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Sam
Sam, Accountant
Category: Tax
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I have a question about inheritance tax liable on the death

Customer Question

Hi I have a question about inheritance tax liable on the death of my father, a joint trustee who benefited from the income generated from it while he was alive. I have not yet had sight of the content of the trust document itself, but I am led to believe he was a signatory to its terms which are thus.
As it stands the entire value of the trust fund (which will pass to the other two trustees unliquidated) will be added to the value of my father's assets for inheritance tax purposes.
We his representatives and the other trustees will then pay tax on the combined amount pro rata. As my fathers assets fall well below the threshold for paying tax, the trustees will pay less than they would have otherwise, where as we will pay a very significant amount.
It doen't feel very fair... as we are not beneficiaries of the trust. Any ideas much appreciated. Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Before i can advise on this matter I need to know when this this trust was set up?