Have you ever been asked by a friend or a family member to make them a loan of
money? If so, beware!
If such a sum was intended as a loan you expect it to be repaid to you and you should
treat it as a business loan and not a gift: if you gave the money and do not expect it
to be repaid, it is a gift of money; you do not need to read the rest of this advice!
If you expect the money to be repaid, did your borrower sign a promissory note or
other loan agreement? If not you are in trouble - with the Courts – when you expect
a court to help you! Do you know what is a promissory note and its purpose?
If you want the money repaid, take legal advice NOW and before the loan is made;
call Alan – before it is too late! Without legal advice, you may never get the money
back!
If you are in doubt, and as an established client of Alan’s firm, you can call Alan
and he will discuss and resolve any such problem.
Call Alan on 0208 447 4910.
Have you made one!
If you are married, do not assume your surviving wife will inherit all your wealth to maintain herself and the children.
Without a Will solely in her favour, your children may be entitled to part of your estate at 18 years! If you make no Will, you will also increase the legal fees your wife must pay to sort out your estate and the problems caused because you did not make a Will at a relatively small price in comparison!
If you are in business, on your death, your personal representatives (PRs) cannot continue running your business until they can sell it for the best price: the PRs cannot use your wealth to employ a manager!
Would like to know why?
Call Alan on 0208 447 4910.
If you fall mentally ill, whether you are married or not, and you cannot personally handle
your wealth and legal matters, your relations only have two options:
- Receivership, which is very expensive; or, in comparison
- A Lasting Power of Attorney, which is inexpensive.
Would you like to know more?
Call Alan on 0208 447 4910.
You may have read or heard of this. A transferable nil-rate band to
Inheritance Tax (TNRB)
Up to a value of £325,000 everyone can leave his/her estate to whom they wish free
of inheritance tax: above £325,000, inheritance tax is paid at 40% on the sum above
£325,000. In other words, above £325,000 and for every £10 you leave, the Government
takes £4 of your money!
If you were married, and you received your late spouse’s estate, it is likely your estate
is now worth more than £325,000: on your death the Government take very £4 of your
money!
If you have children, to whom you wish to leave your estate on your death, it is likely
(you may say) that you must pay inheritance tax?
No, is Alan’s answer; the late spouse’s TNRB to inheritance tax may mean you can leave
100% of your net estate to your children! Your children would then receive £10 of every
£10 you leave them! This is good news!
But do you have all your late spouse’s papers in order to help your children claim the
TNRB on your death! The Government will not help your children claim the TNRB!
Do you want to know more?
Call Alan on 0208 447 4910.
