"Save up to £114k" with More Than Family Legal Services

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www.moneynews.co.uk > General finance > "Save up to £114k" with More Than Family Legal Services

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"Save up to £114k" with More Than Family Legal Services

The right will could save up to £114,000 in inheritance tax (IHT) from April 6th, More Than Family Legal Services has claimed today.

This estimate is based on the 40 per cent saving in tax made on the £285,000 IHT threshold that will be set on April 6th – prior to this savings of £110,000 would be possible on a threshold of £275,000.

The company claims that customers could save this amount through More Than Family Legal Services, as its Discretionary Trust will can reduce IHT liabilities by legally maximising tax allowances.

A Discretionary Trust essentially allows one partner to gift their share of a property to someone other than their partner, such as a child, enabling the tax allowances of both partners to be used when they pass away, lowering the IHT bill.

People who are married or in a civil partnership, who jointly own the home they live in and who have an estate that is worth more than the IHT allowance will be those most suited to taking up this type of will.

The insurance company claims that an option of this kind can cost up to £1,000 with a high street solicitor or will-writer, but can be created at no extra cost if the More Than Family Legal Services facility is added to a home insurance package.

"In recent years more people have moved above the Inheritance Tax threshold purely because the value of their home has increased," said Graham Hollebon, head of product for More Than.

"By creating a will with More Than's Family Legal Services package, couples can save up to £114,000 in Inheritance Tax, at no additional cost. I don't know anyone who couldn't do with that sort of saving."

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