🚨 Attention, Couples! 🚨
Martin Lewis has sounded an important warning that could save you up to £240,000! If you’re living together but not married or in a civil partnership, you might be hit hard by inheritance tax. 😱
🔍 Here’s the scoop:
✅ If you’re married or in a civil partnership, you can pass your entire estate to your partner without a penny in inheritance tax.
⛔ But if you’re just cohabiting—even if it’s been decades—you’re stuck with the standard inheritance tax rules. The tax kicks in if your estate exceeds £325,000, and anything above that is taxed at a steep 40%!
🏡 Got kids or grandkids? There’s an additional allowance of £175,000 for your main residence, but that still might not be enough to sidestep the taxman.
Martin used the example of Hal and Lou: a couple with £1 million in assets. If married, they could pass everything to each other upon death and use both their allowances, potentially passing on their entire estate to their descendants tax-free.
However, if they weren’t married, they’d face a whopping £240,000 in inheritance tax!
💡 The takeaway? If you’re in a long-term relationship and haven’t tied the knot or formed a civil partnership, it might be worth considering. This decision could be a financial lifesaver for your loved ones! ❤️
Stay informed, stay secure, and make the choices that best protect your future! 💪💷
#MartinLewis #MoneyMatters #InheritanceTax #RelationshipGoals #FinancialPlanning