Inheritance Tax Advice to Executors of an Estate

The client

Executors of an estate.

Background

The deceased left a farm, cash and shares to his children and grandchildren (the beneficiaries). The executors of the estate were referred to us by their solicitors to determine if there was scope to re-distribute the estate and minimise/eliminate tax costs.

Our work
  1. We met with the executors to establish the background and the requirements.
  2. We drafted a written report for the for the executors:
    • Outlining the tax cost for the beneficiaries on inheriting as set out in the will.
    • Making suggestions to reduce this tax cost by re-distributing the estate based on personal circumstances of the beneficiaries.
    • Outlining the tax implications (CAT, CGT, stamp duty) of the re-distribution and what steps to follow.
  3. We liaised with the solicitors for the estate to assist with drafting a Deed of Disclaimer.
  4. We filed the CAT Returns on behalf of each beneficiary.
Benefits

A sizeable tax savings (CAT,CGT, stamp duty) to the beneficiaries.