Until death us do part
Bates, Penny
Until death us do part - 2005 - Taxation 154(3999) 17 March 2005, 596-599(4) .
Evaluates what happens to partnerships in the event of the death of a partner and what protection could be available to the partners and examines the tax consequences and the planning points that should be considered. Considers the automatic dissolution of the affected partnership and the various arrangements available for the remaining partners to buy out the share of the deceased's interest in the partnership. Reviews the principle of partnership assurance, which enables continuing partners to have access to funds to pay the executors for the deceased partner's share of capital and past profits and provides policy options. Discusses the taxation issues relating to death and critical illness. Concludes that professionals should be more active in taking out term assurance and critical illness cover to ensure adequate and tax-efficient provision for their families.
Until death us do part - 2005 - Taxation 154(3999) 17 March 2005, 596-599(4) .
Evaluates what happens to partnerships in the event of the death of a partner and what protection could be available to the partners and examines the tax consequences and the planning points that should be considered. Considers the automatic dissolution of the affected partnership and the various arrangements available for the remaining partners to buy out the share of the deceased's interest in the partnership. Reviews the principle of partnership assurance, which enables continuing partners to have access to funds to pay the executors for the deceased partner's share of capital and past profits and provides policy options. Discusses the taxation issues relating to death and critical illness. Concludes that professionals should be more active in taking out term assurance and critical illness cover to ensure adequate and tax-efficient provision for their families.