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Lee Young
 

Funding your care home

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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.

Top five equity release concerns

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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...

Is there any risk involved in being appointed as an Executor?

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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...

Owning a second home - the tax implications of buying and selling

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There have been a number of changes in the last few years which have an implication on buying or selling a second property in the UK. This applies to property which is not your main residence but an investment or holiday property. Consultation on...

Why every parent needs a will

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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,...

Capital Gains Tax - which is your main residence?

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Your main residence is exempt from capital gains tax because of private residence relief, which negates any capital gains. When someone owns more than one property however, the tax position becomes more complicated. The main residence...

Inheritance tax and the residence nil rate band

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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...

My mother left a will. Do I need probate?

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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...

Increase in Probate Court Fees

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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...

Is a Will enough?

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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...

Have a plan in place should an unexpected catastrophe hit your business

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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...

Proposal to increase probate court fees

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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....

What happens to my ISA savings if I die?

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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?...

Basic rules of Capital Gains Tax

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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...

Inheritance Tax changes - how will it affect you?

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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...

Don't leave it too late to make a Lasting Power of Attorney (LPA)

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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...

Changes to the Rules on Intestacy from October 2014

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“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...

Ways to lower Inheritance Tax bills

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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...

FAQs about Inheritance Tax

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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...

Be wary of unregulated Will writers

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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...

Divorced and haven't got a Will?

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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,...

New Recruits in the Forest

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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...

Will Regulation

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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...

Inheritance Tax Planning

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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...

The dangers of cowboy will writers

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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...

When is the right time to talk about it?

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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...

Loss of mental capacity - managing someone's affairs

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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...

Tax avoidance versus tax evasion

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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...

Will writing to be regulated for first time

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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...

Inheritance Tax changes will encourage charitable giving

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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...

Frettens Take Action for Lewis-Manning's Make a Will Campaign

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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. ...

Protecting your Assets from Nursing Home Fees

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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...

Lasting Power of Attorney - what is it?

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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...

Your digital assets after death

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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...

Why should I get a will?

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We noticed this interesting article on the BBC website recently and would like to share it with you as the points raised echo our thoughts on why you should have a will… Here’s an excerpt, please do click through to read the whole article. ...

Appointing Guardians for your children

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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...

What is a Trust?

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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,...

Making a Lasting Power of Attorney

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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...

Valuing land and property for Inheritance Tax

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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...

Making a Living Will

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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...

Tee'd Off With Tax?

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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...

BBC Panorama programme: The Final Rip Off

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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

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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...

Why is it Important to Make a Will?

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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 decides...

Wills Week New Forest - 20% Discount

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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...

Why is it Important to Make a Will?

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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...

Fears for Drop in House Prices if Capital Gains Tax Increases

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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...

What Happens when Someone Dies Without a Will?

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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...

Wills Week Christchurch - 20% Discount

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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...