Inheritance Tax Planning
Discretionary Trust Wills
Are suitable if you are married or in a registered civil partnership.
People wishing to mitigate their Inheritance Tax liability, avoid a local authority using a share in the home to cover the cost of long term medical or nursing care for the surviving spouse/partner or even to ensure that gifts intended for children from a former relationship are received by them, without the danger of the surviving spouse/partner reducing the amount that goes to them primarily completed Discretionary Trust Wills.
Changes in the rules in October 2007 have reduced their necessity to a certain extent but if you want to have long-term asset protection whilst still retaining your options to mitigate Inheritance Tax and to minimise the liability to long term care fees, then Discretionary Trust Wills are still thought to be an appropriate planning tool.
(If you have a spouses/civil partners domiciled outside the UK then the normal tax-free allowances do not apply. Tax advice is sought in these cases).