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, Sep 29, 11:55:07