Palm Beach probate litigators know that inheritance tax can add up quickly. Have you recently had a wealthy relative die intestate or without a proper estate plan to reduce taxes? Are you now looking at a 40% federal estate tax? Creativity may be able to reduce that fee. Check out what Margaret Thatcher’s family did to avoid a one million pound inheritance tax!
Inheritance Tax/Estate Tax
- The estate tax bore by the Federal government has several names depending on what political party you are a part of.
- Maybe you have heard of the estate tax perhaps the inheritance tax or maybe you have heard it called the death tax.
- Either way it is about 40% of all of your estate valued over 5.43 million in fiscal year 2015.
- If you marry and jointly file that exemption is doubled to 10.86 million.
- Keep in mind that proper estate planning can abate these harsh tax penalties.
- Experienced Palm Beach probate litigators can set up an estate plan that will limit your tax obligations through trusts and other estate planning procedures.
- So what happens when you are serving as personal representative of a West Palm Beach estate and there has been no proper estate plan?
- Chances are if the Palm Beach estate is over 10.86 million jointly or 5.43 million for an individual you are about to face a steep tax.
- Have you heard about what former British Prime Minister Margaret Thatcher’s family did to avoid a one million Pound Sterling inheritance bill?
- Check it out, get an estate plan to avoid those tax consequences.
Thatcher’s Family Avoid £1 Inheritance Tax Bill By Donating Documents
- Margaret Thatcher’s family avoided a huge inheritance tax bill by donating her personal files to the nation.
- Do you have any national treasures sitting in your basement?
- If you are a personal representative of an estate I would start searching as this could be a huge money saver.
- The children turned down a very lucrative deal with American University and now the documents will stay in Cambridge.
- This begs the question was the deal more lucrative than the tax break they got?
- Critics voice disdain over the fact that most of her documents were already donated to the public archive in 1997 making this look a lot like a tax shelter and less an act of good will.
Want to learn more?
Check out people who praise and criticize these recent donations by checking out the full article in a British periodical just click here.