Question
A widowed 65 year old UK female resident would like gifts to be made so that the recipient of the gift receives the full amount
A widowed 65 year old UK female resident would like gifts to be made so that the recipient of the gift receives the full amount of the gift i.e. the amount of the gift should not be reduced by inheritance tax instead inheritance tax should be paid by the estate. Her bequests are
1. Home to be sold and proceeds divided between son A and daughter B
2. 10,000 pounds to Arden Hospice, which might close or merge with another hospice
3. B to get the contents of the house
4. Vintage car to A
5. 10,000 pounds to her 2 and any subsequent grandchildren
6. 5000 pounds to an Art Appreciation Club which is an unincorporated association, not a charity
7. Rest to a charity called McMillan Cancer Support
How do she make a will so she can avoid reducing the amount of gift by inheritance tax so that inheritance tax is paid by the estate instead, as per UK laws?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To ensure that the recipients receive the full amount of the gifts without reducing the amount by inheritance tax the widowed individual can structure ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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