ON Tuesday 10th October the ladies of the Frome Inner Wheel gathered at the Assembly Rooms for their monthly meeting. Their speaker for the evening was solicitor Mrs Helen Starkie who gave a brilliant talk all about Inheritance Tax, which I am sure everyone thoroughly enjoyed.
Helen gave all the ladies some very useful tips about how to avoid having to pay extra payments after someone had died because of the way you set up your affairs. It is essential that you must make a Will and also you do need to have Power of Attorney for Welfare and Financial Affairs; the Power of Attorney can stop the government from making arrangements for someone in your family being sent to a home which the family do not approve of. You do need an independent advisor though for professional advice. At the moment the allowance when you die is £325,000 and your surviving spouse is not taxed until after the second death. Then your children/grandchildren become liable.
It was a very interesting subject and one that takes a lot of understanding but Helen explained it so well, everyone understood the pitfalls as well as the advantages which made it a very enjoyable evening. Sandra Elmer gave the usual vote of thanks.
Gill Barnes,
Frome Inner Wheel
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