Bankruptcy solicitors Stockport with Bromleys? At Bromleys, we understand that your children are the most essential part of your lives. Whether you need advice and guidance regarding adoption, childcare proceedings or local authority involvement regarding your parental responsibilities, we’ll do everything we can to ensure a safe environment for your family. Regardless of the circumstances, our team of specialist solicitors are committed to providing robust, easy-to-understand legal advice coupled with sympathetic guidance and emotional support.
Financial issues within a business environment are fundamental to the success or failure of that business. Although it may often feel like there is no way out, the first step is to seek professional, expert advice. Our team will provide you with advice and support that will be focused on getting your business back up and running in the most efficient manner possible. Our team will provide you with advice and support that will be focused on getting your business back up and running in the most efficient manner possible. We have experience within all aspects of corporate recovery and insolvency and our solicitors will work collaboratively with your Directors to ensure your business can go on to thrive within the marketplace.
Bromleys is the trading name of Bromleys Solicitors LLP, formerly known as Bromley Hyde & Robinson. We’ve been based in Ashton-under-Lyne for over 175 years and are authorised and regulated by the Solicitors Regulation Authority. We have an excellent reputation with our clients, peers and the wider business community and pride ourselves on providing clear, concise legal advice. Over the years, we have grown organically while also acquiring and merging with other local practices. We now occupy a prominent position in the heart of Ashton-under-Lyne in the top three floors of the old fire station. Our offices overlook the market square and the historic Ashton-under-Lyne town hall. See even more information at https://www.bromleys.co.uk/deeds-of-variation/.
In 2013, Glyne Harris was made the Executor of a £1.2 million estate. Harris filed the Inheritance Tax Return and paid the initial Inheritance Tax that was due. As a large part of the estate was property, it was possible to pay the Inheritance Tax on the property in instalments. Harris made the mistake of paying the estate out to a beneficiary on the understanding that the beneficiary would settle the remaining IHT bill. Unfortunately for Harris, the beneficiary swiftly disappeared to Barbados without paying the remaining Inheritance Tax. Harris as the Executor was liable to pay the remainder of the £340,000 tax bill personally. Without the estate funds at his disposal, Harris appealed saying that he should not be liable, however a judge ruled that he is in fact personally liable. HMRC could potentially go after Harris’ own assets including his house. Whilst this is an extreme example of what can go wrong, it shows the responsibilities of being appointed an Executor and the advantage that having a professional can have.
There are a number of reasons for using Deeds of Variation such as providing for someone who had been excluded from a Will, taking account of differences in the financial positions of beneficiaries or just to pass assets on to the next generation. Many people will use Deeds of Variation for their own estate planning purposes, they may not need the money themselves and would only be inflating an already sizeable estate so it is better to skip themselves and pass it straight on to their children or grandchildren. Often people have not reviewed their Wills for many years and the laws have changed meaning that there are benefits to passing the estate in a different way to take advantage of new tax rules, this is another common reason for doing Deeds of Variation, it is possible that a Will may be less tax efficient at death than it was when it was signed. Discover more info on https://www.bromleys.co.uk/.
