A situation arose when a parent passed away and had left their primary asset to one son, the other family members were unhappy with this and contested the will. The parents died when the assets where worth quite a lot of money and therefore inheritance tax (IHT) applied at the time of death. After the long drawn out argument through the courts, causing significant legal expenses, the will was found to be proven and therefore no other distribution occurs, but since the time of death the property / assets in question fell below value due to market conditions and general repair, this means the intended owner was now paying IHT on an asset that was worth the amount of the tax bill, causing a loss to him and the family. The future beneficiary for this asset is likely to he the government.
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