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I want to share this real life situation of a client desperately wanting to save their family a big inheritance tax bill! ????We saved them £80K????
Their mirror Wills are a financial disaster ❌️????????????
⚠️Existing Mirror wills:
Personal estate (married) £1,800,000
Less 2 tax allowances £650,000
= Taxable estate £1,150,000
Tax@ 40% £460,000
✅️Our recommended planning (new Wills with inclusive Trusts):
1st death
Personal estate £900,000
Less NRB and RNRB £500,000
On IIP trust £400,000
2nd death
Personal estate £900,000
Spouse IIP trust £400,000
£1,300,000
Less NRB and RNRB £350,000*RNRB restricted to £25,000 as estate is £2,300,000 including business assets so £150,000 of RNRB lost
Taxable Estate £950,000
Tax@ 40% £380,000
A tax saving of £80,000, and an easy, quick win simply by creating new Wills
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Expertise
- Equity Release
- Estate planning; Wills; LPA’s;
- Pensions
- Care fees
Summary
Hello, I’m David Bayliss. During my career of over 30 yrs, I’ve built my expertise within a very wide spectrum Financial and Legal Services.
I have now chosen to specialise within the growing area of Later Life Advice, assisting clients into their retirement years.
Do you have clients who need professional financial and/or legal advice within any of these areas ?
Estate Planning - Wills,Trusts, LPA, IHT, Probate, Funeral Plans
Equity Release - Lifetime Mortgages, Home Reversion
Pensions - Retirement Planning, Pension Reviews
Long Term Care - Care Home Fees Advice