Shocking reports are speaking about how the Osbournes are now at risk of losing tens of millions in the name of death tax raids in both the USA and the UK.
Ozzy Osbourne’s estate could cost the heirs to lose millions, hitting them with another shocking and sudden tragedy. Since Ozzy owned significant real estate in LA and Buckinghamshire in England, those estates are subject to federal estate tax in America and inheritance tax in the UK. This creates a huge amount in the name of double tax exposure.
In America, estates over the exempted figure outlined in the threshold could face large tax bills. In the UK, inheritance tax could reach 40% once assets exceed the relatively low nil-rate band.
Estate planning attorneys quoted that if effective international structuring was not in place, tens of millions of dollars could start to vanish before his widow, Sharon Osbourne, and their six kids could get much of the inheritance as a whole.
The blended family nature of the estate makes the whole situation even more complex, insiders claim. Older kids might contest distributions, and that might further delay probate processes or give rise to some serious legal challenges.