Of course, local tax consequences in other jurisdictions must also be considered in such circumstances.
In order to avoid falling through the cracks and suffering IHT unexpectedly, individuals should review their estate planning regularly and, in particular, after key life events such as births, deaths and marriages.
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Financial health checks can be a highly effective way of improving fiscal literacy, and understanding the tax rules is the key first step to effective estate planning.
Aidan Grant is a senior associate in the trusts, tax and estate planning team at Collyer Bristow
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