Inheritance Tax
Briefly, Inheritance Tax (IHT) applies on death at the rate of 40% on the value of your estate in excess of the tax-free allowance which is known as the nil-rate band. Whilst transfers between spouses and civil partners are exempt from IHT it has been the practice in the past to make sure the nil-rate band is utilised on the first death by way of a trust or outright legacy to prevent an increased IHT liability on the second death. Although changes in legislation now mean it is possible for the surviving spouse or civil partner to utilise the nil-rate band not used on the first death, we can advise you on the circumstances when a trust or legacy should still be used.
For further information or advice, please contact Kirstin Cook on 0191 232 8345 or email kirstin.cook@hay-kilner.co.uk
Based in Newcastle, this respected firm advises a roster of high net worth individuals on wills, estate planning and trusts. It is also handing an increasing amount of Court of Protection work. Sources praise the team as being 'solid, pragmatic and dependable'.
KEY INDIVIDUALS: Group head Kirstin Cook advises on succession planning. Sources say she is 'extremely technical, quick and on the ball.' The 'keen and dynamic' Alice Clewes, 'has impressive technical skills and the ability to prioritise,' according to interviewees.
Chambers Guide
Clients highly value Kirstin Cook's "supportive and empathetic advice" on all private client matters, which she combines with "excellent personal skills - she is very easy to get on with." The firm assists a sizeable client base of high net worth individuals and local professionals, including bankers and accountants, with wills, estate planning, trusts, probate and Court of Protection work. As well as acting for local clients, the group has the resources to handle work with an international dimension and regularly acts for clients as far afield as the USA and Belgium.
Chambers Guide
