WILL MYTH BUSTERS #1 -I already have a will in place……………………….

Great! Do you know where it is? Even if you have a will it’s best to keep it under review to make sure that it still matches your personal circumstances.  After all, you wouldn’t purchase a car and assume it doesn’t need any maintenance for the rest of your life. Also, the last person to advise you may not have known all the facts or perhaps explained to you how you may protect the value of your home from being lost. Did you know that standard mirror wills may not protect the family home??

Here at Western Wills we recommend everyone reviews their will every 3 to 5 years or earlier if your situation changes. These changes could be due to marriage, divorce, birth of new children or grandchildren, death of a beneficiary, starting a business or even coming into some money. This also makes sure you keep abreast of any changes to the law that effect your planning so you can be sure that your will is as effective as possible.Last will & Testimony

PROTECTING YOUR ASSETS FOR YOUR FAMILY!

So it is a new year. A time to review things, maybe pull in the financial belt or lose a few pounds (That’s me for sure…) Something we all want to ensure though is that what we work hard for will pass to those we love, or charity or basically where WE would like it to go. Sometimes, it doesn’t always work this way but this is where a well- constructed will and advice from a professional can help.

As a reminder I offer the following services:
Wills and Trusts (Free will review)
Specializing in protecting house value for over 60’s
Lasting Power of Attorney (Full Service)
Pre-paid funeral plans
Document storage
Probate advice

Don’t put it off any longer-get peace of mind!

I can also signpost to excellent professionals for equity release. accountants, mortgage advisers, independent financial advisers.

Call today.older-couple-hugging

The 7 Costly Mistakes with Care Fees……………….Free EBook

Grandmother with adult daughter and grandchild in park

Mistakes  are often made regarding care costs unwittingly by vulnerable people or their families. If you read this, it could potentially save your family thousands of pounds that may be lost due to lack of knowledge.

We all want the best for our loved ones. It is my mission here at your local estate planning company, Western Wills to keep you informed.

Download the following link for a free eBook with relevant advice.

https://bit.ly/2HC96jW

p.s. if you feel nervous about clicking links, you can access this information via the website “Care to be Different”.

Queen Of Soul Aretha Franklin Owed Millions In Unpaid Tax Says IRS

When soul legend Aretha Franklin died in August aged 76 she left no will to her vast estate. As interested parties file documents with Oakland County Probate Court, the IRS has joined the fray claiming back tax believed to be in the region of $6.3 million plus penalties and interest, a possible total of nearly $8 million.

The debts are in respect of 2012-2018 and the IRS has demanded payment as a priority, in advance of any distribution to other creditors.

However, an attorney representing Franklin’s estate disputes the figures saying that $3 million has already been paid in back taxes and all returned filed.

David Bennett, an attorney working for Franklin’s estate, said: “We claim it’s double-dipping income because they don’t understand how the business works.

“The vast majority of Ms Franklin’s personal 1040 tax obligations were paid prior to her death – something she wished to occur. The estate is diligently working to resolve any remaining issues”

Don Wilson, Franklin’s entertainment attorney for the past 28 years, regrets that she neglected to set up a trust, saying: “It would have expedited things and kept them out of probate and kept things private. I just hope [Franklin’s estate] doesn’t end up getting so hotly contested. Any time they don’t leave a trust or will, there always ends up being a fight.”

Her four sons have already filed notices of interest in her estate with the Probate Court, and it is expected that the net estate will be divided between them.

In the past two years she had forfeited three properties and had a lien placed on a fourth because of overdue taxes, which she then paid.

With the estate estimated to be worth $80 million, paying outstanding debts won’t be difficult, although winding up her complex affairs, including numerous properties and copyrights to her songs and partial copyrights for many of those she covered is likely to take years.

NO MENTION OF INHERITANCE TAX IN THE RECENT BUDGET!

Why is a IHT General Simplification Review needed?

The amount of IHT collected by HMRC has risen dramatically in the last few years and hit a record £5.3 billion in the 2017/18 tax year. This was a 13% increase in comparison to the £4.6 billion collected in 2016/17. With the rise in the number of estates subject to IHT, this review is very timely and will hopefully ensure that IHT is simpler to understand in the future.

A case earlier this year highlighted the lack of understanding when it comes to dealing with IHT as part of administering an estate. The Personal Representative, Mr Harris, was left with a staggering IHT bill of more than £340,000. Mr Harris was administering a £1.2 million estate and misguidedly distributed the assets to the beneficiaries before all of the IHT had been paid. Mr Harris’ case shows how a mistake or misunderstanding in regards to IHT can be of great consequence to Personal Representatives.

Don’t get caught out-check what your position is with professional advice.