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Our client (X) is a divorced woman in her early 70s. She has an adult son and daughter (both married).
She is in good health and has an estate worth between £500 000 and £1m although a fair proportion of that would be eaten into should X live say into her 90s.
After a few specific legacies X is considering leaving her entire estate to her two children in equal shares but we wonder whether we can offer a slightly more adventurous approach.
Our initial view is that she should instead set up two discretionary trusts – one for each branch of her family. The intended benefit of that approach would be to allow her son or daughter to have the option of passing any wealth down to the next generation without the risk of a further inheritance tax charge.
Of course the same...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
