Inheritance Tax Information and Advice
In may not have been well known or publicized at the time, but Jade Goody’s bed side marriage to Jack Tweed has estimated to have saved her two young sons more than £1 million in inheritance tax bills and fees.
If Jade had not married Mr Tweed before her death earlier in the year, her estimate £3 million estate would have most likely been directly handed down to her two sons Bobby, five and Freddie, four.
In the months leading up to her tragic death it is estimated that Jade earned around £1 million from various magazine and television deals that documented her battle against Cervical and Bowel Cancer. She always stated that she wanted to pass the money onto her two sons in her will as to provide the type of upbringing and education that she was never privileged to.
A leading Solicitor in Hampshire has claimed that her marriage has saved her this sum in avoiding inheritance tax and that if Jade did not decide to marry Jack Tweed then young Booby and Freddie’s trust fund would have been liable to the tax rate of 40% on Jade’s estate, which the bill would have total slightly over £1 million.
The Southampton Solicitor went onto explain that, by the 27 year old Big Brother star’s marriage to Jack Tweed a month before her death meant that her inheritance can be passed directly on via him as the surviving partner in a marriage. Although this does not mean that Tweed (21) has any claim or control over the estate as it is still under the direction of the trustees appointed to act on the behalf of Freddie and Bobby. However, it does allow for the money to be passed onto Freddie and Bobby in parts over time without them being liable for a large amount of inheritance tax.
The trustees can also insure Mr Tweeds life so that if he does die before the money is passed onto Jade’s sons they will still be entitled to some money.
The Wills Solicitor further commented on the morality of the fact that the government levies such a large tax bill at a five and four-year old who have just tragically lost their mother to a horrific disease and have no idea of the procedures and ramifications involved of inheritance and the sort of fees they will have to pay. He did go onto claim that he holds no iota of suspicion that Jade’s wedding was only to avoid this bill and that it was purely a wedding for love.
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