Liberty Legal Services

04/04/2017

Wogan has last laugh at the taxman with £1m will.

The broadcaster appears to have made moves to spare his family a hefty inheritance tax bill

But it seems he divided his assets before his death to leave a net fortune of £1m

He was Britain’s best-loved radio presenter – and for many years its highest paid, but the Irish-born broadcaster left only £1million to his family in an apparent move to spare them a hefty inheritance tax bill, it emerged recently.

Sir Terry, who died from cancer in January 2016 at the age of 77, left a net estate worth £1,047,576 to his wife Helen and his three children Alan, Mark and Katherine. The bulk of this will go to Lady Wogan, to whom he was married for 51 years. But this figure does not include any assets he transferred to another family member or to a trust before his death, also excluded is the value of property Sir Terry owned jointly with his wife.

His fortune does not include money and assets he transferred to family members before his death

This might have included placing assets in Helen’s name, or transferring assets to his children or grandchildren, or placing assets for their benefit in to a range of possible trusts.

‘Inheritance tax is, after all, considered to be a voluntary tax and with the right timely advice any estate can be protected in this way. This end result is a very neat non-taxable estate and you can also do the same with yours by contacting us now.

Details of Sir Terry Wogan’s will were made public after probate was granted on Wednesday 22nd March 2017 at the district registry in Wi******er, Hampshire.

20/03/2017

The Supreme Courts decision on the 15/03/17 had been long-awaited, with the ruling set to influence the outcome of future challenges to Wills.

The Ilott v Mitson judgment could provide greater reassurance to donors in knowing that their Wills are less likely to be challenged.

The deceased has left her estate to numerous charities, which her estranged daughter appealed under the Inheritance Act 1975. In a unanimous decision from the Supreme Court, it was ruled that the charities appeal should be allowed.

“This ruling has brought clarity after years of confusion and concern for many in the charity and legal sectors. Donors can now be more confident that having an up-to-date and professionally written will means their final wishes will be honoured.”

To ensure that your estate passes to those you want it to and at the right time call 0800 612 6707 or visit www.libertylegalservice.eu

27/02/2017

Estate Planning

27/02/2017

According to a recent report, a quarter of people planning to retire in 2017 will have unpaid debts, typically totalling around £24,000.

Reaching its highest recorded level in seven years, the Prudential stated that being burdened with debt into retirement had become a growing problem once more. They highlighted that the figure had grown by 20% from 2016.

On average, £24,300 in debt is owed by those planning to retire during 2017.

This is according to the Prudential’s yearly report into the financial aims of retirees, which also showed that the figure had grown by £5,500 since 2016. This was the first rise in retiree debt for 5 years; in 2012 there was a peak of £32,200.
For those retiring in the year ahead, mortgages are likely to be the biggest source of debt, with 38% owing money on a property. 51% of people planning to retire also owe money on credit cards.

If you are retiring this year ensure your affairs are in order by calling 0800 612 6707 or visit www.libertylegalservices.eu

Liberty legal Services deal with all aspects of Wills, Trusts and Powers of Attorney in an efficient and cost effective manner. We also offer independent advice on Funeral Plans.

28/11/2016

2015 saw dementia and Alzheimer’s as the leading cause of death for the first time.

This is why you should have a will AND a Lasting power of Attorney………

Largely due to better methods of diagnosis paired with an ageing population, Office for National Statistics (ONS) figures indicate that 61,686 people died from either dementia or Alzheimer’s last year.

Lacking mental capacity means being unable to make a certain decision or take a particular action at a time when a decision or action is needed. The lack of capacity may only be in relation to certain decision making abilities.

Although an individual may be able to make everyday decisions, they may lack capacity in regards to more complex matters, such as making a will for example.

Similarly, capacity may change over time resulting in an individual being unable to make a decision at a later point in time. This can be the case where certain illnesses or conditions – such as dementia – impact the person’s memory.

https://www.libertylegalservices.eu/lasting-powers-of-attorney/

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16/11/2016

Family suing Gest’s executors as large portion of estate left to lawyer

After neglecting to mention them in his will and leaving the majority of his £10 million estate to his lawyer, David Guest’s family are suing his legal team.

His lawyer, Edward Bearman was bequeathed Gest’s £450,000 Tennessee home, memorabilia worth around £1.6 million as well as clothes of the former star’s friend, Michael Jackson.

In April this year Gest had suffered a stroke and was found dead in at the Four Seasons Hotel in London.

His sister Barbara Ge**er, 60, is alleged to be pursuing legal action against the executors of Gest’s will, who allegedly work at Bearman’s firm.

Imad Handi his former bodyguard expressed disappointment to the press in regards to his share of Gest’s fortune, he was left £18,000 but stated: “I am upset and his family are upset. He told me I would be looked after. I’ve no idea why he left Bearman almost everything.” Reports have however claimed that the executors had queried some of Handi’s accusations, stating that everything had been done legally.

11/11/2016

lest we not forget