Blog
Frettens resident Chartered Tax Advisor, Lee Young, is one of a few solicitors in Dorset to be dual qualified as a Solicitor and Chartered Tax Advisor. In this article, he provides a summary of the budget tax implications.
In this video, Wills and Tax Specialist Lee Young looks at the different types of LPAs, whether you need one and what to include.
In this video, Specialist Solicitor Lee Young details everything you need to know about declaration of trusts and what they do before you get one!
Wills and Tax Partner James Hammersley is the latest addition to the firm. James will be working in our Christchurch office, bringing a wealth of experience both to the wills department and the leadership team.
As a parent, you’ll want to make sure that your children will be well looked after and cared for after your death.
In this article, Wills & Tax Partner Lee Young discusses how you can ensure that this is the case and that your children are taken care of according to your wishes.
In this article, Wills & Tax Partner Lee Young outlines what happens to your estate if you die without a will. Lee looks at various scenarios and discusses what would happen to your assets if intestacy rules were followed.
Following the introduction of the EU's Fifth Anti-Money Laundering Directive, the UK government is committed to compiling a complete list of express trusts in the country.
Wills & Tax Partner Lee Young provides everything you need to know about HMRC's Trust Registration System in this article guide.
What is a declaration of trust and why do I need one? Specialist solicitor Lee Young looks at declarations of trust for property purchase and discusses the importance of setting out an equity split agreement.
How does care home funding work? Who pays for residential care? How much does a care home cost? Lee Young, partner and solicitor from our Ringwood office, provides an introduction care funding.
If you've owned your home for a number of years, it's likely that you have built up significant equity in it. To release a portion of this wealth downsizing is one option, but equity release enables you to release a tax-free lump sum, without having...
When someone dies, they leave behind an ‘estate’. Their estate is formed from all their money, assets, property, possessions, debts, and liabilities. As you might imagine, bringing together and valuing all these different items can be a...
Lee Young discusses the tax implications of owning a second home, and buying and selling. He looks into stamp duty land tax and capital gains tax.
When you are a parent to young children, life can be a daily demanding obstacle course! Getting everyone up, ready for nursery/school and getting into work… then after a busy day at work, coming home, cooking for the family, helping with homework,...
Lee Young explains the implications of capital gains tax when it comes to owning multiple residential properties and discusses the potential savings that can be made by determining your main residence.
Your estate is the sum total of the value of your assets, including property, cars, jewelry, etc. The normal situation is that, when someone dies, if their estate is worth more than £325,000 and is not being passed to a charity or to their...
If your mother has written a will, would you have to seek probate to authenticate the will when the time comes that she passes away? Often people assume that, once a will is written and signed, they will not need probate. Lee Young, a solicitor and Head of our Wills & Tax Team, addresses this issue.
If you have lost a loved one recently, you need to be aware of the increase in the probate court fees. The current fee is £215 for a personal application, or £155 if the application is made through a professional such as a solicitor. From May...
It is anticipated that around a third of British people have written a will. Those that have dealt with this may therefore be satisfied that they have made appropriate arrangements to ease the burden for their family at the end of their lives. But, is a will...
Your business has fire insurance, maybe flood insurance and computer system insurance, and you may well have “key man” insurance in place in case of your death, but what would happen to your business should you, or a partner, become physically or...
The current fee for an application to the Probate Registry for a grant of representation in all estates worth more than £5,000, when made via a solicitor, is £155, with an additional 50p charged for each office copy of the grant that is required....
ISA rules have recently been overhauled but a recent survey has shown that 77% of British adults have limited knowledge of them. Savvy investors know of the income tax and capital gains tax benefits of ISAs but what happens to those benefits upon death?...
Capital Gains Tax (CGT) is a tax on the increase in the value of an asset between the time it is acquired and the time it is disposed of. Only the gain is taxable, not the amount that you received for it – if you bought an asset, say an investment...
The proposed changes in Inheritance Tax (IHT), being the introduction and the gradual increase in the so called “main residence nil rate band”, is due to begin to come into force from April 2017. Under current law if an individual’s estate...
When land/property is bought by two (or more) owners they have an interest in the land and are therefore co-owners. They may own it as joint tenants, which means they are both entitled to the whole property leading to less formality when either dies....
Mental capacity is broadly defined by the ability to make decisions in an informed way, in other words understanding what an LPA is and who you should appoint as your attorney. You might wrongly assume that your loved ones will sort things out if and when it...
“The Inheritance and Trustees’ Powers Act came into force in October this year. It affects how intestate estates are distributed and how trustees can distribute income and capital to beneficiaries and apply to persons living in England and Wales...
When you die who do you want to benefit from your Will? Your nearest and dearest or the taxman? Inheritance Tax (IHT) is charged at 40% on everything over the ‘nil rate band’, which is currently set at £325,000 and which will remain at that...
I’m worried that when I die my money will be taken in taxes and none left for my family If your estate totals in excess of £325,000 then there will be Inheritance Tax to pay. Although this will depend on a number of...
Anyone can set themselves up as a Will writer and charge money for this service. They do not have to have any legal training or qualifications. A survey by the Society of Trust and Estate Practitioners (STEP) of their members, found that there was a...
What happens if the worst should happen? If you are divorced and have children but no Will, what happens to your estate? Would your children inherit or would your ex-husband have a claim? Wills & Tax Partner Lee Young says,...
Malky Chaloner and Amy Leung have joined Frettens’ New Forest Offices, expanding the Wills & Tax and Conveyancing Teams. Malky is a solicitor in the Wills & Tax Team , working in both the Brockenhurst and New Milton...
There has been a huge amount of lobbying over the issue of will regulation over the last few months from within the solicitor’s profession, but the Lord Chancellor has rejected the recommendation by the Legal Services Board to bring will writing...
Making plans to avoid paying Inheritance Tax is not illegal. There are a number of ways to reduce your potential liabilty which are perfectly within the law and acceptable to HM Revenue and Customs. Inheritance Tax (IHT) is payable at 40% on the net value...
There are several ways of having a Will written but the most important thing you should consider is if your last wishes will be effective when you die – will your estate be passed onto the people you choose. Incorrectly drawn up Wills are all too...
To most of us talking about death is taboo. You might not want to think about what happens when you enter your last years of life, but if you don’t, you leave difficult decisions for those left behind. No-one knows when illness will strike but putting...
It’s a sad fact of life that an increasing number of people will lose their mental capabilities – and not only as they get older – it can happen to a young person, particularly if they have been involved in an accident. A recent estimate...
What’s the difference? As former Chancellor of the Exchequer Denis Healey once said ‘the difference between the two is the thickness of a prison wall.’ Tax avoidance involves using legal means to reduce your current or future tax...
The Legal Services Board (LSB), the body which regulates lawyers in England and Wales, have called for urgent regulation of will writing. The LSB said that all firms who offer will writing and estate administration should be regulated, to protect consumers...
As part of David Cameron’s ‘Big Society’ the government has reduced the rate of Inheritance Tax (IHT) from April this year, in a bid to encourage more people to include a gift to charity in their Will. Lee Young heads our Wills and Tax...
A group of local Solicitors is teaming up to help people plan for the future and raise money for a local charity by taking part in Lewis-Manning Hospice’s “Make a Will Fortnight”, which runs from the 11th – 22nd June 2012. ...
Several clients enquire about protecting their assets from nursing home fees should one half of the couple go into nursing care. There is a common misconception that this can be done simply by altering the ownership of the property from Joint Tenants to...
First and foremost, a Lasting Power of Attorney (also known as an LPA) is a powerful legal document. Lee Young , Head of our Wills & Tax Team, explains “It permits you to appoint someone that you trust to make decisions on your behalf, either...
Have you ever considered what will happen to your assets stored on line in the event of your death? This can include music, films and photos stored online. What about the disposition of online bank accounts, websites and financial data? Many sites like...
This is an emotive issue for parents and one that needs to be very carefully considered. No one wants to think they will die young and leave their children orphaned but careful planning when making your Will can save bitter family battles in the event of...
Setting up a trust is a way of protecting assets – money, land, investments, property – for people. It is a legal arrangement where one or more ‘trustees’ are made legally responsible for the assets which have been placed in trust,...
A Lasting Power of Attorney (sometimes referred to as an LPA) is a very powerful document where you give another person (your attorney) the authority to act on your behalf and manage your affairs, should you become incapable of doing this yourself. It is a...
Any land and buildings owned when someone dies are considered part of their estate for Inheritance Tax. The Inheritance Tax threshold for the tax year 2010-11 is currently £325,000. Inheritance Tax is also payable on some gifts – but not all...
A Living Will, sometimes called an advance decision or directive, should clearly indicate your specific wish to refuse all or some medical treatment during an illness or at the end of your life. It cannot be used to request medical treatment. Under current...
Frettens Solicitors and Princecroft Willis Chartered Accountants are holding a free seminar on saving tax and a drinks reception at Brokenhurst Manor Golf Club on 7th October 2010 between 5.30pm and 7.00pm. The seminar will look at tax efficient...
Solicitors or Will Writers – What is the Difference? Response to the BBC Panorama programme: The Final Rip Off The BBC’s “Panorama” programme, aired on 9 August 2010, revealed disturbing evidence of cases of mis-selling,...
Beer and Spice and all things nice 16th September 2010 Aimed at estate agents, financial advisers and accountants in the New Forest, we have organised an Indian buffet at Bombay Nights in New Milton on 16th September. We will introduce...
Frettens are delighted to offer discounted Wills from our new Milton office during 12th July - 16th July 2010 . Our Wills experts will advise on a new Will or update your current will with a 20% discount, taking the price of a new will to...
Although it is possible to write your own will, there are several legal formalities that must be followed to make sure that the will is valid. By making a legal will you can decide how your assets are divided up – if there is no will the law will...
The recent Budget increase in Capital Gains Tax from 18% to 28% has prompted fears that house prices will start to fall. Capital Gains Tax is currently applied to property including second homes and buy-to-let properties and a leading Building Society has...
When someone dies without a Will this is known as Intestacy. The amount that surviving spouses or civil partners are allowed to inherit if their spouse/civil partner dies without leaving a will (statutory legacy) is formed of different levels and...
Frettens are delighted to offer discounted Wills from our Christchurch office during 28th June – 2nd July 2010 . Our Wills experts will advise on a new Will or update your current will with a 20% discount, taking the price of a new will to...
