Archive for December, 2014

Missing Document Triggered Titanic Inheritance Tax Row

Maintaining a reliable filing system can be vitally important, as one family discovered when a crucial document could not be found following a couple’s death. The missing document triggered a costly dispute in respect of Inheritance Tax (IHT) liabilities which took more than seven years to resolve in the family’s favour. The couple were anxious to leave as much as possible to their children, particularly as one of their daughters was severely disabled and in need of constant care. With that objective in mind, they had each signed wills towards the end of their lives which were designed to take maximum advantage of the nil rate band of IHT. In order to achieve that, the couple had to sign a document which severed their joint tenancy of their home – their principal asset – so that they would become tenants in ... Read more
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