What is C.A.T.?
Capital Acquisitions Tax (CAT for short) consists of 2 separate taxes – Inheritance Tax and Gift Tax. Both involve the transfer of ownership of any asset, property or cash from one person to another. Inheritance tax applies when someone receives assets or property (the beneficiary) on the death of the person who has transferred the assets (the disponer) to them. Gift tax applies when someone receives money or any asset from a living person.
Preparation is key…
It’s fantastic to make a will. Like I mentioned before, it brings clarity to a frequently challenging and fraught time for others. It can also save a considerable amount of time and administration when dealing with the estate of a deceased person.
Organising life insurance during a Pandemic.
Much like writing a will, setting up a life assurance policy can make us feel like we are begging for something to happen to us. This is unlikely to be the case! Many people have been staying at home to help limit the spread of Covid 19, not just for the sake of their own family, but for the wider community. Being with our families for such prolonged periods of time can invoke a multitude of reactions, but for the most part, it’s all good feelings!
Will my life assurance pay out for Covid 19?
I have received a few queries from existing clients asking whether their life insurance and other policies would pay out if they were to die from or contract Covid 19, so I thought I would set out some clarification on where the life assurance companies stand with regard to paying claims giving the current climate. For the most part, all life assurance companies have said that their claims philosophy remains the same as prior to this pandemic. This should provide you with some peace of mind.
Strange will instructions.
We get it…relations can be weird. I know they say that you can’t choose your family, but you can choose your friends, but surely the following example is a little extreme!This may be a little old (2007), but the message is clear.
The Importance of Making a Will.
Making a will is not a treat, but it is something that we should all do. Why? Because clarity is wonderful. It sets out very clearly what we would like to happen, not just financially, upon our death.