When we lose someone, ‘how much will it cost?’ is not usually the first factor that springs to mind.  As much as we’d like to be rational, emotions tend to overwhelm even the most practically minded of us. However, when it comes to looking at the actual costs involved, they might come as quite a shock.

With taxes on funeral expenses and inheritance, and increasing Probate charges, the last thing a bereaved family needs is another cost to consider.

Yet the prospect of an additional tax was reportedly considered by the Government this year, allegedly to be announced in the Spring Budget. The so-called “death-tax” would revive a proposal from Gordon Brown’s Labour Government, which would have applied a further 10% levy on estates.

Striking bereaved families with this additional level of tax could have been the final straw for many already struggling to meet the costs, at what is already the most stressful and emotional of times.  So it came as a huge relief to many when the Chancellor shunned the revival of the dreaded “death tax” in his Budget announcement.

Although he highlighted the ongoing challenge of funding social care, he swiftly dismissed the tax, telling the House of Commons that ‘it had never been an option’…

Although the “death tax” is effectively deceased, there are still numerous other costs which are still very much in existence. However, from the use of Life Assurance, to gifting and Inheritance Tax planning, and Prepaid Funeral Plans, there is plenty of advice available to help you plan your finances and fund all aspects, whether you need advice for yourself or for a loved one – by working with a professional advisor to find the best solution.

Heir Tight Wills helps clients put in place robust provisions, to protect their loved ones and their assets both during their lifetime and after their death.  For a FREE Consultation to review your estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US (via email.