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Making a large gift and IHT implications?
I plan to leave my niece, £200K as a large gift while I'm still living.I'm aware of the 7-year taper relief rule affecting this should I die before 2032. Would this gift adversely affect me if I continued to make the £3K yearly tax-free gift allowance?... and would it leave me open to being taxed?
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Inheritance tax
Hi We are working thru finalising my godfather estate and have paid inheritance tax and secured probate. We based the figure on an estimate of the value of his property. If we now sell the house and the sale price is higher than the estimate will we owe more inheritance tax?? Thank you
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Inheritance Tax on car
My Dad (88) has been told he is no longer allowed to drive. He has gifted his car (£10k ish value) to my son. My question is should we pay for the car to avoid inheritance tax and if so, is it important to pay market value?
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Gifting transferring money before death probate etc
So member of family had to reduce savings so transfered 40k into a joint bank account of daughters a couple years back questions on chats today were what to do when god bless her she goes with the cash best way naturally is to tell probate solicitor about it and send it across as part of the estate I presume they will…
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Death of grandparent…
Hi, I have no idea if this is even the right place to post this. But really, really looking for some advice. Back in January my lovely nan died. My Grandad was her next of kin. So obviously everything was left to him (that was hers) they own their house together. We both attended the bank and closed one of her accounts…
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inherited property probate, IHT and CGT
Can anyone confirm/clarify my understanding here? Situation is hopefully fairly straightforward: - Mother passed away 5 years ago, leaving everything to my father (they were married) - Father passed away recently leaving everything jointly to me and my sister - Cash assets approx 100k - House owned outright, value…
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Can a person who is owed money from a beneficiary of an estate make a claim?
Hi everyone, My dad died intestate nearly 2 years ago. The estate has not been “wrapped up” yet but we are expecting this to happen within the next few weeks The estate is being distributed between 4 siblings. It has recently come to light that my mum (divorced from my dad years ago) has given my brother approx £50k in the…
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C1 Confirmation help required
I am helping a friend with a C1 submission to Falkirk Sheriff Court. Confirmation is required by a bank. The estate is valued at circa £110,000, no heritable property. The court has rejected the initial C1. The deceased's home address was in the Strathclyde Sheriffdom and is shown in the Will. They passed away in the…
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Selling house after death: form DJP essential?
My mother-in-law died recently. Her and her husband had moved into a care home a couple of weeks earlier but hadn't started process of selling their house (they are joint tenants). We need to start the process of selling the house to fund the care home for my FiL. There is no urgency for the funds but it would be good to…
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Letting the Family home.
I wonder if anyone could tell me what are the implications to IHT, if a parent goes into care and chooses to let the family home? 1) Would this incure capital gains tax when the house was sold? 2) If the home is left to there children after spending time in a care home. Would this invalidate the £175k increase in IHT to…
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Beneficiaries?
My friend’s brother died without a will. He was not married nor had any children. He had some money in the bank. He has 7 siblings, 2 of whom have died. The 2 deceased siblings have 2 children each. Are they entitled to their deceased parents’ share or does it just get shared among the 5 living siblings? Thank you.
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Life interest in property and selling home/buying new
Hello please could i ask advice/guidance/thoughts on the following. My parent and partner bought a property as tenants in common 50/50 My parent is now deceased but left their partner lifetime interest in the property The partner now wishes to sell and use part of my parents 50% share of current property sale to buy a new…
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Inherited Property
Would anyone please be able to advise, general or legal please? My situation is : my parent has prepared his will, he is living everything 50/50 to my sibling and I, my sibling has lived with dad for nearly 18 years due to marriage breakdown, job losses, not looking for work as dad supplements him, he’s 60, I live in…
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If I die can I delay children getting money until 21?
I see lots of posts and information on the internet saying that brains aren’t fully formed until age 25 or later, so in this day and age why do child ISAs and bare trusts etc pay out at age 18 and is there a way to change it? I’ve split with my ex and have minor children (6&10), I have a life insurance policy through work…
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IHT 400 exemptions and reliefs
Hi . Just checking IHT 400 for the 25th time …. Box 93 on exemptions and reliefs on property - does anybody know if I have to include the Transferable residence nil rate band here please ? Thank you
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Leaving bulk of assets to children in will rather than spouse
We've always taken the line that on death our assets (longstanding married couple with two children + grandchildren) would go wholly to the surviving partner. There are some advantages (and some drawbacks - notably the loss of IHT exemption on transfer to spouse) to changing that in favour of the bulk of assets going to…
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Inheritance Tax Limit, Nil Rate Band, and Probate
Hi all, My grandmother passed 2 months ago and I am still trying to sort out probate as I am executor of the estate. It isn't a big enough estate to justify solicitor costs so I'm handling it all myself. My grandfather passed back in 2008, and as far as I know everything of his estate went to my grandmother. I'm now trying…
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sudden death and sorting finances
Hello Please help, I am at my
wits end. My son died suddenly from a
brain tumour in March. His laptop contains all his financial documentation and
it is encrypted…. I have contacted his high
street banks and Chase via the tell us once system, these accounts are all but
empty and or slightly overdrawn. My son had a large…
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Distributing funds after probate granted.
So i have been granted probate as a executor of my mothers estate, probate was applied for on the 20th of May and believe it or not it was granted to me as sole executor on the 3rd of June !!, there is no property to sell as i was appointed as a court of protection deputy five years ago for my mother as she had advanced…
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IIPTrust Investment Options - Alternatives to Investment Management
I am trustee. There is around £200k proceeds from a house sale which will need to be invested for life tenant. It seems Investment Management (Stockbrokers) will charge 1% + VAT to ensure balance between capital and income and showing the investment is at arms length from me - the remainder man. One firm I have spoken to…
