Start and Run a Restaurant by Gordon Bowley

Author:Gordon Bowley
Language: eng
Format: epub
Tags: How to Make Your Own Will (4th edition): Make life simpler for those you leave behind. Ensure that your estate goes to the people who you want to benefit. Minimise the tax in your estate.
ISBN: 9781845283797
Publisher: Little, Brown Book Group
Published: 2012-03-03T00:00:00+00:00

When choosing beneficiaries also bear in mind the effect on any social security benefits they are receiving.

Lifetime gifts by terminally ill spouses and civil partners

If one spouse or partner becomes terminally ill, try to make use of exempt lifetime gifts to the maximum as each tax year progresses and use the fact that lifetime gifts between spouses or registered civil partners are exempt from both inheritance and capital gains taxes to ensure that any estate of the spouse or partner who is likely to die first which is not to be left to the survivor will exceed the exempt threshold by as little as possible; the survivor can then use his own lifetime gift exemptions to make gifts from the excess to the intended beneficiaries which would have been taxable if made on the first death.

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