ASIt has often been said that inheritance tax (IHT) is a voluntary tax as action can be taken by individuals before death to
reduce or eliminate IHT liabilities on death. However the need for assets and income in retirement limits the giving of gifts
during lifetime. In this Briefing we consider some points to consider to reduce the amount of IHT payable on death.
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
The Best Way to Buy Sell or Replace Life Insurancefreddysaamy
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
Tough choices ahead: Illustrating the choices and trade-offs in the next spen...IPPR
All of Britain's major political parties face tough choices on tax and public spending over the next few years. Whoever is in government after the 2015 general election will have to face up to these difficult decisions and introduce more spending cuts, cuts in welfare, tax increases or higher deficits for longer – or a combination of all of these. This presentation shows the extent of the tough choices ahead.
For more, visit IPPR at http://bit.ly/tough-choices
401k negatives, shrinkage of typical 401k account at retirement due to taxes, inflation and survivor pension costs. Alternatives to offset these negatives with ILIPP funding.
The Welfare Benefit Reforms/ Austerity Measures implemented by the British Government. This presentation explorers the measures what they are and how they affect people living on welfare benefits.
Case Simulation: Assessing HK's Mandatory Provident Fund for RetirementMark Raygan Garcia
Hong Kong's Mandatory Provident Fund (MPF) is a retirement protection scheme started in 2000. While the MPF may prove relatively sufficient to middle- and high-income households, its potential to generate sufficient accrued benefits for retirement until average life expectancy of 80 does not cover at least 30% of Hong Kong people.
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
An Overview of Some Sophisticated Estate Planning Strategies for individuals who are concerned about minimizing gift and estate taxes, and individuals who have specific goals such as transferring a business interest, providing for a favorite charity, or protecting assets from future creditors.
Please keep in mind that this presentation is intended only to give a general overview of some sophisticated planning strategies, and that these strategies are subject to various technical considerations. Some of them may or may not be appropriate in your particular situation, so you’ll need to consult your estate planning advisor to determine whether they are right for you.
How Policy Review is integrated into the Estate Planning needs of a client. Three Case Studies show how a review of in-force policies is matched to the clients current needs which have changed since the policy was first purchased a number of year ago.
IRS Releases 2021 Filing Season Tax BracketsTodd Mardis
The president of Capital Preservation Services, LLC, in Mississippi, Todd Mardis oversees daily operations at the tax planning company and maintains relationships with potential and current clients. At his company, Todd Mardis and colleagues provide a range of services, including estate planning, asset protection planning, and advanced tax planning. In October 2020, the Internal Revenue Service (IRS) released updated tax brackets for the 2021 filing season that reflect inflation.
We have provided ways you can save on Inheritance Tax
e.g-Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP)
Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to be paid. The pension plan trustees will usually follow the instructions unless there are exceptional circumstances. An expression of wish form guides the scheme administrators/trustees to exercise at their discretion the stated wishes in the way that the policyholder would have wished. They refer to the most recent form when making a decision.
Tough choices ahead: Illustrating the choices and trade-offs in the next spen...IPPR
All of Britain's major political parties face tough choices on tax and public spending over the next few years. Whoever is in government after the 2015 general election will have to face up to these difficult decisions and introduce more spending cuts, cuts in welfare, tax increases or higher deficits for longer – or a combination of all of these. This presentation shows the extent of the tough choices ahead.
For more, visit IPPR at http://bit.ly/tough-choices
401k negatives, shrinkage of typical 401k account at retirement due to taxes, inflation and survivor pension costs. Alternatives to offset these negatives with ILIPP funding.
The Welfare Benefit Reforms/ Austerity Measures implemented by the British Government. This presentation explorers the measures what they are and how they affect people living on welfare benefits.
Case Simulation: Assessing HK's Mandatory Provident Fund for RetirementMark Raygan Garcia
Hong Kong's Mandatory Provident Fund (MPF) is a retirement protection scheme started in 2000. While the MPF may prove relatively sufficient to middle- and high-income households, its potential to generate sufficient accrued benefits for retirement until average life expectancy of 80 does not cover at least 30% of Hong Kong people.
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
An Overview of Some Sophisticated Estate Planning Strategies for individuals who are concerned about minimizing gift and estate taxes, and individuals who have specific goals such as transferring a business interest, providing for a favorite charity, or protecting assets from future creditors.
Please keep in mind that this presentation is intended only to give a general overview of some sophisticated planning strategies, and that these strategies are subject to various technical considerations. Some of them may or may not be appropriate in your particular situation, so you’ll need to consult your estate planning advisor to determine whether they are right for you.
How Policy Review is integrated into the Estate Planning needs of a client. Three Case Studies show how a review of in-force policies is matched to the clients current needs which have changed since the policy was first purchased a number of year ago.
IRS Releases 2021 Filing Season Tax BracketsTodd Mardis
The president of Capital Preservation Services, LLC, in Mississippi, Todd Mardis oversees daily operations at the tax planning company and maintains relationships with potential and current clients. At his company, Todd Mardis and colleagues provide a range of services, including estate planning, asset protection planning, and advanced tax planning. In October 2020, the Internal Revenue Service (IRS) released updated tax brackets for the 2021 filing season that reflect inflation.
We have provided ways you can save on Inheritance Tax
e.g-Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP)
Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to be paid. The pension plan trustees will usually follow the instructions unless there are exceptional circumstances. An expression of wish form guides the scheme administrators/trustees to exercise at their discretion the stated wishes in the way that the policyholder would have wished. They refer to the most recent form when making a decision.
This presentation summarises the rules governing Inheritance Tax in the UK. It covers a description of the exemptions and reliefs, together with examples to illustrate practical implication.
•Estate planning with your pension
•Your year end checklist: time to focus
•Buy-to-Let: a taxing issue
•Curtains for the Autumn Statement
•Your shrinking pension allowances
Tax lawyers at Tees Law are members of STEP (The Society of Estate and Trust Practitioners) with extensive experience in the field. With this fact sheet Tees Law aims to explain the tax regime so you can assess your inheritance tax.
Information from a financial perspective for those who are being made or have already been made redundant. Actions they can take and the Options they have
Mercer & Hole Property Plus - January 2015TIAG_Alliance
Published by Mercer & Hole - TIAG Member in London, England
These articles give an overview of some of the property issues that we are typically dealing with. These range from commercial property investment, to families buying property for their children to occupy, a second home investment, maybe a buy to let or a wealthy non UK domiciled individual acquiring a home or investment in the UK.
02: Buying property for children
03: Capital allowances in commercial property
04: Commercial property investment
05: VAT on student accommodation: 1 April 2015 changes
06: Non UK domiciliaries owning UK property
07: UK residential property – buy to let 08: Residential service charge accounts
REIA News May 2015 - Budget Issue
The May issue of REIA News has just be released.
In this issue:
• Detailed Budget Analysis for the Real Estate Sector
• Are falling home ownership levels reversible?
• In the company of strangers
• What the new foreign investment rules mean for you
• Time for action on housing affordability
Best Regards
Linda & Carlos Debello
“Your Local Sales & Property Management Specialist”
LJ Gilland Real Estate Pty Ltd (http://www.ljgrealestate.com.au)
PO BOX 19
ZILLMERE 4034
(07) 3263 6085
0400 833 800 (Mob 1)
0413 560 808 (Mob 2)
0409 995 578 (Linda)
http://www.facebook.com/ljgrealestate & Find Us on Google+
http://www.ljgrealestate.com.au/index.php?lan=ch
Confidential email:- The information in this message is intended for the recipient name on this email. If you are not the recipient please do not read, copy distribute or act upon the message as the information it contains may be privileged. If you have received this message in error, please notify the writer by return email. Thank you very much for your assistance in this matter and your co-operation
Demographic change means that more people will live past the point where they require care. As the increase in life expectancy looks set to continue, we need to develop enterprising and innovative ways to help people save and plan for this eventuality and bring new money into the care system. If people are to save for their future, especially people who are on lower incomes or are less wealthy, it is essential that they have opportunities to do so in a way that is simple, attractive, engaging, and safe, and which provides them with more choice about the care and support they would like. Equally, they must not be penalised for having done so through means tested support. This is what Personal Care Savings Bonds are intended to be all about.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
1. Inheritance tax planning
It has often been said that inheritance tax (IHT) is a voluntary tax as action can be taken by individuals before death to
reduce or eliminate IHT liabilities on death. However the need for assets and income in retirement limits the giving of gifts
during lifetime. In this Briefing we consider some points to consider to reduce the amount of IHT payable on death.
What is a chargeable estate on death?
When a person dies, IHT becomes due on their ‘estate’. IHT can
also fall due on some lifetime gifts but most are exempt providing the
donor survives for seven years after the gift. The rate of tax on death
is 40% and 20% on lifetime transfers where chargeable. For 2017/18
the first £325,000 chargeable to IHT is at 0% and this is known as
the nil rate band.
Within the above paragraph lie some basic techniques of
IHT planning:
—— are there assets which are not in my estate at death?
—— to what extent can I make lifetime gifts without prejudicing my
standard of living?
—— can I make efficient use of the nil rate band?
Special considerations for married couples and
civil partners
For many individuals, there will be an overriding desire to ensure their
spouse or civil partner is financially secure after their death. The IHT
system facilitates this need.
Lifetime gifts and transfers on death between spouses and civil
partners are generally free from IHT. It therefore may be desirable to
use this exemption to transfer assets in lifetime to ensure that both
individuals can make full use of other lifetime exemptions and the
nil rate bands available on death. This exemption does not apply to
unmarried cohabiting couples.
If an individual needs to bequeath most of their assets to their
spouse or civil partner, the nil rate band may not be utilised. Ten
years ago, a special rule was introduced – the transferable nil rate
band. A surviving spouse or civil partner will
be able to use their own nil rate band and in addition the same
proportion of a second nil rate band that corresponds to the
proportion unused on the first death.
Example
On the death of the first spouse 50% of the nil rate band was
unused. The estate of the second spouse would have 150% (own
plus 50% from spouse) of the nil rate band existing at the second
spouse’s death.
Assets which are effectively not in the estate at
death
Pensions
Pension funds are typically held in trust and unused funds can
be passed directly to beneficiaries free of IHT in most cases. A
‘nomination’ form should be completed detailing the beneficiaries.
Prior to April 2015, income tax charges of up to 55% could apply for
individuals who died with unused funds on death. Now such lump
sum payments on death are mainly only subject to:
—— special tax charges to the extent that the pension funds of the
deceased exceed their ‘lifetime allowance’ (broadly funds exceed
£1 million)
—— income tax if the death occurs after age 75 but the income tax is
chargeable on beneficiaries at their marginal tax rate as and when
they access the funds.
Thus a key part of IHT planning is to consider using the facility to
pass on pension funds free of IHT to any nominated beneficiary.
Please contact us if you would like more details
on the tax treatment of pension funds on death
and the effect on beneficiaries.
www.asmaccountants.com
Magherafelt
The Diamond Centre, Market Street,
Magherafelt BT45 6ED
Tel: +44 28 7930 1777
Fax: +44 28 7930 1666
Email: mark.mcneill@asmmagherafelt.com
Dungannon
8 Park Road, Dungannon,
Co. Tyrone BT71 7AP
Tel: +44 28 8772 2139
Fax: +44 28 8772 3549
Email: alistair.cooke@asmdungannon.com
Dundalk
First Floor, Block 1, Quayside Business Park,
Mill Street, Dundalk, Co.Louth
Tel: +353 4293 31637
Fax: +353 4293 34639
Email: michael.ohare@asmnewry.com
Belfast
20 Rosemary Street,
Belfast BT1 1QD
Tel: +44 28 9024 9222
Fax: +44 28 9024 9333
Email: caroline.keenan@asmbelfast.com
Newry
Wyncroft, 30 Rathfriland Road,
Newry BT34 1JZ
Tel: +44 28 3026 9933
Fax: +44 28 3026 9944
Email: ronan.mcguirk@asmnewry.com
2. Disclaimer - for information of users: This Briefing is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed
legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this Briefing can be accepted by the authors or the firm.
Summer 2017
Reliefs
Some assets which are included in the estate are effectively removed
from the estate because of a 100% relief. The main example is
Business Property relief. Shares in an unquoted trading company
potentially qualify and therefore many shares listed on the Alternative
Investment Market can qualify.
Making lifetime gifts
Many lifetime gifts will be classified as ‘potentially exempt transfers’
(PETs). IHT is only due if the donor dies within seven years of making
the gift. An alternative way of looking at this is that they are potentially
chargeable until seven years has passed. The primary example of a
PET is a gift to another individual.
Certain lifetime gifts are exempt from IHT which means they are
ignored even if the donor dies within seven years. Many of these
exemptions are quite a low value, for example, there is an annual
exemption of £3,000 for gifts to an individual. Gifts to registered
charities are exempt without limit provided that the gift becomes the
property of the charity or is held for charitable purposes.
Topping up the nil rate band - the residence nil
rate band
From 6th April 2017, an additional nil rate band is introduced for each
individual to enable a ‘family home’ to be passed wholly or partially
tax free on death to direct descendants such as a child, grandchild
or their spouses. A step-child, adopted child or fostered child is
regarded as a direct descendant.
The ‘residence nil rate band’ (RNRB) is £100,000 for deaths in
2017/18, rising to £125,000 in 2018/19, £150,000 in 2019/20,
and £175,000 in 2020/21. It is then set to increase in line with the
Consumer Price Index from 2021/22 onwards.
The additional band can only be used in respect of one residential
property which does not have to be the main family home but must
at some point have been a residence of the deceased.
Whilst an additional relief is to be welcomed, planning to take
advantage of the relief makes IHT even more complex. This is
particularly so if any of the following apply:
—— individuals want their share in the property to pass to a surviving
spouse or civil partner
—— an individual wants to downsize or cease to own the main
residence
—— the total estate is expected to be in excess of £2 million.
For the first two items, special provisions are contained within the
RNRB rules so that the RNRB is not lost.
Effect of RNRB on spouses
Individuals who want their share in the property to pass to a surviving
spouse or civil partner will not utilise the RNRB. Any unused RNRB
will then be available to the surviving partner. The amount transferred
is expressed as a percentage of the amount unused at the first death
in a similar way as it is for the main nil rate band.
It doesn’t matter when the first of the couple died, even if the death
occurred before the RNRB was available.
Downsize or ceasing to own a residence
A special relief – downsizing relief - is available to individuals who:
—— downsize with the result that they will probably be passing a
residence of a lower value to their direct descendants on death
—— cease to own a residence and move into, for example, rented ‘later
living’ accommodation.
The RNRB will be available when a person downsizes or ceases to
own a home on or after 8 July 2015 where assets of an equivalent
value, up to the value of the RNRB, are passed on death to
direct descendants.
Effect of total estate being above £2 million
If the net value of a death estate (after deducting liabilities but before
reliefs and exemptions) is over £2 million, the RNRB is reduced by £1
for every £2 that the amount exceeds the £2 million taper threshold.
For 2017/18 this means that a person with an estate of more than
£2.2 million will not benefit. By 2020/21 the limit will be £2.35
million. For spouses it applies on each death estate calculation. This
reduction only applies where the estate at death exceeds the limit. It
does not include lifetime gifts within seven years of death.
Making efficient use of nil rate bands
From April 2017 an individual who is not married or in a civil
partnership has two nil rate bands to consider. The standard nil
rate band has remained at £325,000 since April 2009 and is set
to remain frozen at this amount until April 2021. From April 2020
that figure increases to £500,000 if the RNRB is used. Wills need
to be reviewed to check that the residence is a qualifying residence
and is bequeathed to the correct beneficiaries. If downsizing is
contemplated, special care is needed to include provisions in a will
which will satisfy the conditions of obtaining the additional band.
For married couples and civil partners we have four nil rate bands to
consider. If all assets of the married couples or civil partners need to
be retained until the death of the surviving partner, the nil rate band of
the surviving partner increases to £650,000 and from April 2020 the
use of the RNRB provides a total nil rate band of £1 million.
If some assets can be given away to the next generation on the first
death, it may be better for the first deceased spouse or civil partner
to do so in order to utilise part or all of the nil rate bands available.
Relevant considerations for assets other than a residence include:
—— beneficiaries will have assets at a period in their lives when they
have higher outgoings
—— if beneficiaries do not have an immediate need for the assets but
will invest them, the future capital growth in those investments will
be protected from the additional IHT that could arise on the death
of the surviving spouse or civil partner.
Planning considerations for a main residence will often be more
problematical especially where each spouse has an estate of more
than £1 million. From a non-tax perspective, it may be preferable
for the surviving person to own the property but that may result in a
loss of the RNRB as the surviving spouse may have assets well over
£2 million on their death. If a share in the property passes to direct
relatives on the first death, the RNRB will be available on the first
death and may be available on the second death.
There are also capital gains tax (CGT) considerations. Assets passing
on death are acquired by beneficiaries at their market value and no
CGT is payable by the estate. Once in the beneficiaries’ estates,
accruing gains are potentially subject to CGT if a disposal is made of
the assets.
What is the best course to take in any particular will depend on a
wide range of factors and there will often be no ‘right’ answer. But it
is better to have considered the advantages and disadvantages of
different strategies and writing wills with the relevant considerations
in mind. Do please talk to us if you would like more information or
advice on any matters raised in this briefing.