Inheritance tax scheme causes family rift
A bid by a millionaire businessman to avoid inheritance tax after his death has "backfired" and torn his family apart, a court heard.
The efforts of manufacturing tycoon John Barry Wild to shelter his estate provoked a court battle over his legacy that one party to the case said would have made him "turn in his grave”, the Daily Telegraph reported.
When he died at the age of 78 in June 2009 his personal assets included a successful business empire in the West Midlands worth £2.3m, and a country home in Warwickshire worth more than £1m.
He left behind a widow, a son, a daughter and six grandchildren.
Rather than making a traditional will, Wild set up a discretionary family trust to...