How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4800
Type Your Tax Question Here...
bigduckontax is online now

My estate including bank accounts,bonds and property is valued

This answer was rated:

My estate including bank accounts,bonds and property is valued at approx. £500,000.
my wife passed away srveral years ago. I have a son and a daughter and I am now 85 but very healthy. how much tax am I likely to pay on my demise?
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to assist you with your question. Ignoring the still nebulous 1 million inter spousal exemption announced by the Chancellor recently the following will, I suspect, apply to your estate. As you are probably aware the first 350K is tax free and the balance charged at a flat tare of 40%. However, your estate can inherit any unused 350K from your deceased wife's estate making a possible exemption of up to 650K. As inter spousal and charitable bequests do not count towards the 350K from your wife's estate you may well have no liability at all on decease. I do hope that I have shed some light on your position. Please come back and follow up if this is not the case.
bigduckontax and other Tax Specialists are ready to help you
Thank you for your support.