{"id":18549,"date":"2018-11-30T16:08:19","date_gmt":"2018-11-30T16:08:19","guid":{"rendered":"https:\/\/smh.group\/?p=18549"},"modified":"2023-02-15T13:52:36","modified_gmt":"2023-02-15T13:52:36","slug":"the-risks-of-late-estate-planning","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-risks-of-late-estate-planning\/","title":{"rendered":"The Risks of Late Estate Planning"},"content":{"rendered":"

Imagine you are named as the executor and a beneficiary of your wife\u2019s wealthy aunt. You learn that she is suffering from terminal cancer and has \u2018a very impaired lifespan\u2019. What do you do?<\/strong><\/p>\n

This is what happened in the case of Nader and others v Revenue & Customs<\/em>. The executor\/beneficiary, a Dr Nader, decided to consult a leading firm of accountants about inheritance tax (IHT) mitigation options for Miss Dickins (the aunt).<\/p>\n

The accountants put forward an offshore trust-based scheme, provided by a third party, which would remove the IHT liability on \u00a31,000,000 of Miss Dickins\u2019 estate. The scheme was highly complex, involving multiple trusts and short-term loans. It cost a total of \u00a3100,000 in fees and its first stage was triggered on 6 December 2010, three weeks before Miss Dickins\u2019 death.<\/p>\n

Dr Nader received grant of probate on 4 July 2011 and a little over a month later the scheme was wound up, with IHT-free payments being made to Miss Dickins\u2019 beneficiaries. However, subsequently HMRC opened an enquiry into the IHT return and by February 2015 \u2013 a little over four years after Miss Dickins\u2019 demise \u2013 tax demands were issued to the beneficiaries.<\/p>\n

Wind forward another three years and at a First Tier Tribunal (Tax), Dr Nader, together with his fellow beneficiaries, made an appeal against the tax bills they were facing. In a 51-page judgement, the Tribunal dismissed the scheme as ineffective, and the beneficiaries were also left with the appeal legal costs on top of the bill for IHT plus outstanding interest.<\/p>\n

The case is a reminder of the risks, costs and protracted timescales that can be involved in deathbed estate planning.<\/p>\n

There are many ways to mitigate the impact of IHT, but the sooner planning starts, the better. It is all too easy to defer such planning \u2013 as with writing a will \u2013 but delays can carry a high price.<\/p>\n

Get in touch with SMH Wills and Probate now for any advice on planning your estate!<\/p>\n

Email: info@smhca.co.uk \/ Telephone: 01142664432<\/p>\n

The value of tax reliefs depends on your individual circumstances.<\/em><\/p>\n

Tax laws can change. <\/em><\/p>\n

The Financial Conduct Authority does not regulate tax or trust advice, will writing and some forms of estate planning. \u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Imagine you are named as the executor and a beneficiary of your wife\u2019s wealthy aunt. You learn that she is suffering from terminal cancer and has \u2018a very impaired lifespan\u2019. 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