Wrath Taxation Wisdom
My father-in-law has been diagnosed with terminal cancer. This has come out of the blue and caught all of us on the back foot so my wife is trying to spend as much time with him while she can. It's a s**t state of affairs.
While we've got a little time left with him, we're trying to sort out his financial situation before he goes. Turns out he's got too much money and we're going to get hit by a hefty inheritance tax bill. Has anyone got any experience of avoiding paying it, short of marrying him off? His wealth is mainly tied up in his property and in his business which is a consultancy company of which he is the sole employee. We've been advised that winding up the business would be a bad move as we'd probably end up paying tax twice on it. I appreciate that it's difficult to comment without knowing the full details. Unfortunately the IHT rate won't go up for another couple of years when we wouldn't have had to pay anything :(
Posted By: Fleggster on September 29th 2015 at 11:55:07
Message Thread
- Wrath Taxation Wisdom (General Chat) - Fleggster, Sep 29, 11:55:07
- Thanks all... (General Chat) - Fleggster, Sep 29, 14:34:32
- I'm a financial adviser (General Chat) - Newcastle Canary, Sep 29, 18:35:32
- Trust Funds - take out tax free lump sums, get a good FA (General Chat) - Jumbo1, Sep 29, 14:07:00
- Sorry to hear news. Where are you living ? Anywhere near Swaffham ? (n/m) (General Chat) - Pit, Sep 29, 13:36:59
- Sorry to hear your (and pants) sad news (General Chat) - essexcanaryOTBC, Sep 29, 13:00:32
- Sorry to hear that bud. (n/m) (General Chat) - protheroe fitzgibbon, Sep 29, 12:15:27
- So sorry to hear that (General Chat) - Cheltenham_Canary, Sep 29, 12:13:27
- Sad news, as they said below see someone qualified. Regarding the company (General Chat) - K1ng5 Lynn Canary, Sep 29, 12:04:15
- See someone qualified - don't rely on us lot for something like this (General Chat) - Old Man, Sep 29, 12:01:07
- Sorry to hear that Fleggster (General Chat) - Old Git, Sep 29, 12:01:03
- Was going to suggest purchasing property with the wealth (General Chat) - pants, Sep 29, 12:00:58
- Crikey.... (General Chat) - Cheltenham_Canary, Sep 29, 12:15:14
- Sorry for your troubles mate x (n/m) (General Chat) - yellowman, Sep 29, 12:15:14
- I'm sorry to hear that mate :-( (n/m) (General Chat) - Old Man, Sep 29, 12:08:33
- Wow, blimey (General Chat) - Old Git, Sep 29, 12:01:48
- Oh shit, I didn't proof read because I had to step away from the desk (General Chat) - pants, Sep 29, 13:58:19
- ^Attention Seeker^ good luck, hope you have a good redundancy package (General Chat) - Jumbo1, Sep 29, 14:05:52
- Not at present (General Chat) - pants, Sep 29, 14:17:12
- As I said to s-o-s (General Chat) - camcan, Sep 29, 17:49:28
- Not at present (General Chat) - pants, Sep 29, 14:17:12
- ^Attention Seeker^ good luck, hope you have a good redundancy package (General Chat) - Jumbo1, Sep 29, 14:05:52
- It's a bastard innit - (General Chat) - fareastcanary, Sep 29, 13:37:28
- Oh shit, I didn't proof read because I had to step away from the desk (General Chat) - pants, Sep 29, 13:58:19
- Thanks all... (General Chat) - Fleggster, Sep 29, 14:34:32
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