Mentioned in ?
References in periodicals archive ?
With property prices near an all-time high, many married couples now have a joint estate worth a great deal more than the current inheritance tax (IHT) threshold of pounds 285,000.
When a married couple die together, by law the younger partner is considered to have survived the elder, so unless you stipulate otherwise, all your joint estate will go to the younger partner's relatives.
Everything a husband and wife had before they were married becomes part of the joint estate.
But the catch remains that if the surviving spouse inherits all of the joint estate and he or she needs to go into a care home prior to their death then the whole of the joint estate will be available to pay for accommodation charges which may ultimately leave very little for the children in the way of inheritance.
With property prices near an all-time high, a large number of married couples now have a joint estate worth well in excess of the current inheritance tax threshold.
For details contact estate agent Michael Graham Young in Cardiff Bay on 02920 465466 or joint estate agents Watts and Morgan, Cowbridge on 01446 773500.
8% surtax; a cap on itemized deductions at incomes of $200,000 for couples; a repeal of the estate tax (including stepped-up basis for joint estates exceeding $10 million); and a tax on life insurance buildup for high earners.
It's impossible to predict if and how estate taxes could change under a new president and Congress, but for 2016, at least, married clients with joint estates under $5.
After your deaths, your executor will be called on to present a set of accounts if the value of your joint estates appears to be near or above the inheritance tax threshold.

Full browser ?