Financial Matters

With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com

Three Steps to Take Charge of Your Estate

Taxpayers are drifting into the web of inheritance tax (IHT) as the IHT threshold remains unchanged at £325,000. As such taxpayers may want to consider three basic estate planning tools to retain more of their wealth for their loved ones.

Making a Will

A will is a key tool that should be in every adult’s estate planning toolbox. However, research shows that less than 50% of UK adults have written a will. This is despite the growth of blended and cohabiting families. A commonly held misconception is there’s no point making a will if you’re married or in a civil partnership as your surviving spouse/civil partner will get everything anyway. This is not necessarily the case, particularly if you have children and hold joint assets with other individuals. The absence of a legally-valid will at death leaves your estate subject to distribution according to intestacy rules and not with your preferred wishes. This may result in HMRC receiving a greater share of your estate. Is this what you really want? Pre-planning will therefore result in your estate being distributed according to your wishes and much less being consumed by the clutches of inheritance tax, which currently sits at 40%. In its most basic form, a will is a legal document setting out your wishes on death. This includes your choice of executors, who will carry out your wishes; names of guardians if you have any children under 18; funeral wishes; and the named beneficiaries of your estate. A valid will requires that you have capacity to make a will and two people who are not beneficiaries and are aged over 18 to witness your signing of it.

Trusts

Placing assets in a trust is one of the simplest ways to protect your estate. Assets placed into a trust fall outside of your estate when you die. However, before rushing out to place assets into trusts, taxpayers should be mindful and seek professional advice. Why? Trusts may incur a tax charge at set-up stage; periodically and at winding up stage. This is wholly separate from the annual accounting and reporting of trusts to HMRC. If that is not sufficient, trusts are now required to be registered on the Trust Registration Service. Setting up a trust involves appointing trustees, and this is a decision that requires careful thought by any taxpayer seeking to create a trust. Trustees are responsible for managing trusts and the distribution of funds to the beneficiaries in accordance with the terms of the trust. Trusts are an effective tool for passing on intergenerational wealth.

Gifting Assets Over Time

At present every taxpayer has an annual £3,000 gift exemption that they may use without this being added to their estate. The good news is that if it is not used this year it may be combined with next year’s £3,000 allowance. Gifting gets better, if you’re a married couple or in a civil partnership and neither of you used your exemption in 2020-21, you can give £12,000 away in 2021-22. The money immediately sits outside of your estate for inheritance tax purposes, so it can be an effective way to reduce your estate’s value over time. Smaller gifts of up to £250 per annum may be given to individuals of your choice. In addition wedding gifts may be given to certain relatives; or you may leave 10% or more of your net estate to a charity, which might make you eligible for a reduced inheritance tax rate of 36%. All gifts require that you survive seven years from the date of the gift and you do not retain any benefit from any gifts made. Should you die within seven years of making a gift, it will be taxed on a sliding scale known as taper relief.

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Saturday 6 November: Bell House Open Garden

11am-1pm. Bell House is opening its garden for visitors to explore. The Walled Garden comprises of raised beds filled with kitchen essentials grown organically. The House Garden features a rose garden and woodland walk designed to attract wildlife and provide safe habitats. The gardens are a place of community learning, maintained by volunteers who promote gardening as an activity for physical and mental well-being. Arrive anytime between 11am and 12:45. Tea and coffee will be available. We encourage a £5 donation that will go towards garden maintenance and activities. Free tickets are also available. www.bellhouse.co.uk.

Saturday 6th November: Dulwich Firework Display

Doors open at 5pm (access is now via Giant Arches off Burbage Road and Turney Road) Fireworks approx @ 7pm. A new improved layout will mean this event is safer than ever with more space for visitors to enjoy a wide selection of food & beverage stalls - making this the place to be on Bonfire Night. Eco-friendly Bonfire on big screen (instead of traditional bonfire), Mulled Wine, Real Ale, BBQ, Pizza and Kids bar plus much more. Full price tickets are £10, with children Under 16 for £1*. There will be no tickets available on the night, so buy now to guarantee entry! via Eventbrite. Dulwich Sports Club, Giant

Arches Road, Herne Hill, SE24 9HP.

Sunday 7 November: West Norwood Feast 10am-4pm

Keeping our visitors safe is a priority for Feast. Stay safe, shop safely and enjoy our wonderful market. As always our dedicated Feast volunteers will be on hand to help you make the most of your visit. The map will help you to plan your visit and check out the up-to-date info on our social media. https://westnorwoodfeast.com.

Sundays 7, 14, 21 & 28 November: The weekly Horniman Market

10am – 3pm. The weekly Horniman Market is open to provide food items including fresh fruit, vegetables, cheese, bread, cake, meat and street food. Alongside food stalls, you’ll find body care, clothing, jewellery, design and craft; most are locally produced, ethical and many use environmentally friendly materials, natural and organic ingredients. www.horniman.ac.uk. 100

London Road, Forest Hill, SE23 3PQ.

Sunday 7 November: Cook & Share: How to… use dairy alternatives

4pm-7pm. Join us for an informative workshop where you will learn how to make nut milks, nut cheeses and delicious coconut milk-based recipes like Malaysian laksa. The class includes time to sit down in one of the beautiful rooms at Bell House and share the delicious food that you have made. Suitable for vegans. Tickets cost £45. Limited bursary places are available, please email info@bellhouse.co.uk

Sunday 7 November: Jackie Oates with Mike Cosgrove -

7pm-10:30pm. Jackie Oates continues to bring elements of the English folk tradition to new people and places; in turn bringing a muchneeded calm and joy to those who hear it. Jackie is an English Folk Musician, Singer, Performer and Educator. Jackie lives in Oxfordshire with her young family. After 17 years and seven solo albums Jackie Oates is a central figure in the accomplished, informed and stylistically individual English traditional music scene that began in the early 2000s and continues to thrive. The Lordship Pub (Dulwich Folk Club), 211

Lordship Lane, East Dulwich, SE22 8HA

Monday 8 November: Dulwich WI Monthly Meeting

7.30pm-9.30pm. We meet on the second Monday of each month at Fifty Seven, 57 North Cross Road, East Dulwich, SE22. dulwichwi.com

Tuesday 9 November: The Wood that Built London

7pm-8pm. This fascinating new book charts the fortunes of the North Wood from its earliest times to the increasing encroachment of the metropolis. Join author C.J. Schuler for an evening about the history of the Great North Wood and its significance to Dulwich and South East London. Dulwich Books, 6 Croxted Road, SE21 8SW.

www.dulwichbooks.co.uk.

Thursday 11 November: Isfahan and the History of Persian Tilework

8pm-9pm. The Arts Society Dulwich evening lecture at JAGS Sixth Form Centre. From simple monochrome and turquoise inlays in the 12th century, tilework in Iran developed in both variety of colours and decorative complexity, until by the 17th century, enormous architectural surfaces were covered with brilliant ornament. Speaker: James Allan. Guests welcome, £10 at the door, no booking required. James Allen's Girls' School Sixth Form Centre, 144 East Dulwich Grove, SE22 8TE.

www.theartssocietydulwich.org.uk/

Friday 12 November: Facing Death Creatively During a Pandemic

9:30am-5pm. A one-day conference, featuring special keynote speaker Michael Rosen, to explore ways in which creative arts provide support and facilitate meaning at the end of life – as exemplified during the pandemic. Through a mix of seminars, exhibitions (making full use of our fabulous new St Christopher’s CARE exhibition space), performances and workshops, this event will provide attendees with an opportunity to reflect upon and share the many important ways in which creative arts play an important role surrounding death, dying and loss generally and specifically the innovative ways they’ve provided support during the pandemic. St Christopher's CARE, St Christopher's Hospice, 51-29 Lawrie Road, Sydenham SE26 6DZ.

https://www.stchristophers.org.uk/ facingdeathcreatively/

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