How much are you worth dead??
Discussion
The thread about how long the members of PH have been with their other halves has prompted me to ask this question.
As I said I have been with my other half for 20 years but we are not married. We also have two kids.
Now SHMBO is going in to have serious operation at the end of this month which threw up a morbid but practical conversation about what would happen if she did not survive. Also what would be the legal and financial situation re tax etc if she died and we were not married.
Both of us are insured to the hilt both from work and personally so in theory if one of us died the other should be able to keep going in a reasonable lifestyle and be able to keep the kids in their private schools. We have homes here in the UK and in Canada in joint names plus various other joint assets.
So to the legal experts here, financially would it be better if we were married?
And on a lighter note how much would you be worth if you died?
As I said I have been with my other half for 20 years but we are not married. We also have two kids.
Now SHMBO is going in to have serious operation at the end of this month which threw up a morbid but practical conversation about what would happen if she did not survive. Also what would be the legal and financial situation re tax etc if she died and we were not married.
Both of us are insured to the hilt both from work and personally so in theory if one of us died the other should be able to keep going in a reasonable lifestyle and be able to keep the kids in their private schools. We have homes here in the UK and in Canada in joint names plus various other joint assets.
So to the legal experts here, financially would it be better if we were married?
And on a lighter note how much would you be worth if you died?
I am worth about 450-500K
most of which goes on paying my mortgage off before anyone gets any ideas of topping me.
its a tough one, if your married you get the iht breaks, being with someone for 20 years....not sure how they would view that, you might get stuck with the tax bill not sure.
most of which goes on paying my mortgage off before anyone gets any ideas of topping me.
its a tough one, if your married you get the iht breaks, being with someone for 20 years....not sure how they would view that, you might get stuck with the tax bill not sure.
Streetrod said:
So to the legal experts here, financially would it be better if we were married?
I'm no expert but if you're not married you're not her next of kin so unless she has a will you get nothing AFAIK. How well do you get on with her family??
ETA: If I die the mortgage gets paid off and, as I have the expensive hobbies and earn less, SWMBO will be much better off. I make sure she doesn't realise that
Edited by Bill on Thursday 4th March 13:23
Puggit said:
Justayellowbadge said:
Inheritance tax does not apply to a spouse.
Not sure what the status is with a 'partner'.
I suspect the Labour Party have made sure a 'partner' is of equal status to someone in marraigeNot sure what the status is with a 'partner'.
OP, is the estate worth more than 325K? It's 40% tax above that if it is.
Bill said:
Paddy_N_Murphy said:
OP see how Bill refers to you as a She?
is this because of outing yourself with the Musical's nonsense !
Did I?is this because of outing yourself with the Musical's nonsense !
Glad the OP's got wills sorted anyway, and thanks for giving a load of cash to the government for them to squander
k all Justayellowbadge said:
Puggit said:
Justayellowbadge said:
Inheritance tax does not apply to a spouse.
Not sure what the status is with a 'partner'.
I suspect the Labour Party have made sure a 'partner' is of equal status to someone in marraigeNot sure what the status is with a 'partner'.
OP, is the estate worth more than 325K? It's 40% tax above that if it is.
We have had discussions about getting married to avoid a possible situation like this but have not been sure about the full legal ramifications. Romantic this is not.
Streetrod said:
Yes it is, a lot more, but as I said our assets are in both our names. The only thing that is not is our personnel and work based life insurance policies. Mine would pay out just over £800K and hers would be about the same. Does that mean that because we are not married if one of us died that life insurance policy would be taxed at 40%?
We have had discussions about getting married to avoid a possible situation like this but have not been sure about the full legal ramifications. Romantic this is not.
AFAIK you'd still face an IHT for her share of the assetsWe have had discussions about getting married to avoid a possible situation like this but have not been sure about the full legal ramifications. Romantic this is not.
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Bill said:
Streetrod said:
Yes it is, a lot more, but as I said our assets are in both our names. The only thing that is not is our personnel and work based life insurance policies. Mine would pay out just over £800K and hers would be about the same. Does that mean that because we are not married if one of us died that life insurance policy would be taxed at 40%?
We have had discussions about getting married to avoid a possible situation like this but have not been sure about the full legal ramifications. Romantic this is not.
AFAIK you'd still face an IHT for her share of the assetsWe have had discussions about getting married to avoid a possible situation like this but have not been sure about the full legal ramifications. Romantic this is not.
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