#paying inheritance tax

[inheritance-tax]

Inheritance tax is usually paid by the executor or administrator of the estate. The tax must be paid within six months of the end of the month in which the death occurred. If the estate cannot pay the tax, payment plans and options to pay in installments may be available. Visit our website for more information.

[inheritancetax4]

Inheritance Tax Planning and Strategies | Inheritance-tax.co.uk

Inheritance tax planning and strategies are essential for anyone looking to protect their assets and pass them on to their loved ones. In the UK, inheritance tax is a tax paid by the inheritor on the value of their inheritance, and the more valuable the inheritance, the higher the tax paid. However, there are several ways to reduce or even eliminate inheritance tax, and we have outlined some of them below:

Use Trusts: Trusts are a legal arrangement between you and another person or organization that allows you to give property or money away without having to pay inheritance tax on it. There are several types of inheritance tax planning trusts you can use, including bare trusts, interest in possession trusts, discretionary trusts, accumulation trusts, mixed trusts, trusts for a vulnerable person, and non-resident trusts.

Life Insurance Policy: A life insurance policy can help to pay any inheritance tax due, and placing your policy in a trust can help to ensure that it is not included in your estate for inheritance tax purposes.

Make Pension Plans: Pensions are not included in your estate for inheritance tax purposes, and by making pension plans, you can pay only 20% tax at retirement, as opposed to 40% inheritance tax. You can decide whether to withdraw your pension starting at age 55 or pass it on as an inheritance.

Give Away Gifts: You can give away gifts amounting to £3,000 each tax year, and these gifts will be counted toward your inheritance tax exemption. This can be an effective way to keep your estate tax-free over time.

Donate to Charity: Donating to charity is an excellent way to reduce your inheritance tax liability. Your estate won’t be subject to inheritance tax on anything you leave to charity, and the inheritance tax charged on the remaining part of your estate is reduced from 40% to 36% if you decide to donate at least 10% of your assets to charity.

Alternate Investments Market (AIM): The AIM is a market where you can invest in shares of smaller companies that are not listed on the main stock exchange. By investing in AIM shares that qualify for Business Relief, you can reduce the amount of inheritance tax due on your wealth.

Utilize Business Reliefs: Business reliefs enable you to remove your assets from your estate, relieving you of the burden of inheritance tax. By holding onto your assets for a few years, you can use business reliefs to remove them from your estate.

Overall, it's important to work with a trusted inheritance tax professional for inheritance tax planning advice. They can help you navigate the complex landscape of inheritance tax planning and ensure that your loved ones can pass on their assets without undue financial stress.

For More Information Visit Us: https://inheritance-tax.co.uk/area/inheritance-tax-planning-and-strategies/

[rosalesbeausderholle]

People would call you communist for this (lol) but the solution for the housing crisis we have all over is to set a minimum and maximum price per square meter that you can rent/sell a place for and that maximum price per meter should be adjusted so that it never exceeds a specific reasonable percentage of local salaries. Also, governments should be tougher on places not being fit to rent. No, you shouldn't be able to rent anything less than 45m² as 'a flat', that's either a room or a storage unit.

[bmpmp3]

and another thing about vocal synth fans: we will always find some adult male voicebank to turn into a funny little clown for our amusement. some guy to communally bully in our talkloids, the miserable straightman to the shenanigans, the sad little freak punchline to our jokes. it happened to kaito. it happened to gakupo. it happened genbu. it even happened a bit to kevin (although he seems to have looped around somehow). and it will happen to you too, frimomen. it will happen to you too.

[polygondotcomvideoproducer]

thats not leaking blood the colours are just a little stylized 😭 i cant be the only person who genuinely likes that portrait

I said if u squint it looks that way, I understand that it's not the intention bud. And ur probably not the only one but it's certainly a niche opinion. Like I've been racking my brain to think of reasons the artist might want to make it look like he was painting on a meat canvas and none of them are particularly flattering to ol king chuck. The artist wanted the military uniform to fade into the background to bring the man himself into better focus and humanise him. Which. yeah trying to cover over their violent history by humanising themselves is certainly what the royal family are going for these days so shoutout to the artist for getting the assignment ig lmao. And the one fucking incongruous butterfly that was apparently Charles' idea really gets me

Anyway no royal portrait was gonna work for me, in the same way that I'd be pissed if my landlord was like "hey look what I spent ur rent money on" and it was a fuckin statue of themselves, yk? Royal portraits in general are flimsy fuckin propaganda that waste our damn money, and this one is no different to me, it's just a more self-serving version

[charlotte-of-wales]

Now that my ask is going Tumblr viral, I feel bad that I accidentally clicked anon. I just woke up but I stand by my initial points: Who cares about the aristos. Tiaras for British and foreign working royals. Bring the Commonwealth leaders, bring the EU if they're important bla bla. But what we're not going to do is lose sleep over Lord Rupert and Lady Poppybet in their manor houses. They can watch TV. Surely they have big enough screens.

wait omg I love that it was you! fuck lord Rupert and lady Poppybet!!! bring in the commoners!!!!

[iphnh]

my dream at this point is to live outside of the U.S, to never use an American dollar again, and to never pay a cent in American taxes again. the U.S treasury exists to subsidize the purchase of U.S weapons. any money spent on education or healthcare is an accident. and I want nothing to do with it.

[fantastic-mr-corvid]

its not enough to reblog memes taking the piss outta our new chief parasite charlie. I need to see his corpse dragged through the streets, his money redistributed and all the people dead because of the money taken from them and spent on this flagrant bullshit while they are starving in their homes and on the streets to get first punch when hes in hell.

[robertostinks]

Bruh

[taviokapudding]

For those that need numbers to understand- I'm going fully off my memory because unfortunately I recycled my copy

The October/November edition of the AARP magazine has a 2 page spread comparing cost of living from the 1960s and 2023- they listed $47,000 USD { again I am rounding down to the nearest thousand because I don't remember the specific to quote it} as the annual wage to survive in a household with a 65+ year old and homes cost around $400,000ish USD {which again rounding down because I don't remember if it's 449,999 or 449,000}

In my mind I consider making less than $47,000 the lower class cut off because,

1. You can't qualify to buy a house as easily if you're not in the 40k range, doubly under the US credit system and

2. fun horrifying fact, you gotta report 11 years to social security to get your full cut per month. If you don't qualify, they go by birth date and what is entitled to you on average if you pay taxes. My dad is applying this year and my mom has 9 years of receiving so I know wtf when I'm saying when I tell y'all a large portion of 65yr olds in the US get either 10k-22k a year (because no matter what $250-$300 will be put into a required medical insurance, regardless of whether one opts to use Medicare, or you'll be fined up to that amount yearly}. And that amount is barely enough to get by.

My dad and I earn, together, roughly 20k-30k a year + my mom getting her social security (she's on the $10k end unfortunately)- we barely got enough to pay our mortgage loan and I will, hopefully *knocks on wodd* inherit the home with less than 10k to owe. But what I got is not a universal experience and presently my dad and I are struggling to get food on the table, pay bills, and care for my mom since she has dementia. I'd argue the making $8k or less a year so you don't have to report taxes is a HUGE indicator of who's at poverty too. If you're renting with 2 other people and you all make 8k or less a year individually- yeah you're lower class as a unit but poor in the eyes of the government. At least one of you have to hit the $9k-$15k range to allow any of the 3 of you to take time off.

So living the under $47,000 a year experience for the majority of my life but especially having 0 adults making that amount since 2018 on their own to qualify as a living comfortably wage- $47,000 is the difference between just barely middle class and not. And with the cost of food and the US government not regulating businesses to avoid artificial inflation (tons of people are getting sued, being told not to turn into a monopoly, and investigated in the US food industry as I'm posting this) I expect that number to rise by the end of 2024 to $52k *aggressively knocks on wood* which I hope doesn't happen

Renting isn't "middle class" unless you got around $47k+ a year to start a savings account that isn't the spare change jar (at least from my experience- the highest my parents ever made was $45kish over 15 years ago and what AARP is reporting)

Ive noticed recently that my generation has... no concept of what the various economic classes actually are anymore. I talk to my friends and they genuinely say things like "at least i can afford a middle class lifestyle with this job because i dont need a roommate for my one bedroom apartment" and its like... oughh

You guys, middle class doesnt mean "a stable enough rented roof over your head," it means "a house you bought, a nice car or two, the ability to support a family, and take days off and vacations every year with income to spare for retirement savings and rainy days." If all you have is a rented apartment without a roommate and a used car, you're lower class. That's lower class.

And i cant help but wonder if this is why you get kids on tumblr lumping in doctors and actors into their "eat the rich" rhetoric: economic amnesia has blinded you to what the class divides actually are. The real middle class lifestyle has become so unattainable within a system that relies upon its existence that theyve convinced you that those who can still reach it are the elites while your extreme couponing to afford your groceries is the new normal.

[foxore]

we found the millionth thing wrong with this house 🙃

[ipcearn]

Sometimes I think about my mom being my greatest abuser and my greatest supporter all at the same time

[ivygorgon]

An open letter to the U.S. Congress

Pass the “For the 99.5% Act!” The rich must pay the taxes they owe!

1,190 so far! Help us get to 2,000 signers!

For the first time last year, new billionaires made more of their wealth from inheritance than from entrepreneurship, according to a new report from investment banking firm UBS. In addition, more than 1,000 billionaires are expected to pass $5.2 trillion to their children over the next 20 to 30 years. That is a massive transfer of wealth into the hands of very few people -- and most of that wealth will not be taxed. As your constituent, I am urging you to pass Sen. Bernie Sanders and Rep. Jimmy Gomez’s “For the 99.5% Act,” (S. 1178 / H.R. 2676) which would reform the estate tax, close loopholes, and implement a progressive tax on inheritances over $3.5 million. When too much wealth and power is concentrated in the hands of so few people, our economy and democracy are threatened. In order to reduce wealth inequality and preserve our democracy, we must institute a progressive estate tax on the inherited wealth of multimillionaires and billionaires. For the sake of our democracy, please pass the “For the 99.5% Act” today.

▶ Created on December 13, 2023 by Jess Craven

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[thefeistydragon]

Keep in mind if you had a really weird situation where you owe a ton the late filing fee can end up pretty bad since it's a percentage of what you owe. So you still want to try filing on time. But for most people it's not going to be a big deal.

For people with anxiety about filing taxes, here’s what things that happen when you make a mistake on your tax return:

- it gets corrected

- you get a letter in the mail either asking for some additional information or a letter showing the adjustment

- you pay the amount (there’s options for payment plans too!) or get a refund

Things that do not happen

- you’re “in trouble”

- you are charged with fraud

- you go to jail

I know that most people are probably just joking/exaggerating when they say a mistake on their return means they get thrown in jail but when I worked with the public I always would encounter people who believed that would happen and they would be panicking about it. So I like to put this out there every year because if I can even prevent one person from feeling that way, it’s worth it

[hazard-symbols-that-fuck-hard]

we need civil partnerships for siblings and I’m not joking

the desire to file taxes jointly =/= the desire to screw each other

a pair of identical twins who live in the same house should be allowed to share social security benefits and they shouldn’t have to pay inheritance taxes

i think it’s reasonable to want to extend your health insurance to your own flesh-and-blood that lives in your home. I mean, hypothetically, I could just marry a random person I met last week and get all of those sweet, sweet legal and financial benefits, but as of now, in the US, the law makes it impossible for a pair of siblings to contribute to each other’s IRAs, and I think that’s a travesty

just my wacky, controversial opinion

[fractallogic]

sickkkkkkkkk just did The Math™ and found out my rent is fully 70% of my take-home per month

which, let's be honest, is a lot better than me making $0 per month and spending the same on rent, but fucking still