Chris advised that the trust created for the deceased’s second wife and children of his first marriage was structured to give the wife a limited interest in the estate for a year where upon the capital devolved to the children. Chris advised this would save £3 million of inheritance tax on the deceased’s estate, provided the widow survived 7 years. Chris ensured that steps were taken to safeguard the family’s tax position in the event that the deceased’s widow were to die within 7 years.
Chris worked with both the widow and the children in order to navigate some animosity which involved some delicate negotiation to achieve the desired result for the whole family.
Thomson, Snell and Passmore is well equipped to advise on the creation of wills featuring both limited and life interest trusts.