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MFG briefings on wills and IHT hailed a success
Published February 2008
mfg Solicitors is to hold more seminars following a successful event held in Halesowen that explained to members of the public the new laws and regulations now applicable to wills and Inheritance Tax.
mfg Solicitors, which has offices across the West Midlands, Worcestershire and Shropshire, launched the initiative through its Halesowen office and has hailed the event a great success.
The firm invited 650 people from selected streets in the Lapal area to attend the seminar about wills and the recent changes to Inheritance and Capital Gains Tax, and the introduction of Lasting Powers of Attorney.
Alexander Hall of mfg Solicitors who led the seminar at the firm’s office at Centre Court, Vine Lane, Halesowen, said: “The event was a great success, with a full house, and audience participation by questions and answers throughout.
“As a result of this extremely positive response we will hold further events in other parts of Halesowen and district using the same format again with more invitations issued to selected streets.”
On the subject of Inheritance Tax he said: “In recent years Inheritance Tax became one of the most hated and controversial taxes – second only to council tax.”
The changes in the IHT related to the amount of money a couple could leave to their heirs, in most cases their children.
Mr Hall added: “Initially it was designed as a tax on the wealthy, but due to spiralling house prices more ordinary families were pulled into the IHT net.”
There was now an inheritance tax threshold of £600,000 for couples. This was applicable without changing ownership of the home, drafting a new will, or setting up a trust, he said.
The changes meant that far more couples could utilise their joint IHT exemption, and it would be far simpler for families to ensure that more of their assets went to their heirs, rather than ending up in the hands of the taxman.
Mr Hall said it was estimated the changes would benefit 12 million married couples and those in civil partnerships plus a further three million widows and widowers.
For the first time they could transfer their individual allowance, so when the first spouse died, their share of the home and any other assets would be simply transferred to the surviving spouse.
On the death of the second spouse, inheritance tax would only be paid if assets exceeded £600,000.
Mr Hall warned that in order to claim full benefits on the first exemption the surviving spouse needed to keep certain complex records that necessitated seeking legal advice.
mfg Solicitors is keen to educate the general public on the new regimes in relation to Inheritance and Capital Gains Tax.
It is estimated that more than half of all people who die don't have a will, let alone have comprehensive inheritance tax plans in place.
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