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Inheritance tax, and jointly owned property sold to pay care debt
Until recently my projected estate would be under the inheritance tax level. However, I was a joint owner of my late mum's rental property, which had now reverted to me by survivorship, and would take me over the line. The property will need to be sold so that my mum's half of the value can go towards the care debt that…
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Lifetime interest in property registration
My deceased partners Will left me life time interest in the property as tenants in common and his share of property left in trust to his 2 daughters. I have received Grant of Probate and told I need to register my lifetime interest with the HMRC. I have gone on their site and started to register the trust choosing…
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payments to spouse for household expenses
Husband and wife, both with independent income. No joint accounts. Husband gives wife £2000-£2500 per month for household expenses (24-30 p.a) Husband records this 24-30k as part of his 'normal expenditure'. Thus reducing the amount of surplus income from which he could otherwise have made 'gifts out of income'. So if she…
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Deed of variation - residual bequest
I want to pass the inheritance that I’m due from my aunt to my kids. The solicitor that’s been dealing with the fairly complex estate is drafting the Deed of Variation, and I’ve run into a few problems: - my inheritance is the residual estate, and we don’t yet know how much it is - the solicitor has estimated that the…
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Dealing with estate issues/questions TY
Quick questions for clarity, thank you. As I understand it as my mother passed away in 2006 and my father passed away recently the total threshold would be £600,000 and since my father's estate was well below that I won't have to declare the estate? After contacting tell it once, would any outstanding tax be automatically…
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Help with house sale and paying for Care home for mum
Hi, Im new here hoping for some help with a question regarding inheritance and care costs. Mum had dementia, dad died this year and she moved into care home privately funded. Dad changed will on deathbed to split his inheritance between me and mum until she dies and changed property into tenants in common on solicitors…
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tenant in common and care home fees
Hi My mother died last year leaving her 50% share of their property to her 2 adult children with my father able to live in the property for his lifetime They were tenants in common It is likely my father will need residential care at some point in the future and will be self funding Will his financial assesment just take…
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Inheritance Tax
Sister and I are Executors of late fathers estate. Inheritance tax has been calculated but IHT form not yet submitted, and we have split the amount proportionately to what we are to inherit. The estate is asset rich, cash poor but neither want to sell property to pay tax. I have paid mine over to HMRC in full and sister…
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Executor signing estate accounts
Hi, We’re currently doing estate accounts ourselves, we’ve looked online for examples of what should be in estate accounts. We’ve currently got the following pages – Assets Income Expenses Taxes Distribution Closing Balance There’s mention that the Executor needs to sign the accounts, is there any example on what that page…
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Tenants in common and whole life trust
Can anyone help please my partner and I were tenants in common. He has passed away. His 50% share is left in whole life trust to my children. So I can reside in the house until I die. I want to downsize. can I use the 50% in trust , 25% of my share of house to buy new house . does the remainder of money come to me. Could…
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Leaving estate to charity question
I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought…
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IHT Form and Income Tax
I’m completing the IHT forms for my late father. I’ve a letter from the HRMC saying it may take them 8 weeks to calculate any tax due for the 23/24 tax year. The forms are nearly completed, so do I need to wait 8 weeks for this number or can I submit with an estimate from the paperwork I have. I’ve worked out he will owe…
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Releasing funds from inherited SJP investment bond process
Sadly my mother passed away early last year and now that the probate process is complete i have asked the solicitor to call in the money from the SJP investment bond. The investment bond is only nearly 2 years old and so i will unfortunately have to pay an exit charge. I was expecting the process to be that the fund would…
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IHT400 - needed or not?
Having read the guidance notes for form IHT400 I believed I wouldn't need to complete the form as my late Fathers estate would be exempt because it doesn't meet the IHT threshold. However HMRC have said that I need to complete it as he has left the house in Trust - ie: My mother can continue to live there but when she dies…
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Passed in laws house in BIL name.
Bit of a strange one this. Basically my in laws signed over their house to their eldest son ( my brother in law), around 10/15 years ago, just in case they had to go into care. They both passed away in past couple years, now the house has finally been sold. As it's in BIL name, there will be capital gains tax. We do trust…
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Trust registration service - clarification
Reading through the process to register an IPDI trust and a couple of questions remain in my mind;Scenario; Husband dies leaving 50% of property in trust for children. Wife's holds 50% and has right to live in the property. They were tenants in common. Q1. The widow now holds the property on trust for herself and on behalf…
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Probate & Joint Bank Accounts
My Father died recently, my siblings and I are executors of the Will. We are in the process of applying for probate. We have had conflicting advice about bank accounts that are in joint names of both my parents. I know that the Joint Accounts transfer into my mothers name and the balance then becomes hers, however does my…
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Estate includes an (insolvent) Ltd company - help?
I’m executor for a family member who has recently passed away. The Estate includes an insolvent private Limited company. My family member was the sole director and shareholder. No employees and no business assets other than a desk, chair & laptop. Last accounts posted on Companies House show business as having significant…
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Retrospective Probate Questions
My brother, sister and I are currently in the process of selling our late mothers house who died in 2020. Probate was dealt with in 2022 and my brother is the Administrator/Executor. The solicitor handling the sale has received all doc's etc but after seeing that the property deeds only name my father (who died in 2013)…
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How long does it take for HMRC to reply about Capital Gains Tax
Morning, has anyone got an idea of how long it is taking HMRC to reply at the moment? I reported online the capital gains tax following completion on the house that we have sold. After it just said we will contact you to let you know how to pay. Just trying to get an idea of time scales before i think about chasing a…
