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Blog: Foster Harrington News

Inheritance Tax

Foster Harrington News
Category: Uncategorised

The IHT nil rate band is £325,000.  For those of us who are married or in a civil partnership, any unused nil rate band can be passed to our surviving spouse or civil partner, producing a total tax exempt band of £650,000.

 

From April 2017, a new extra nil rate band will be applied to the value of a home left on death to a direct descendant of the deceased.  This home-related nil rate band will start at £100,000 per person from April 2017 and increase over four years to £175,000 per person, allowing a married or registered civil partnership couple to eventually pass on a family home worth up to £1m with no IHT (2 x £375,000 plus 2 x £175,000).

Untagged 

2015-09-11 08:10:11
 

Spousal Maintenance - how much and for how long?

Foster Harrington News
Category: Uncategorised

There is no formula for calculating how much spousal maintenance is payable by one party to the other on divorce.  The "right" amount will be determined by reference to what one party needs, if anything, and what the other party can afford.  In some cases, no spousal maintenance is payable.  

 As for how long, maintenance might fairly be payable for a fixed term only, until the receiving party has adjusted to single life and found his or her way back into the workplace; perhaps after a period of time out. Often the right time for maintenance for come to an end will be when the youngest child has left school or university.  And then there are cases where maintenance is awarded for the joint lives of the parties, until the recipient remarries.  However, it seems that "joint lives" maintenance orders may be on their way out of favour.  A happy move for many paying parties...

In the recent case of SS v NS 2014, the Judge pulled together a number of applicable principles intended to help with question of "how much and for how long?"  

spousal maintenance  separation

2015-02-05 17:45:59
 

*Important* Changes to Intestacy Rules

Foster Harrington News
Category: Uncategorised

The Inheritance and Trustees Powers Act 2014 will come into force on Wednesday 1 October 2014.

 

One of the main principles of the Act is to abolish the life-interest trust of the Spouse established by the Administration of Estates Act 1925. In future therefore, the surviving spouse of an intestate with children will get the £250,000 statutory legacy, the deceased’s personal chattels and half the balance of the remaining estate outright. Children or other descendants share the other half of the balance. Furthermore, the Act provides that the Spouse when intestate without children will in future inherit the whole estate.

will  intestacy

2014-09-30 14:42:46
 

Wills and same-sex marriage

Foster Harrington News
Category: Uncategorised

Wills - converting civil partnership into marriage will not revoke will

 

The government has published draft regulations on the conversion of civil partnerships into same-sex marriages.  One of them amends the Wills Act 1837 to state that conversion of a civil partnership to a same-sex marriage will not affect a pre-existing will made by either partner.  The regulations come into force on 14 December 2014. 

wills  same-sex marriage  civil partnership

2014-07-31 14:49:07
 

Jointly owned property - to break or not to break?

Foster Harrington News
Category: Uncategorised

Jointly owned Property

To Break or Not to Break ….  that is the question

 

Untagged 

2014-05-15 13:52:47
 

The Risks of DIY Probate Applications

Foster Harrington News
Category: Uncategorised

THE RISKS OF DIY PROBATE APPLICATIONS

 

Some people believe that by making an application for a Grant of Probate themselves rather than instructing solicitors will save them fees and ensure that the process does not become a lengthy, protracted one.  Very much the opposite.  Servicing your own car would be considered dangerous and the same applies with Probate Law and Tax.  Mistakes by a Personal Representative could be very expensive.  Executors/Personal Representatives are personally responsible to the Estate and the beneficiaries if anything goes wrong. 

Untagged 

2014-05-15 13:49:54
 

The Risks of DIY Probate Applications

Foster Harrington News
Category: Uncategorised

THE RISKS OF DIY PROBATE APPLICATIONS

 

Some people believe that by making an application for a Grant of Probate themselves rather than instructing solicitors will save them fees and ensure that the process does not become a lengthy, protracted one.  Very much the opposite.  Servicing your own car would be considered dangerous and the same applies with Probate Law and Tax.  Mistakes by a Personal Representative could be very expensive.  Executors/Personal Representatives are personally responsible to the Estate and the beneficiaries if anything goes wrong. 

Probate

2014-05-15 13:38:20
 

Mediation, MIAMS and "mind-boggling" legal costs

Foster Harrington News
Category: Uncategorised

A straightforward divorce will cost you around £1,000 if you instruct a solicitor to act for you.  I charge a fixed fee of £1,010 in most cases.  It is only when litigating financial matters on divorce that legal costs can rocket.

 

A High Court judge has spoken out against the enormous court costs incurred by wealthy international litigants engaged in ‘out of control’ financial proceedings.  Holman estimated that Chai v Peng has so far incurred £1.6m in costs in England, and Malaysia, where the husband lives.

Mediation and MIAMS

2014-03-21 11:04:13
 

Pension power to the people at last!

Foster Harrington News
Category: Uncategorised

Pension power to the people at last!

 

Tim Foster comments on the 2014 budget as follows:-

Untagged 

2014-03-20 14:52:34
 

CSA and child maintenance reforms

Foster Harrington News
Category: Uncategorised

Child Support – What Is Going On?

Sarah Speed reviews Jody Atkinson's (a barrister at St John's Chambers, Bristol) comments as follows:-

 

Untagged 

2014-03-20 14:20:32
 
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