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Topic: Looking for information regarding inheritance and taxes  (Read 50 times)

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    • The Meanderthals
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Looking for information regarding inheritance and taxes
« on: Yesterday at 02:16:09 PM »

My husand and I are fine tuning our wills and need some advice on UK inheritance law, particularly with respect to spouse inheritance exemption and how UK estate law relates to trusts set up in the US.

We'd like to find an accountancy and/or law firm to ask a pretty straightforward query (not to include will writing as we're covered there). Much appreciate any feedback from the group.


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Re: Looking for information regarding inheritance and taxes
« Reply #1 on: Yesterday at 03:38:58 PM »
I’m afraid I can’t help but am interested in the responses.
Dual USC/UKC living in the UK since May 2016


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Re: Looking for information regarding inheritance and taxes
« Reply #2 on: Yesterday at 05:44:17 PM »
I assume you own property as joint tenants, if so there is an automatic right of survivorship, (just like tenants by the entirety in some U.S. States). There is no IHT for the surviving spouse, until their demise. The is the residential nil rate band that allows for a further £175,000 if the main home goes to a close family member. Altogether, there is a £1M allowance, providing your Will's are correctly written.
HMRC have complex reporting on foreign trusts. Unless you're talking very large amounts, I'd stay well clear. Even HMRC state that foreign trusts are a complex area!


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    • The Meanderthals
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Re: Looking for information regarding inheritance and taxes
« Reply #3 on: Yesterday at 10:19:49 PM »
We don't own any property. All our assets are in stocks, bonds and IRAs with a financial advisor in the US. We know there are no taxes imposed on inheritance that goes to the living spouse but need to know what happens upon the death of the surviving spouse (with regard to children and beneficiaries).

If anyone has a resource here in the the UK (lawyer or accountant) who can answer that question, we're prepared to pay for a consultation.


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