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Prince Harry turned 40 last month and received more than just birthday well wishes and celebrations - he became the beneficiary of an impressive inheritance from his great-grandmother, Queen Elizabeth The Queen Mother, totaling around 7 million pounds. What makes this windfall particularly noteworthy, however, is that it appears he won't face any taxes on it. While many may assume that such an inheritance would be accompanied by a significant tax bill, Harry's inheritance is structured in a way that exempts it from taxation. Financial experts suggest that the estate planning by the Queen Mother along with her passing in 2002 means Harry's inheritance bypasses the standard tax requirements in the UK. His brother, Prince William, reportedly received a similar inheritance prior to this, adding to the ongoing financial legacy of the Queen Mother's estate.
The origin of the inheritance lies within the Queen Mother's 19 million pound trust fund, a structure carefully planned to benefit her great-grandsons, according to tax regulations. Inheritance tax generally applies to any trust established within 7 years of a person's death. However, since the Queen Mother passed away more than two decades ago, Harry's inheritance from this trust escapes the 40% inheritance tax that would typically apply. Financial analysts from Stocklitics explained that the estate planning and longevity of the Queen Mother have aligned perfectly, creating a situation where HMRC won't be able to claim any inheritance tax. Had her passing occurred within 7 years of establishing the trust, the tax burden could have amounted to nearly 7.47 million pounds - a significant sum.
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This financial boost likely comes as welcome news for Harry, who recently invested in a vacation home in Portugal with his wife Meghan Markle. This new home, located near his cousin Princess Eugenie, complements the couple's Montecito residence, which has become their primary base since stepping back from royal duties. Their Montecito mansion, located in California and valued at approximately 11 million pounds, boasts nine bedrooms and 16 bathrooms, providing plenty of space for the couple and their two children - Prince Archie, aged five, and Princess Lilibet, aged three.
Since relocating to California in 2020, the couple has aimed to lead a more private life, gradually establishing their own financial independence. This inheritance aligns with the broader changes that Harry and Meghan have been navigating since they stepped down from royal duties, as they continue to forge a life outside the royal institution. They have pursued various business ventures, media projects, and philanthropic efforts to sustain their financial independence. Their Montecito home is emblematic of this new chapter, symbolizing the shift in both their lifestyle and financial strategy.
While the inheritance likely provides Harry with additional financial flexibility, it also underscores the impact of strategic estate planning. The Queen Mother's foresight in structuring her estate trust well before her death allowed her to pass wealth down without burdening her heirs with taxes. This exemption not only serves as a financial benefit for Harry and William, but also highlights the advantages of long-term estate planning - especially for high-profile figures.
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This inheritance and tax exemption come at a pivotal time for Harry and Meghan, who have often faced public scrutiny regarding their financial choices and lifestyle. Nonetheless, they appear to be crafting a new path forward - balancing public responsibilities with personal life goals. In recent years, they have shown a consistent commitment to financial independence, which this inheritance will only bolster, ensuring they can support their family while maintaining the privacy they sought when leaving royal life.
The Queen Mother's legacy, then, is not only reflected in her public service but also in her personal consideration for her family's future. By taking steps to safeguard her estate for her great-grandsons, she has left a lasting impact on both Harry and William, underscoring the role of strategic planning for the Royals.
Meanwhile, Meghan Markle's decision to skip King Charles's coronation insights into the ongoing royal rift. Meghan Markle, the Duchess of Sussex, opted out of attending the coronation of King Charles III primarily due to dissatisfaction with a response she received from him following a significant correspondence. This development highlights the ongoing tensions within the royal family, particularly between Meghan, her husband Prince Harry, and other family members.
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The backdrop to Meghan's decision not to attend the coronation can be traced back to her and Harry's revealing interview with Oprah Winfrey in March 2021. In this highly publicized interview, the couple made serious allegations against the royal family - including claims of racism. Meghan specifically mentioned that a member of the family expressed concern over the skin color of their unborn child, a statement that sent shockwaves throughout the UK and beyond. In the wake of the interview, which painted a troubling picture of life within the royal household, King Charles then the Prince of Wales reached out to Meghan in an effort to mend the rift within the family.
Meghan took this opportunity to write a letter to Charles addressing the troubling issues raised in the interview and reportedly naming the family member who made the controversial remark. The royal response, however, sources indicate that Meghan was not satisfied with King Charles's response to her letter. The lack of a meaningful dialogue or acknowledgement of her concerns contributed significantly to her decision to skip the coronation ceremony held in May 2023. This decision underscores the deep-seated grievances that Meghan harbors against the royal institution and her desire for a more genuine and constructive conversation about the issues at hand.
In contrast, Prince Harry attended the coronation without Meghan, highlighting the couple's continued estrangement from royal events. He sat with his cousins at Westminster Abbey, positioned several rows behind his brother Prince William, with whom he reportedly has no communication. This physical separation at such a significant event symbolized the broader rifts within the family. Harry's attendance was notably brief - he flew into the UK specifically for the coronation and left shortly after the ceremony concluded. Reports suggest that he did not have an opportunity for a private meeting with his father during this visit, indicating that even at such pivotal moments, the communication lines between father and son remain strained.
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Despite the earlier tensions, recent interactions between Harry and King Charles suggest a potential thaw in their relationship. In September, on Harry's 40th birthday, the two reportedly spoke over the phone, marking a significant moment in their strained relationship. Moreover, shortly after learning of King Charles's cancer diagnosis, Harry traveled to the UK for a brief meeting with his father. This meeting, although under serious circumstances, reportedly lasted less than an hour, and Prince William was not present - further illustrating the complicated family dynamics at play. The interactions between Harry and his father seem to indicate a willingness on both sides to engage in dialogue, although significant barriers remain.
The royal family is known for its deep-rooted traditions and protocols, which complicate personal relationships - particularly in light of the public scrutiny that the Sussexes have faced. Meghan's choice to miss the coronation has also drawn public attention and discussion. Many observers speculate on the implications of this decision for the future of the royal family and their relationship with Harry and Meghan.
As King Charles III navigates his reign and seeks to establish his legacy, the ongoing tensions with Harry and Meghan present a challenge for the monarchy. The unresolved issues stemming from Meghan's letter and the response she received reflect broader themes of race, mental health and the evolving role of the royal family in modern society. Ultimately, the relationships within the royal family remain complex and fraught with historical baggage. Meghan's absence from the coronation signifies not just personal discontent but also points to the larger challenges the monarchy faces in reconciling its traditions with the expectations of a contemporary audience.
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The future of Harry and Meghan's relationship with the royal family hangs in the balance. And as both sides explore understanding and reconciliation, the public will continue to watch closely the dynamics of this family saga. The underlying issues of communication, recognition and belonging within the royal family will remain at the forefront of their story. Thank you for watching until the end. Please do share your thoughts in the comment section and don't forget to subscribe to the channel for more updates.
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