Are trusts a “tax loophole” exploited by the wealthy?
The Times newspaper last week carried the headline “Duke of Westminster’s £8bn fortune escapes death duties”. In the article, it was reported that on the face of the probate granted in respect of the late Duke’s Estate, personal wealth of £616 million was mostly left on life interest trusts for his widow Natalia. Assets left to, or in trust for, a widow are inheritance tax free due to “Spouse Exemption” but HMRC will still claim its 40% tax when Natalia eventually dies. In le
Avoid paying care home fees – The Truth behind these ‘Trusts’ & giving away your property.
With the average nursing home fees now costing around £1,000 a week the question of paying for care in old age has become an increasingly hot topic. A common question I get asked is ‘If I give away my Assets, will the Local Authority pay my fees?’ Giving away assets to your children or other relatives may seem like a good idea but if the Local Authority decides that the reason you cannot fund your own care is deliberate, you could be charged with 'deprivation of assets' and y
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