Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Field Marshal Dr. Opti on 06 January 2016, 20:23:04
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.....solicitors, probate, and inheritance tax. :-\
Can you believe £180 P/H for a solicitor ........(£150 plus VAT) :'(
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DIY. It's not that hard, just time consuming. ::)
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DIY. It's not that hard, just time consuming. ::)
Totally agree ... done it 4 times now .... keep good records of phone calls and a copy of every piece of paper you send or receive. all the forms and the "how to" on filling them out are available on line.
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Yes....we are keeping the use of solicitors to the bare minimum. :y
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I had to do it last year. Local solicitor quoted me £2500 + VAT, with the caveat ".... but it might be more depending on how much work we have to do." ::)
oppsing bunch of shysters I thought and did it myself. It took about 3 months to wrap everything up. :y
Some bedtime reading for you M'lud! :)
http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=735
https://www.gov.uk/government/collections/inheritance-tax-forms
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To date we have managed to persuade the joint executors of the will to 'renounce' any claim they may have. We achieved this without the help and expense of solicitors. :y
One executor was a shady probate company who we refused to work with....or pay. >:(
The second was Mrs Opti's sister.
Mrs Opti will now become sole 'administrator' a position equivalent to an executor.
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To date we have managed to persuade the joint executors of the will to 'renounce' any claim they may have. We achieved this without the help and expense of solicitors. :y
One executor was a shady probate company who we refused to work with....or pay. >:(
The second was Mrs Opti's sister.
Mrs Opti will now become sole 'administrator' a position equivalent to an executor.
Wills are not that hard to write, why do people get probate companies involved?
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I had to do it last year. Local solicitor quoted me £2500 + VAT, with the caveat ".... but it might be more depending on how much work we have to do." ::)
oppsing bunch of shysters I thought and did it myself. It took about 3 months to wrap everything up. :y
Some bedtime reading for you M'lud! :)
http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=735
https://www.gov.uk/government/collections/inheritance-tax-forms
Thanks, Sir Tig......I shall read this instead of my latest copy of Asian Babes. ::) :)
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To date we have managed to persuade the joint executors of the will to 'renounce' any claim they may have. We achieved this without the help and expense of solicitors. :y
One executor was a shady probate company who we refused to work with....or pay. >:(
The second was Mrs Opti's sister.
Mrs Opti will now become sole 'administrator' a position equivalent to an executor.
Wills are not that hard to write, why do people get probate companies involved?
Unless we are talking about an estate the size of Michael Jackson or Elvis, I agree.
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I had to do it last year. Local solicitor quoted me £2500 + VAT, with the caveat ".... but it might be more depending on how much work we have to do." ::)
oppsing bunch of shysters I thought and did it myself. It took about 3 months to wrap everything up. :y
Some bedtime reading for you M'lud! :)
http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=735
https://www.gov.uk/government/collections/inheritance-tax-forms
Thanks, Sir Tig......I shall read this instead of my latest copy of Asian Babes. ::) :)
I thought the curry's catalogue was your favourite read.
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Thoughts with you, good Doctor.
Luckily, (if you can call it that), but I am in the process of sorting mums will. As there was no property involved (too complicated to explain why) and as mum was in a care home, the government had taken all her money in fees, prior to state aid. Thousands !!!!.
As what is left, no material assets only cash, I went to the bank with the will, and as they knew me as POA, they have released the cash to me, as it was under their probate limit of £30,000, and I am executor and sole beneficery.
So with the 'Tell us once' system, which you no doubt know about, my duties are very, very much reduced. :)
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Thoughts with you, good Doctor.
Luckily, (if you can call it that), but I am in the process of sorting mums will. As there was no property involved (too complicated to explain why) and as mum was in a care home, the government had taken all her money in fees, prior to state aid. Thousands !!!!.
As what is left, no material assets only cash, I went to the bank with the will, and as they knew me as POA, they have released the cash to me, as it was under their probate limit of £30,000, and I am executor and sole beneficery.
So with the 'Tell us once' system, which you no doubt know about, my duties are very, very much reduced. :)
Sadly the days of a cradle to grave welfare system are now long gone. :-\
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My dad passed away back in October and we have been lucky as my nephew is a solicitor,so he is handling probate on a freebie :y also for us there are only three beneficiaries in the will (there will only be one as soon as the contract on my two sisters gets sorted) 8) :-X Apparently probate can take up to year or more if things are complicated.....could be dead meself by then :o
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My dad passed away back in October and we have been lucky as my nephew is a solicitor,so he is handling probate on a freebie :y also for us there are only three beneficiaries in the will (there will only be one as soon as the contract on my two sisters gets sorted) 8) :-X Apparently probate can take up to year or more if things are complicated.....could be dead meself by then :o
You're a caring sod, Ken ;D ;D ;D
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Never have liked the bitches ::)
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Never have liked the bitches ::)
Tongue in cheek.....or?;D
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Never have liked the bitches ::)
Tongue in cheek.....or?;D
I'm sure they're very fond of him too! :-* ::) ;D
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Yes the feeling's are mutual,but DILLIGAF? ::) :)
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I'm surprised to find that inheritance tax is still paid at the rate of 40% above £325,000.
I thought the Tory government raised this figure to £1,000,000 some years ago. Apparently not.
This means that if you live in London and own a shed......garage....or broom cupboard, you will be liable for inheritance tax. ::)
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I'm surprised to find that inheritance tax is still paid at the rate of 40% above £325,000.
I thought the Tory government raised this figure to £1,000,000 some years ago. Apparently not.
This means that if you live in London and own a shed......garage....or broom cupboard, you will be liable for inheritance tax. ::)
It's a bit 'smoke and mirrors' really. ::)
So the way it will work is they've promised to raise the threshold to £500,000 for the family home which should mean for most people that takes the house out of the equation. :y Everything else is still subject to the £325,000 threshold. ::)
The million pound headline figure only applies if you can combine spouses IHT allowance. IE: Dad dies and leaves everything to Mum, which is IHT exempt. When Mum dies the family can combine her IHT threshold with Dad's to give an increased threshold of £650,000. If and when they raise the IHT threshold to £500,000 for the family home and Mum and Dads allowances are combined it then gives you the £1,000,000 that the papers like to trumpet (but only for the family home). ;)
It's all promises so far although it may be happening in April? Not sure to be honest. :-\ The £325,000 IHT threshold hasn't been raised for a few years now, which has sucked more and more ordinary folk into paying this tax! >:( You have 6 months after the death to start making IHT payments to HMRC if liable and in cases where people are property rich but cash poor it means the family home has to be sold. ::) and quickly, which often means cheaply as well! >:(
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It's the perfect tax. By doing nothing that's going to grab any headlines, more and more people are automatically suckered into paying it. Increase the threshold and they'll get lambasted for pandering to the tory fat cats. ::)
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I'm surprised to find that inheritance tax is still paid at the rate of 40% above £325,000.
I thought the Tory government raised this figure to £1,000,000 some years ago. Apparently not.
This means that if you live in London and own a shed......garage....or broom cupboard, you will be liable for inheritance tax. ::)
It's a bit 'smoke and mirrors' really. ::)
So the way it will work is they've promised to raise the threshold to £500,000 for the family home which should mean for most people that takes the house out of the equation. :y Everything else is still subject to the £325,000 threshold. ::)
The million pound headline figure only applies if you can combine spouses IHT allowance. IE: Dad dies and leaves everything to Mum, which is IHT exempt. When Mum dies the family can combine her IHT threshold with Dad's to give an increased threshold of £650,000. If and when they raise the IHT threshold to £500,000 for the family home and Mum and Dads allowances are combined it then gives you the £1,000,000 that the papers like to trumpet (but only for the family home). ;)
It's all promises so far although it may be happening in April? Not sure to be honest. :-\ The £325,000 IHT threshold hasn't been raised for a few years now, which has sucked more and more ordinary folk into paying this tax! >:( You have 6 months after the death to start making IHT payments to HMRC if liable and in cases where people are property rich but cash poor it means the family home has to be sold. ::) and quickly, which often means cheaply as well! >:(
Thanks, Sir Tig. Most informative. :y
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It's the perfect tax. By doing nothing that's going to grab any headlines, more and more people are automatically suckered into paying it. Increase the threshold and they'll get lambasted for pandering to the tory fat cats. ::)
Surely the initial idea of inheritance tax was that it would only inconvenience the 'super rich'....the top 1%
When Frank Shuttlebottom and his wife Agnes from Doncaster fall within it grasp something is not as it should be.
Much the same for stamp duty. Most people are not exempt from stamp duty these days, even if their bricks and mortar purchase is modest. :-\
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
Between one and fourteen then. :)
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
Between one and fourteen then. :)
It's all relative M'lud. If the 3% was levied on net property worth but those with property holdings worth millions were exempt, then I'm sure that you'd be exempt with your Welsh Castle let alone the Lincolnshire Estate! :P ;)
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
Between one and fourteen then. :)
It's all relative M'lud. If the 3% was levied on net property worth but those with property holdings worth millions were exempt, then I'm sure that you'd be exempt with your Welsh Castle let alone the Lincolnshire Estate! :P ;)
I think you will find M'lud is easily exempt. What with the welsh properties: castle, 3 gate houses, 4 farm houses, numerous tied peasants cottages, the tucked away, SIL and others, illicit liaisons cottage to name but a few and this is a mere shadow of his main Lincolnshire estate. :)
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
Between one and fourteen then. :)
It's all relative M'lud. If the 3% was levied on net property worth but those with property holdings worth millions were exempt, then I'm sure that you'd be exempt with your Welsh Castle let alone the Lincolnshire Estate! :P ;)
I think you will find M'lud is easily exempt. What with the welsh properties: castle, 3 gate houses, 4 farm houses, numerous tied peasants cottages, the tucked away, SIL and others, illicit liaisons cottage to name but a few and this is a mere shadow of his main Lincolnshire estate. :)
But no conservatory. :)
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Yes, stamp duty is another tax that massively broadens its' reach with no intervention other than the passage of time. :y
Very true, Kevin. Difficult to source a definitive answer but it seems that the threshold for stamp duty was set at £35,000 back in the thirties.....pissing of nobody but extremely wealthy land owners.
Four bed detached house in Surrey was about £500 at this time.
Osborne's latest scam with Stamp Duty is to charge an extra 3% on properties that are in addition to your residence, so Landlords, Developers and Holiday Home Owners get charged more. ::)
A lot of people will think it's fair enough as if you can afford a second home or an investment property then you should pay extra, but the thing is that if you own over 15 properties then you are exempt from the extra 3%! >:(
I'm not much of a socialist, but talk about looking after the wealthy. ::) >:(
I never did trust that Osborne fella.......or his wife Sharon. ;)
How many houses/ how many acres of Dorset do you own, Sir Tig?
Plenty?..... ::) ::)
Rural poverty is a terrible thing M'lud! ::) and yes I'd have to pay the extra 3%. :'(
Between one and fourteen then. :)
It's all relative M'lud. If the 3% was levied on net property worth but those with property holdings worth millions were exempt, then I'm sure that you'd be exempt with your Welsh Castle let alone the Lincolnshire Estate! :P ;)
I think you will find M'lud is easily exempt. What with the welsh properties: castle, 3 gate houses, 4 farm houses, numerous tied peasants cottages, the tucked away, SIL and others, illicit liaisons cottage to name but a few and this is a mere shadow of his main Lincolnshire estate. :)
But no conservatory. :)
You forgot the 40' long "Latvian portable shed" in his garden, though. ::)