures our clients that we really do deliver a first-class service.”
In the eight weeks since she joined the firm, Julie has enjoyed the community feel that comes with the job. ‘It’s great to pop out of the office and bump into familiar faces and clients; you just don’t get that when working in the city. I’m really enjoying it!”
Julie can be contacted on 0844 209 2343 or via email: email@example.com
We loved this phrase but it also made us think how important it is to ensure that the service we provide for our more senior clients, is accessible and affordable…….
So……..we have an offer in place until the 1st February 2017 and we offer home visits within 10 miles of us…….lets make a difference 🙂
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