Some of the important considerations facing a beneficiary of an estate are the related tax implications and how best to deal with any claims against the estate.
Regardless of whether the assets consist of land and property, cash, intangible and tangible personal property or a mixture of several of these, you will want to know how best to safeguard your assets.
As a beneficiary, you do not usually have to pay any taxes when you finally inherit an asset at the time you inherit it. But you may have to pay income tax if that asset goes on to produce income for you and/or Capital Gains Tax if you sell, give away or exchange an asset you inherited and it has increased in value since the date of death.
Looking to the future, our dedicated Tax team can advise on tax-efficient strategies for lifetime giving and the holding of assets through trusts.