Son of woman with dementia has a £6 million gift approved by Judge
The green light has been given from a judge to the son of a women who is mentally ill with dementia. The judge has agreed that he can 'gift' himself £6 million from her £18.6 million fortune.
In court judge Carolyn Hilder heard that the 72 year old woman suffering with dementia appointed her sole surviving son as her attorney eight years ago and that due to dementia the woman now required full time care.
The man, asked the court to allow him to give himself a £6 million "gift", saying that such a move would reduce inheritance tax liabilities of his mother's fortune of £18.6 million.
She was a widow who had married for a fourth time to a businessman while in her fifties. The court heard that he had "created" her wealth. He died eight years ago and left his entire estate to her.
The judge, who is based in London, said the woman could not be identified and suggested some might say the man's application was "self-serving".
Although the evidence was heard earlier this year, the ruling has only just been made public. It took place at the Court of Protection, where issues relating to people who lack the mental capacity to take decisions are considered.
Judge Carolyn Hilder she said that she was satisfied that the application had "not been improperly brought" and that the woman's long-standing financial adviser was "fully in support".
The woman had been separately represented by staff from the office of the Official Solicitor, who help mentally ill people caught up in litigation. They had also given their backing to the plan.
The woman had made a will seven years ago under which her son would inherit the vast majority of her fortune. The judge also gave the man permission to make "gifts" from his mother's funds to various charities.
In total, more than £7 million of the woman's money would be given in gifts including to charities – a move that could cut inheritance tax liabilities by more than £3 million.
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Wigan,
Lancashire,
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0845 603 0708