Gifts in life that can come back to haunt you.....

Gifts in life that can come back to haunt you.....

Gifts in life that can come back to haunt you…..

by | Inheritance

Wealthy businessman and farmer, Robert Hutchings died in 2009 leaving an estate of £3million. Of his five children, two were excluded from the will, two were given specific legacies and the remainder of the estate was left to one son, Clayton Hutchings.

Hutchings has appointed professional executors for his estate, a wise decision in hindsight. In the course of administrating the estate, they were required to ask all beneficiaries if they had received a gift from the bereaved in the last 7 years. These gifts carry a tapered tax liability and can affect the legacy you have been bequeathed. Of those who responded, they declared they had not. The executors filed the probate papers, have discharged their duty.

But 2 years later, HMRC were notified an offshore bank account held by Robert Hutchings in Switzerland had not been included in the estate. In the March before his death Robert had transferred the not insignificant sum of £443,669 to Clayton’s offshore account with the same bank. As a result, HMRC claimed £47,000 in additional inheritance tax from Clayton as well as £87,533 for the potential loss in revenue linked to the gift.

So if you are an executor or a beneficiary, make sure you discharge your duties and responsibilities faithfully and honestly. Failing to do so can be rather costly…..

An Introduction to International Estate Planning product image

An Introduction to International Estate Planning

$15.99 $8.99

Testimonials

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

Please check your email to confirm your subscription.

Pin It on Pinterest

Shares
Share This