One of our lawyers Amy Lane recently shared her thoughts on the importance of making a will with leading lifestyle publication SheerLuxe https://sheerluxe.com/2020/01/20/when-how-and-why-you-should-draw-will.
When someone dies it can be a difficult time for family or friends who are left to deal with the deceased’s estate. At Thomson Snell & Passmore we aim to help the bereaved due to our joined up and client centric approach.
With the New Year comes new beginnings, and people start to turn their attention to setting resolutions and good intentions for the year ahead. Those should not only be limited to the traditional resolutions, so here are some inspirational financial resolutions for you to give some thought to:-
For many, Christmas involves giving money or gifts to family, friends and others and without wanting to sound too much like Scrooge.
Thomson Snell & Passmore welcomes HM Courts and Tribunal Service’s update that the backlog of grant applications is beginning to fall and they expect to resume normal service ‘very shortly’.
Chancellor Sajid Javid confirmed that curbing death duties was on his mind, after Housing Secretary Robert Jenrick backed a cut to Inheritance Tax (IHT) dubbing it as unfair that people were paying tax twice.
Life has become more digital over recent years, yet many people do not consider how to leave their digital assets on death, particularly loyalty points.
Experts advise the person to trust with this task should ideally be younger than you are.
The Office of Tax Simplification (OTS) has proposed to change Inheritance Tax (IHT) rules on gifting.
Johnny Hallyday died in 2017, which has caused an ongoing dispute between his widow and two children from a previous relationship. Johnny had spent much of his time in Los Angeles, having once said that he would never return to France unless their tax laws changed, following the introduction of 75% tax on income over €1million in 2014.
It has been reported that Aretha Franklin left three handwritten wills at her Detroit home before her death, the latest one dated 2014 which has some information crossed through and some words hard to decipher.
When considering the tax issues surrounding a deceased person’s estate, most people will think of Inheritance Tax. But executors and other personal representatives should be aware that both Income Tax and Capital Gains Tax may apply during the period of administration.
Dubbed a “stealth tax” by critics, probate costs will increase under controversial plans to introduce a new sliding scale of probate fees. Subject to an approval motion in the House of Commons, the new fees will come into force 21 days after the order is made.
Capital Gains Tax can impact on a whole range of transactions and situations. We have highlighted some of the most recent changes, together with those that are currently being proposed, to this very complex area of the law.
Thomson Snell & Passmore has been named as one of the Top Law Firms for its private wealth practice for the fifth consecutive year.
Leading South East law firm Thomson Snell & Passmore is pleased to announce that Simon Mitchell has joined the firm as a Partner. Simon has been appointed from Adams & Remers and has over 20 years’ experience specialising in wills, tax and estate planning.
There is an increasing amount of debate around what you should do to protect your online assets. Failure to recognise digital assets in estate planning can lead to loss of value for intended beneficiaries and may create unnecessary difficulties for your family or executors.
Trusts still remain under public scrutiny, but can their reputation be safeguarded, asks Stuart Price
Grandma has left you some money, or the bank of mum and dad has lent you some. You decided to use the money to get on the housing ladder with your partner. How exciting!
Any lawyer will tell you that it is always sensible to have a will.
I'm planning to give her £25,000
Those who are aged under 30 and already fall into the high net worth bracket may have specific needs when it comes to future planning
Richard Cousins, chief executive of Compass Group, died in a seaplane crash with his two sons, fiancée, and her daughter on New Year’s Eve 2018.
As a firm, we take pride in being a constant in a changing world. We hope this collection of articles will be helpful and provide food for thought on a number of topics.
Clare Morison explores the benefits of leaving a charitable gift in your will
What is the best way to structure major charitable donations?
As property prices increase, more and more people are finding that they will be leaving an Inheritance Tax bill for their loved ones on their deaths.
We act for a wealthy couple who wanted to help their granddaughter onto the property ladder. Our private client team worked with the granddaughter, providing her with advice on how to protect her new wealth.
The Residence Nil Rate Band (RNRB) has now been in force for a year and applies to estates where the deceased died on or after 6 April 2017. Where the deceased owned or, in some cases, had an interest in, a residence the RNRB makes available an additional tax free amount if the residence is inherited by someone closely related to the deceased.
Family businesses are central to the UK economy, accounting for approximately a quarter of the UK’s GDP and employing over 12.2 million people. However, in a recent PwC survey, 43 per cent of these family business owners confirmed that they do not have any sort of succession plan in place.
The Ministry of Justice has announced a refund scheme for Lasting Powers of Attorney (LPA) and Enduring Powers of Attorney (EPA) application fees paid between 1 April 2013 and 31 March 2017.
Thomson Snell & Passmore has responded to the Law Commission’s consultation on the law of wills.
Every month we answer frequently asked questions from across the practice and bring them together to help bring clarity to your legal needs. Each of the sections below lead off to a more comprehensive bank of information.
Q. We want to help our 20 year old daughter buy her first flat, but we’re worried about putting such a valuable asset directly in her name. Is there anything we can do to protect the property until she’s a bit older?
Leading South East law firm Thomson Snell & Passmore is excited to welcome Christopher Walker who joins the firm today as an equity partner in its renowned private client team.
Leading South East law firm Thomson Snell & Passmore is excited to welcome Christopher Walker who joins the firm today as an Equity Partner in its renowned Private Client team.
Solicitor, Stuart Price from our Private Client team speaks to Professional Adviser about IHT considerations for unmarried couples and the practical steps they can take.
New powers over what happens to digital legacies upon death have been called for by solicitors and legal academics
Solicitor, Sarah Nettleship from our Private Client department speaks to The Law Gazette about digital legacies.
The residence nil rate band is being introduced in stages between April 2017 and April 2020, subject to a number of conditions, some of them complex.
Solicitor, Sarah Nettleship from our private client team speaks to ePrivate Client about the upcoming changes to IHT and the government’s reforms of taxation of ‘non-doms’.
Owner-managed businesses : tax-efficient wills for company directors
Giving away shares in the family company
The pension landscape has changed dramatically following the changes to the rules on 6 April 2015. An element of freedom, a word not often associated with pension arrangements, has been granted by these changes. Pension owners now have real options as to how their pension benefits should be passed on following their death.
The end of another tax is a timely reminder to all those couples who are married or in a civil partnership to consider which of you should continue to receive the income from rental property. This article outlines the options available.
Nicola Plant, partner and head of private client speaks to Spear's and gives her opinion on the lack of announcements on stamp duty land tax in the Autumn Statement.
Solicitor, Stuart Price from our Private Client department speaks to Wealth Briefing about the preparation and challenges to a will. He also discusses some factors that should be taken into account before drafting a will.
The Chancellor, it seems, has taken a dim view of individuals taking advantage of low interest rates to buy property to rent out, and obtain income tax relief for the interest on borrowings used to purchase those properties. The new rules, which will see tax relief restricted to the equivalent of basic rate tax on the finance costs of purchasing buy to let properties, are to be phased in over three years starting from 6 April 2017. The full restriction will therefore apply to interest payments from 6 April 2020.
This article will focus on the position of the resident “non-dom” and the extension of deemed-domicile status but we will first take a look at what these terms mean and the current position.
Mark Politz, Partner and chartered tax adviser in the private client team at Thomson Snell & Passmore considers some of the issues that arise when gifting money between friends and family.
A Family Investment Company can be very beneficial for inheritance tax planning, asset protection and wealth accumulation. Nicola Plant, Partner in our Tax Planning team, gives an outline of the Family Investment Company and its uses.
We are pleased to receive, for another year, the accolade from eprivateclient of being listed as one of the Top 25 Law Firms in the UK.
In Dying Matters week, Nicola Plant wrote for Spears Magazine and produced a test to see how tidy you are, or whether you might need further advice on your Will, trusts or tax planning.
Many business owners, when thinking about protecting their business, insure against common business risks such as property damage, theft, third party liability and business interruption. A few also look at keyman insurance to cover the risk of the owner becoming incapacitated because of some physical or mental condition or unplanned absence abroad but very few create a lasting power of attorney which will give an individual the authority to run the business in such situations.
Local newspaper, Kentish Gazette (Canterbury) shares and insight into our organic growth. First published July 2015.
For most of us, and increasingly irrespective of age, the digital world has crept into our lives. Whether we manage our bank accounts or investments online, store our photographs in the cloud or manage our social lives through Facebook, our digital footprints are becoming deeper and deeper.