I was talking to a friend of mine the other day, and he told me the following ( as I may be in the same boat , I wondered if anybody knew anything about this ).
A friend of his mother’s was the beneficiary of a Life Trust ( I think that is what he said it was called ), which meant the she received the dividends/ interest from the trust whilst she was alive.
She only outlived the person who left her this by two years, and received just a couple of thousand during this period. The trust is valued at about £130,000 , and her estate now has to pay an apportioned amount of the Inheritance tax on the whole 130k (40k) even though the actual value of the trust stays with the family, meaning they only pay a small amount of their inheritance tax, about £10k . This doesn’t seem right to me. Is it just a tax avoidance trick, which is advantageous to the ultimate beneficiaries
Does this mean that anyone who feels they might predecease some innocent dupe, can use them for tax reasons?
A friend of his mother’s was the beneficiary of a Life Trust ( I think that is what he said it was called ), which meant the she received the dividends/ interest from the trust whilst she was alive.
She only outlived the person who left her this by two years, and received just a couple of thousand during this period. The trust is valued at about £130,000 , and her estate now has to pay an apportioned amount of the Inheritance tax on the whole 130k (40k) even though the actual value of the trust stays with the family, meaning they only pay a small amount of their inheritance tax, about £10k . This doesn’t seem right to me. Is it just a tax avoidance trick, which is advantageous to the ultimate beneficiaries
Does this mean that anyone who feels they might predecease some innocent dupe, can use them for tax reasons?
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