Inheritance given to daughter in a trust but the unexpected happened.

[zaffy]

I decided to give most of what I had to my daughter before I died so that I could see her settled in a small business. I became a trustee off the trust and I was going to live for seven years and all would be good. Because my daughter did not have children, it was suggested to her by the inheritance company that her beneficiary be a charity. As far as I know, a charity was not chosen. Great, so everything was watertight for the future. We thought no more about it and life was fine for a short while - but then tragically, the worst happened, and within a couple of years my daughter died. That was last year and I have been living in her house and running her business. My accountant has just pointed out to me that everything will have to go to charity. This is a warning to those who try to get around the tax man.

[echat11]

Sorry for your loss, hopefully they'll be some input.

It might be an idea to send them a SAR request, they have 30 days to provide all the data they hold, you might have to provide identification. Make sure you get Proof of Postage.

https://legalbeagles.info/library/gu...ccess-request/

[atticus]

"The inheritance company"?

Have you taken LEGAL advice about this?

[zaffy]

"The inheritance company"?

Have you taken LEGAL advice about this?

Yes it was an Inheritance company that my daughter and I hired.
I have not taken legal advice. It was only today that my accountant raised the problem. He was looking into the situation because of the capital gains aspect. He said he would contact the inheritance company. I am hoping that the accountant has got it all wrong.
I tried to be clever and avoid capital gains for my daughter but now I will have to pay the capital gains anyway.
Case of don't mess with what you don't understand.
Thank you for your interest.
.

[zaffy]

Sorry for your loss, hopefully they'll be some input.

It might be an idea to send them a SAR request, they have 30 days to provide all the data they hold, you might have to provide identification. Make sure you get Proof of Postage.

https://legalbeagles.info/library/gu...ccess-request/

Thank you. I presume an SAR is written in legalese which I will not understand. Maybe I will hire someone.

[atticus]

I was asking what on earth is an "inheritance company".

I wonder if you have been stitched up by overcharging incompetents. Why are you not taking legal advice?

[echat11]

Thank you. I presume an SAR is written in legalese which I will not understand. Maybe I will hire someone.

I've provided a link, it's a template, you just fill in the details. You don't need to 'hire' anybody.

[atticus]

I am suggesting the OP take legal advice whether this scheme can be undone or whether there was negligence in not putting in place arrangements for the contingency of his daughter predeceasing him.

[echat11]

I am suggesting the OP take legal advice whether this scheme can be undone or whether there was negligence in not putting in place arrangements for the contingency of his daughter predeceasing him.

That's cool, information is 'king', get the information, find out what transpired, then proceed from there to what you suggest, in essence the OP wanted a Rolls Royce but has somehow ended up with a Lada.

[atticus]

I still have no idea what on earth this so-called "inheritance company" was. Some accountants seem to rpromote the most idiotic schemses that claim - but fail - to save tax. I wonder what 'introduction fee' the OP's accountant was paid.

[zaffy]

I still have no idea what on earth this so-called "inheritance company" was.

The company I hired specialises in inheritance. I would not like to mention their name until I know more. My accountant pointed out the anomaly, but I am hoping he has misunderstood the inheritance. He is going to contact the inheritance company on my behalf. Thank you, and for richer or poorer, I will stay in touch.

[echat11]

Update when you get more information..