IHT: a Ronnie and Reggie tale to share with clients

Widow Twankey had two sons: twins called Reggie and Ronnie. Unfortunately, their mother had recently died unexpectedly as a result of a tragic accident in the laundry room where she worked. Reggie was the tearaway son, so this left Ronnie with the task of obtaining probate on his mother’s estate. Initially, he was quite relaxed about this. Widow Twankey’s possessions totalled £300,000, so Ronnie was confident there would be no inheritance tax (IHT) to pay on it. Widow Twankey’s estate had no benefit from the transferable nil rate band provisions, since her husband had utilised all of ...