Ken Dodd married his partner of 40 years Anne Jones on the 9th March 2018, two days before he passed away.
As a result no Inheritance Tax would be payable on any of his estate left to Anne. His fortune is rumoured to be worth in the region of £7.2 million.
This move came after in 1989 Ken Dodd was found not guilty of dodging a £1 million tax bill after it was discovered, amongst other things, that he had kept over £300,000 in cash hidden in suitcases under his bed!
Inheritance Tax is paid on death at 40% on any estate over the individual’s Inheritance Tax allowance which currently stands at £325,000. This can be increased by £100,000 where the estate includes a house and certain conditions are met.
There are however certain exemptions and allowances such as gifts to spouses. It is a good idea to seek professional advice and have a Will drawn up to make the most of these allowances and exemptions.
If you do not make a will your spouse may not inherit the whole of your estate. Blood relations benefit to the exclusion of friends and inlaws, cohabites will be included.
A will allows you to choose an executor to sort out your affairs when the time comes.
A will can be used as a mean to protect some of your assets, including your home, from care home fees and to minimise your tax liability on death.
For more information call Rachel Damianou on 0161 624 6811 or email firstname.lastname@example.org