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How Equity Release Can Help Farmers Navigate Inheritance Tax Changes and Keep UK Farms Thriving
**Blog Summary: How Equity Release Can Help Farmers Navigate New Inheritance Tax Rules** The Labour government’s recent budget changes have introduced a 20% inheritance tax on farm estates over £1 million, placing additional financial strain on UK farmers. Historically shielded by Agricultural Property Relief, many farmers now face potential tax bills that could force them to sell off land or assets, jeopardising family farms and UK food security. Equity release offers a viable solution, allowing farmers to unlock property value, gift funds to their heirs tax-free (if they live for seven years post-gift), and reduce future inheritance tax liabilities. At My Later Life, we help farmers use equity release to protect their legacy, secure their family’s future, and keep UK farms thriving.
Read more...Why Equity Release and Later Life Mortgages are Essential Tools in Inheritance Tax Planning Under the New Labour Government
With the Labour government’s recent budget changes, inheritance tax planning has become even more essential, especially with the inclusion of unused pensions in estate values starting in 2027. These changes mean that, upon death, many pensions could be subject to a 40% tax if the estate surpasses the nil-rate band. As a result, equity release and later life mortgages are now valuable tools for effective tax planning. Equity release enables homeowners to access the value of their property tax-free, providing an immediate way to gift funds to family members and reduce their estate’s taxable value. When these gifts are made more than seven years before death, they can be entirely exempt from inheritance tax. At My Later Life, we help clients navigate these changes by offering tailored equity release solutions. With rising property values, accessing home equity for tax-efficient inheritance planning has never been a better option for protecting family wealth.
Read more...Equity Release and Lifetime Mortgages: Breaking Free from Outdated Stigmas
Equity release and later-life mortgages have evolved significantly, moving past the stigma once associated with outdated home reversion plans. Today’s lifetime mortgages offer flexibility, transparency, and security, allowing homeowners over 55 to access the wealth tied up in their property without losing ownership. Strict regulation from the Equity Release Council means products now include safeguards like penalty-free partial repayments and options for second homes or buy-to-let properties. With benefits like gifting funds to family early or enhancing retirement, equity release is an increasingly valuable tool—but it’s crucial to seek tailored advice to make the best choice. Contact My Later Life to explore the potential equity release holds for your future.
Read more..."Can You Transfer Equity Release to a New Property? Here's What You Need to Know"
Equity release can often be transferred to a new property, but it depends on certain conditions, such as whether the new home meets your lender’s criteria and its value. Most equity release plans are portable, meaning you can move without repaying the loan, provided the new property qualifies. However, there may be legal and administrative fees involved. At My Later Life, we specialise in guiding homeowners through this process, ensuring flexibility and peace of mind in their later years. Always consult a professional before making any decisions regarding your equity release.
Read more...Can Equity Release Be Paid Back?
Can Equity Release Be Paid Back? Yes, equity release can be paid back. While it's designed as a long-term solution, many Lifetime Mortgages offer flexibility for voluntary repayments. Homeowners may choose to repay part or all of their loan to reduce interest, manage future finances, or protect their estate for inheritance purposes. Some plans allow interest-only repayments to prevent the loan from growing over time. However, repayment terms and potential early repayment charges vary by provider, so it's important to understand your specific plan. At My Later Life, we guide you through all your equity release options for the best outcome.
Read more...My Later Life Director Graham Clelland on Demystifying Mortgage Terms
We are thrilled to announce that Graham Clelland, one of our distinguished directors at My Later Life, has been featured on the Mortgage Adviser website. His expert advice on simplifying complex mortgage terms for clients reflects his dedication to making the mortgage process more accessible and understandable. As a trusted leader in our sector, Graham continues to represent our values of clarity and client-focused service, reinforcing our mission to support individuals in later life financial planning. Read the full interview [here](https://mortgageadvisor.io/qa/how-do-you-simplify-complex-mortgage-terms-for-your-clients/).
Read more...What Is a Lifetime Mortgage, and How Can It Help with Inheritance Tax?
My Later Life: Your Award-Winning Later Life Mortgage and Equity Release Experts Supporting Your Financial Future with Tailored Equity Release and Inheritance Tax Solutions
Read more...Is a lifetime mortgage a good idea Martin Lewis
Martin Lewis advises that caution should be taken when considering lifetime mortgages. While they allow homeowners over 55 to release equity from their property, the compounding interest can significantly reduce inheritance. He recommends exploring alternatives first like downsizing or remortgaging, and consulting with a specialist to fully understand the long-term costs. At **My Later Life**, we support his advice, offering tailored guidance to ensure you make informed decisions. Lifetime mortgages may be suitable for some, but they require careful consideration and professional advice.
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My Later Life Planning (Office Address: 94-96 Seymour Place, London, W1H 1NB) is a trading style of My Group Inc Ltd an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority under reference number 976283.
My Group Inc Ltd is registered in England & Wales. Company Number 13613921. Registered Office 82 Rainham Road, Rainham, RM13 7RJ
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances.
This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.
Inheritance Tax Planning, Will writing, Lasting Powers of Attorneys, Estate Planning and Trust Planning are not regulated by the Financial Conduct Authority.
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