Court ratifies past and future gifting from multi-million pound estate

The Court of Protection has given judgment in a case which focused on the estate of a multi-millionaire.

MJL, a protected party under the Court of Protection was a wealthy man in his sixties, who was unmarried with no children.

He had four siblings and his parents had died. MJL lost capacity in 2007 aged 54, with an estate valued at more than £17 million. MJL had the benefit of continuing healthcare, with a substantial income and a large annual surplus.

MJL’s Deputy for Property and Affairs (FL) sought approval from the Court for past and future gifts to be made to his siblings from his assets, for the purpose of tax planning to reduce inheritance tax on MJL’s estate.

The Official Solicitor was appointed as MJL’s Litigation Friend and made alternative submissions to FL, which put limitations on the gifts for which FL was seeking ratification.

District Judge Sarah Ellington authorised the gifting proposed by the Official Solicitor, on the grounds it was not in MJL’s best interest for substantial tax planning to be undertaken, and that the Official Solicitor’s proposals sufficiently acknowledged MJL’s current circumstances and his family situation.

To read full details of this judgment, click on the link here:-

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.