Manal Fouad, Author at Bowling & Co Solicitors

Gifting and inheritance tax: Explained

As part of inheritance tax planning, or simply as part of passing on wealth to the next generation, you may consider gifting money or property to family or friends. However, there are several things you need to know about gifting and inheritance tax. In this article, we give a brief overview of gifting and inheritance tax, including who you can gift to, how much you can gift, and what it means if you continue to benefit from the gift. Giving away money or property to avoid inheritance tax One of…

Writing your will: 5 reasons you should use a solicitor

June 30, 2021
Manal Fouad
Private Client

Writing a will is important, you have decided to do it finally and are considering doing it yourself. There are many templates and tools available online, along with vast amounts of information about the law and how to go about writing your own will. However, there are significant benefits to using a solicitor to write your will - not to mention the pitfalls of trying to do it yourself. In this article, we look at five reasons to use a solicitor to write your will. A solicitor knows what to…

What happens to debt after someone dies?

When someone you love has passed away, the last thing you might be thinking about is debt. However, there are many misconceptions about debt and inheritance, and it is essential to understand your position. Many people believe that when a person dies, the debt dies with them, but that is simply not the case. Similarly, it is a widely held belief that family members are personally responsible for paying debts, but this is not often true. In this post, we take a look at what happens to a person’s debts after they pass…

How a Lasting Power of Attorney can help someone with dementia

This blog looks at how a Lasting Power of Attorney can help if someone has dementia, and marks Dementia Action Week that runs from 17th - 23rd May 2021 and is a national event that sees the public coming together to take action to improve the lives of people affected by dementia. When a person receives a dementia diagnosis, this doesn’t automatically mean they cannot make important decisions. However, as their symptoms worsen, they may no longer be able to make decisions about their finances, health, or care. We refer to…

Cut future tax bills with unspent income from lockdown

Internet shopping may have boomed during lockdown, but many people have spent less than usual while forced to stay home, and those with spare money have an opportunity to make the most of inheritance tax reliefs on gifts to family and friends if they act swiftly. Giving away assets while you are alive can reduce the size of your estate for inheritance tax (IHT) purposes, and with IHT charged at 40 percent it’s worth doing a regular check on where you stand. Each person can pass on a maximum of…

Blog: Why is inheritance tax planning still important?

March 30, 2021
Manal Fouad
Private Client

The inheritance tax threshold is frozen until 2026 – but why is inheritance tax planning still important? If you intend to leave savings, property or other assets to family or friends after you die, you need to consider inheritance tax (IHT). It could cost your heirs up to 40% of their inheritance. By planning ahead, you can minimise IHT and ensure as much of your estate as possible reaches your loved ones. Understanding the tax-free allowance The tax-free inheritance allowance, known as the nil-rate band, allows your beneficiaries to inherit…

Blog: Dealing with inheritance disputes

Dealing with inheritance disputes may have arisen in response to soaring property prices, second marriages, and blended families, with relatives more likely to feel they are missing out, but the courts are pushing back on frivolous claims and obstructive family members. Such disputes once seemed the preserve of celebrities and the wealthy, such as the former lover of singer George Michael who was reported to be planning a claim against the singer’s estate recently, but research carried out by Direct Line found that a quarter of people would be prepared…

Blog: Why cohabiting couples must consider estate planning

Millions of couples across the UK are choosing to forego marriage and live as cohabitees. Why must cohabiting couples consider estate planning? Without proper estate planning, they could be putting their finances at risk. Unlike their married counterparts, unmarried couples have no automatic right to inherit from each other. However, with proper estate planning, you can ensure your cohabiting partner is properly provided for should you pass away. This article looks at some of the important estate planning matters all cohabiting couples should consider. Write a will The most straightforward…

Blog: Farming succession planning: a quick guide

February 10, 2021
Manal Fouad
Private Client

Farming succession planning is an essential part of running a family farm business. Effectively planning for the future allows you to protect your assets, safeguard your business, ensure continuity and provide for your family.Succession planning in the farming industry is also vital to the sector's viability as a whole. In this post, we look at some of the key things you need to consider when succession planning for your farming estate. Farming succession planning explained Succession planning isn't just about planning your retirement but ensuring a smooth transition for those…

Protecting your digital assets

January 6, 2021
Manal Fouad
Private, General

Protecting digital assets and memories is vital as the shift online continues The value of our online lives is becoming immeasurable, yet few people are recording or protecting their digital assets. Whether the financial value of investments or the emotional value of family photos, if there is no arrangement in place to hand on passwords, list accounts, or give authority for access, there is the chance of losing assets forever when someone dies. And problems can arise even while people are alive and still in a position to access online…