Tuesday, October 24, 2017
Bruce Forsyth, a British TV icon who passed away last month, was not a fan of the U.K.’s 40% inheritance tax. To avoid it, he left everything to his wife. Wilnelia, his widow, now bears the responsibility of dispersing the remaining estate to Forsyth’s numerous descendants. Unlike taxpayers in the US, Wilnelia may be able to completely avoid taxes on gifts made during her lifetime. In the U.K., gifts made during life are only taxed as part of a decedent’s estate if they were made within seven years of death.
See Should We Tax Gifts the British Way?, Trust and Wealth Management Marketing, September 11, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.