beauwest IHT management integrity in godalming
IHT project management service - be on your guard
Obtaining the right expertise is reserved for the few that can afford to appoint the best IHT lawyers in London at up to £600 an hour.
This still requires a significant understanding of the subject matter to project manage a client’s objectives and to control costs.
Too many will be mindful of the difficulty of sourcing the right head-on advice that meets with client’s objectives:
Lawyer’s scale of charges and typically how instructions get drawn out, adding to fee levels
Law firms charging by the hour to research a field of expertise that they are not so proficient in and then consulting Council’s opinion
The saying: 'If we are wrong you can sue us’
The expert IHT consultant advice that was not so expert
The Beauwest IHT project management service was founded to share with individuals a ‘straight-talking, cut to the chase’ IHT solution, subject to meeting qualification criteria, for qualifying clients requiring integrity in the procedure to save Inheritance tax on residential property.
A pre-qualification attention to detail assessment is offered - saving clients being sidetracked by lawyers' learning curves and agendas to boost their timesheets.
why use beauwest IHT management integrity
Inheritance tax management for executors and individuals
- At Beauwest IHT Management Integrity, we provide executors, individuals, and their families a ‘cut to the chase’ service line on the prerequisites to manage and reduce inheritance tax on the family home of an elderly parent or relative valued over the nil rate band
- The current tax-free threshold -‘nil rate band’ - being £325,000 or £650,000 between couples; and the addition of the Main Resident's relief
- Covering how this can be done, the procedures to follow for qualifying clients and how an elderly parent can remain in occupation in accordance with HMRC guidelines
Any amount of transfers between spouses can be made without a charge to IHT.
Regular gifts/payments that are part of your normal expenditure out of income
- A pattern of giving on a regular basis (i.e. monthly or at birthdays and Christmas)
- The nature and reason for the gift
- After deducting the usual living expenses of the transferor, that the net income was sufficient to make the gifts taking one year with another, without having to draw on capital.
Gifts made in consideration of marriage or registration of a civil partnership
Parents can give up to £5000 to a child on the marriage or registration of a civil partnership. Grandparents can give up to £2500. Others can give up to £1000.
Gifts to Charity
All gifts to charities and political parties are exempt. If you give at least 10% of your assets to charity, you can reduce IHT from 40% to 36%.
Potentially exempt transfers
You can use a life assurance plan to pay your IHT plan on death. The insurance is written and you effectively gift the policy to a bare trust where insurance receipts can then be paid to trustees for distribution to beneficiaries.