Planning for your future: wills, tax and estate planning—The Martin Lewis Money Show Live
Private client partner Kieran Bowe appeared on The Martin Lewis Money Show Live on Tuesday 11 March 2025, providing viewers with guidance on how to secure their financial futures and make informed decisions about their estates.
During the episode, Kieran and his fellow panellists highlighted the importance of having difficult conversations about estate planning. They explained who should make a will and when updates might be necessary, highlighting key life events such as marriage and divorce that can significantly impact an individual’s estate. The discussion also covered the growing relevance of digital assets and the importance of Lasting Powers of Attorney (LPA) in ensuring individuals' wishes are upheld should they lose capacity.
Kieran explained why gifting a home as a means of avoiding care costs is not a viable solution. He further explored Inheritance Tax (IHT), covering key exemptions and reliefs such as the Nil Rate Band, Residence Nil Rate Band and the role of lifetime gifts in estate planning.
You can give away anything, or as much as you wish to, providing you survive seven years. There is also an annual allowance of £3000 that is from the donor, not to individuals [this is an exemption per donor, not per recipient] …Gifts out of regular income, must be out of surplus income—that is after payment of taxes or payment of all household expenses. Even in an exceptional year—if you buy a new car or replace the kitchen—you need to deduct those before giving away any surplus income…There needs to be a pattern and keep records.”
The full episode, dated Tuesday 11 March 2025, can be viewed on ITV X.
Kieran Bowe is in the private client team, specialising in the preparation of wills, probate and estate, tax and succession planning. He advises on wealth protection, business succession and trusts, with significant experience in managing complex estates and cross-border matters.
Photography courtesy of MultiStory Media, ITV Studios.
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