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Your will - Make sure it's tax efficient! |
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by
LawDotNews
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Published
2009/04/02 12:00:00 AM
(Viewed
661
times) |
When drawing your will, it is vital to have it checked for tax efficiency. If you don’t, you could lumber your estate (and thus your heirs) with having to pay far more estate duty and other taxes than necessary.
To take just one example, a recent decision by the Tax Court confirmed that a trust is liable to pay CGT (a substantial 20% for a trust) on the value of a loan account specially bequeathed to it. It is vital to structure your will properly to avoid this, and the dividing line in what wording to use is a fine one – any mistake will be expensive!
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