Posted by Patrick Moreau on September 25, 2020 in Legal
Gifts to avoid care home fees Stockport with Bromleys? We offer support for buying, selling, transferring or re-mortgaging a property in Stockport. We always provide a friendly, competitive and professional service which is tailored to you. Bromleys are aware that instructing a lawyer can be expensive, and that clients need to be able to budget for that expense. We are always up-front about our costs and expenses, and can tailor our services to suit your requirements. Funding your work should never be a barrier to seeking expert legal advice on your property. Stockport is a large town in Greater Manchester, England, 7 miles south-east of Manchester city centre, where the River Goyt and Tame merge to create the River Mersey, and the largest in the metropolitan borough of the same name, It has a population of 136,082, according to the 2011 census.
Although often unavoidable, disputes relating to property of any kind can be complex and frustrating. With extensive experience of dealing with property disputes for both residential and commercial properties, our dedicated team of solicitors are fully equipped to support and advise you throughout your case, with the goal of achieving the best possible settlement. Our experience covers a wide range of areas within property litigation. Regardless of the individual circumstances, you can trust our team to help and support you whatever the circumstances.
Bromleys is the trading name of Bromleys Solicitors LLP, formerly known as Bromley Hyde & Robinson. We’ve been based in Ashton-under-Lyne for over 175 years and are authorised and regulated by the Solicitors Regulation Authority. We have an excellent reputation with our clients, peers and the wider business community and pride ourselves on providing clear, concise legal advice. Over the years, we have grown organically while also acquiring and merging with other local practices. We now occupy a prominent position in the heart of Ashton-under-Lyne in the top three floors of the old fire station. Our offices overlook the market square and the historic Ashton-under-Lyne town hall. See extra info at deed of variation.
In 2013, Glyne Harris was made the Executor of a £1.2 million estate. Harris filed the Inheritance Tax Return and paid the initial Inheritance Tax that was due. As a large part of the estate was property, it was possible to pay the Inheritance Tax on the property in instalments. Harris made the mistake of paying the estate out to a beneficiary on the understanding that the beneficiary would settle the remaining IHT bill. Unfortunately for Harris, the beneficiary swiftly disappeared to Barbados without paying the remaining Inheritance Tax. Harris as the Executor was liable to pay the remainder of the £340,000 tax bill personally. Without the estate funds at his disposal, Harris appealed saying that he should not be liable, however a judge ruled that he is in fact personally liable. HMRC could potentially go after Harris’ own assets including his house. Whilst this is an extreme example of what can go wrong, it shows the responsibilities of being appointed an Executor and the advantage that having a professional can have.
There are a number of reasons for using Deeds of Variation such as providing for someone who had been excluded from a Will, taking account of differences in the financial positions of beneficiaries or just to pass assets on to the next generation. Many people will use Deeds of Variation for their own estate planning purposes, they may not need the money themselves and would only be inflating an already sizeable estate so it is better to skip themselves and pass it straight on to their children or grandchildren. Often people have not reviewed their Wills for many years and the laws have changed meaning that there are benefits to passing the estate in a different way to take advantage of new tax rules, this is another common reason for doing Deeds of Variation, it is possible that a Will may be less tax efficient at death than it was when it was signed. Read additional information at https://www.bromleys.co.uk/.