Inheritance Tax Mitigation – High Court Fulfils Grandmother’s Plans

Inheritance Tax Mitigation – High Court Fulfils Grandmother’s Plans Family trusts are commonly used as a means of minimising tax liabilities, particularly Inheritance Tax (IHT), but their intricacy means that mistakes can be made. As one High Court case happily showed, however, such errors can be put right with the benefit of specialist legal advice. A woman had signed two interlocking trusts by which she hoped to mitigate IHT in respect of her home. She intended to confer an interest in possession on those she wished to benefit from her estate, including her grandchildren. However, the trust deeds did not have the desired effect, primarily because the grandchildren were yet…