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Articles by Joanna Krauz
Law Commission Recommends Major Reform Of Burial And Cremation Law: What Families Need To Know
The Law Commission has published its final recommendations for reforming burial and cremation law in England and Wales. The final report is over 380 pages long (the summary of approximately 30 pages has also been published) and sets out 62 recommendations in total. If implemented, the proposals would update an area of law that has developed over many years and help create a more consistent legal framework for families, funeral professionals and burial ground operators.
Lifetime Gifts And Inheritance Tax Planning: A Comprehensive Guide
When planning for the future, one key consideration is how to minimise the impact of Inheritance Tax (IHT) on your estate. Lifetime gifts can be a useful tool in reducing the tax burden on your loved ones, ensuring that more of your wealth is passed on to them rather than to HMRC. However, without careful planning, lifetime gifts can come with their own set of complexities and potential pitfalls.
Appointment of a professional executor in your Will
An executor is the person (or organisation) you choose to administer your estate and distribute your estate in accordance with the wishes in your Will, therefore, appointing your executor should be an informed decision. Whilst many people decide to appoint their loved ones, i.e. spouse, children, or other family members of friends as their executors, the alternative option is to appoint a professional executor, such as your solicitor to act as your executor.
Nil-Rate Band (NRB) and Residence Nil-Rate Band (RNRB) Explained: How to maximise Inheritance Tax relief?
Inheritance Tax (IHT) often represents one of the most significant financial considerations in estate planning within the UK. As a tax levied on the estate (including property, money, and possessions) of someone who has passed away, understanding the mechanisms available to mitigate its impact is crucial for effective financial planning. Two key tools in navigating the complexities of IHT are the Nil-Rate Band (NRB) and the Residence Nil-Rate Band (RNRB).
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