| Dear Penny |
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|  | Happy New Year from all at Debenhams Ottaway. With our batteries recharged we are ready to take on the challenges of 2012, which promises to be another busy year for the team. |
Below are five articles containing up to date advice on issues relating to estate valuation and administration. I hope you find these
interesting and useful. If you need legal advice, we look forward to being of assistance. Susan Glenholme
Partner, Private Client |
Asset Valuation Problems - Chattels  When dealing with an estate, an increasing problem for executors is thevaluation of assets in the form of the chattels of the deceased. Ingeneral terms, when valuing assets for probate purposes, the appropriatevaluation is the 'open market value' - the value for which they could besold if a bargain were made between a willing buyer and a willingseller.
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Dealing With an Insolvent Estate  It is relatively easy to carry out an act which demonstrates one'sacceptance of the role of executor of a Will. This normally causes fewproblems, but when the estate being administered is insolvent, matterscan get very complicated indeed.
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CGT and Shares in Estates Valuation Trap  In the UK, there are quite generous exemptions from Inheritance Tax(IHT) which apply to business assets. One problem with making use ofsuch exemptions is the effect this may have on the subsequent value ofthe relevant assets for Capital Gains Tax (CGT) purposes.
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Estates - What Happens if Values Fall?  One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on.
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Year End Tax Planning Checklist  Here is a quick checklist of things you should look at before the taxyear ends on 5 April. It is not exhaustive and, of course, all financialplanning should be done with proper professional advice. Ask before you act!
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