Yard find

[Monkeybusiness]

Sorry MB can you rephrase that. I'm confused.

The value of your tool collection needs including within your estate when you die for probate purposes, and that estate is taxable on its total value. The more the tools are valued at the more tax there is to pay…

 

[Stroppymonkey]

The value of your tool collection needs including within your estate when you die for probate purposes, and that estate is taxable on its total value. The more the tools are valued at the more tax there is to pay…

You need 3 sets of accounts kept. One low one for probate, and one high one for insurance, and one realistic one that you would want your widow to actually sell them for...

 

[Lancs Lad]

The value of your tool collection needs including within your estate when you die for probate purposes, and that estate is taxable on its total value. The more the tools are valued at the more tax there is to pay…

Yep...just been helping mum sort dad's stuff.
Shittest job in the world

 

[Canal Navvy]

Got to be careful to not go too low for probate as you end up paying capital gains if you sell, just below the inheritance tax threshold is good

 

[Smiffy]

The value of your tool collection needs including within your estate when you die for probate purposes, and that estate is taxable on its total value. The more the tools are valued at the more tax there is to pay…

Thanks. My dad is very shrewd so I trust it is all in hand. Unfortunately the likely hood is lt will all have to go before any of this is a problem.

 

[Stroppymonkey]

Got to be careful to not go too low for probate as you end up paying capital gains if you sell, just below the inheritance tax threshold is good

That is what we have cash for