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In the late 1980's I left a family business partnership. My brother and parents are the remaining partners. An outgoing partner agreement was created.
There is a clause explaining that I have to pay 50% of any inheriatnace tax that my parents estate is liabilities for.
30 years later my parents are still alive. I have not spoken to them in that time and I will certainly not be a beneficiary of their estate. The business is now a totally different beast. i.e the estate has sold several million pounds worth of residential development land over the years.
I was clearly a grown man when I agreed to the IHT clause/liablilty.
Though given that;
- I have had no involvement in the estate for 30 years
- My parents estate is now a different beast
- I have not benefitted from the sale of residential development land
- I will not be a beneficially of the estate
Is the IHT clause enforceable upon me?
I am using this forum to gauge whether it is worth seeking counsels advice or not. Many thanks
There is a clause explaining that I have to pay 50% of any inheriatnace tax that my parents estate is liabilities for.
30 years later my parents are still alive. I have not spoken to them in that time and I will certainly not be a beneficiary of their estate. The business is now a totally different beast. i.e the estate has sold several million pounds worth of residential development land over the years.
I was clearly a grown man when I agreed to the IHT clause/liablilty.
Though given that;
- I have had no involvement in the estate for 30 years
- My parents estate is now a different beast
- I have not benefitted from the sale of residential development land
- I will not be a beneficially of the estate
Is the IHT clause enforceable upon me?
I am using this forum to gauge whether it is worth seeking counsels advice or not. Many thanks
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