To reduce the potential inheritance tax liabilities, many of us are now looking to provide assets for our children or other beneficiaries in our lives and by our Wills.
When considering estate planning, the decision to make a gift of a lifetime to the next generation for inheritance tax purposes must be balanced with the need to preserve the assets should trouble meeting recipients’ marital or financial reward. If you are searching for inheritance tax then you can visit various online sources.
When deciding on the distribution of assets in the Will, care must be taken when selecting beneficiaries and the writer Will be made aware of any potential beneficiaries that have not been included in the Will which may claim the provision.
Therefore, there are two common questions asked to lawyers attorney Wills and inheritance tax advice:
To avoid a large inheritance tax liability on the real me, I want to start giving my money goes to my kids now but I am concerned that the money could be lost if one of them enters the marital relationship disaster that later ended in divorce.
Likewise, if I leave assets to my children in the Will and marital difficulties that arise immediately after my death, I am concerned about the preservation of assets to my children. How can I minimize the risk either through advice on the gift of a lifetime and will writing service?
This is one common problem most writers and estate planners will face. It is a sad fact that 45% of marriages end in divorce.
With the divorce rate continues to rise, Wills and estate planning attorneys need to consider not only how best to reduce the 40% inheritance tax liability imposed on all real assets over 312,000 but also how to preserve the purpose of financial provision for the next generation to live those the children do not turn out as expected.