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IHT and 7 Year Gift Rule
Evening all, I am currently applying for probate of my fathers estate. My Mum died 10 years ago. With regards to IHT are we right in thinking the threshold is £650,000 (there is no property in the estate) before IHT will come into account. Is that right? The estate is likely to be around £525,000. 5 years ago my Father…
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wills
We had a very basic 2 wills with a firm that has ceased trading, new company took over and we had meeting at our home to draft details for 2 new Trust wills. After chasing up, we received drafts and not happy with them , here's the rub, we paid upfront over 2.5k for these wills and 2 LPA docs but now want to change our…
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CGT for shares
Please can someone clarify, as I’ve read round and round and I’m totally doubting everything now! I am the only beneficiary of my husband’s estate (through intestacy rules). The only asset he had were shares in the company he worked for. I sold some in the last tax year and some more in this, which have used up all of the…
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Executor vs Administrator for estate funds
We have appointed solicitors who have applied for probate which is due shortly. They have control of the bank account funds which will contribute to the estate, and in their T&Cs they say they will retain the value of the estate for 6 months post grant to allow for unexpected claims, which I understand is standard. We have…
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Advice on inheritance Tax, probate, capital gain tax
Please can you help or advice if my mums dies, does she or the children have to pay above inheritance Tax, probate, capital gain tax. My father passed away in 2012 and then my brother then transferred the name to my mum back in 2013. She has 3 sons and 2 daughters and 10 grand kids She only has this house and no other…
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How long do DVLA and HMRC take to respond?
My Dad died at the end of May with no will. He owned no property as both my parents and I live in a council owned property. I used the Tell Us Once service to contact the relevant government departments. I'm waiting for HMRC to respond regarding his state pension and DVLA about his motorbike. Does anyone know on average…
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difficult will - all left to spouse other than a share of a property. - extra IHT allowances
The property share of the deceased is split between 2 stepchildren and 4 nephews and nieces . This share of the property is likely to be more than the IHT level in itself. Is there an increase in allowance for IHT purposes in respect of stepchildren only? If so how is the increase in allowance calculated? Does anyone have…
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How complicated is the letter of administration process?
My Dad died at the end of May with no will. He owned no property as both my parents and I live in a council owned property. So far things have been fairly straightforward. I've organised his cremation, have used the Tell Us Once service to contact the government departments and used a website called Settld to contact…
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Currency Calculations
When calculating foreign assets for IHT I wonder which online platform to take best and why there are discrepancies in the online converters: The IHT form recommends to convert “at the closing mid-point figure given in the ‘Pound Spot Forward against the Pound’ table shown in the financial pages of daily newspapers or on…
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Solicitors bad advice on Inheritance Tax
I'm unhappy that my Solicitor didn't give my family the best advice on my late fathers estate. Who can I go to to get some initial free legal advice to see if I've got a genuine complaint or not?
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Charities write up free wills
I know I know.You know but if you leave a small donation many charities will write up your will free of charge.I am in Manchester.The solicitor mentioned a figure and it went up come billing. Always email back your understanding of the full cost before you sign up and make sure its gross.Some omit the 15% vat and it comes…
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beneficiaries of will one wants to buy house
Hi just a bt confused and know MSE are so great for everything!! 1/ Mum died a while ago but her will left half the house she shared with our step-dad in trust for us two siblings. (no mortgage, under inheritance threshold) 2/Now step-dad has died and the will specifies of the remaining 50%: 80% is split between us two…
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What Actions required to update Land Registry post Deed of Probate
Hi, I would be grateful for directions/links or info re my next steps: Background - My mum and dad owned their bungalow as Tenants in Common and in their 2008 respective wills left their respective 50% share of bungalow to me, their only child - Mum passed away 2015, following successful probate (admin'd by myself due to…
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Unpaid income tax from deceased parent's rental properties
Hi My father died recently, owning a rental property. He had dementia, so during last year I gained power of attorney to manage his finances. When I did so, I realised his finances were completely disorganised. He kept no records and mainly operated in cash - and there was no record-keeping that I could find evidence of…
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IHT gift out of surplus income question
Actually it's more a question of what constitutes normal expenditure, I guess. Alongside making monthly gifts out of surplus income, a person has also saved money from surplus income over several years in a savings account. The person plans to used the savings to purchase a car and to have building improvement work (not…
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Inheritance tax query - Father deceased, Mother alive and IHT allowance
Hi everyone, Hope you are all well. My name is Thomas J. My father Henry J died in July 2017 and his last Will and Testament stated that all assets (financial/property etc) were to be transferred to my mother Suzanne J in entirety. Suzanne is still alive and is 88 years of age. Questions: 1) Upon Henry's death, was his NIL…
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Only getting half expected inheritance?
I am doing this on behalf of a friend. I'm in Scotland. His dad died 5 months ago, he's just just received the solicitors letter detailing the legal side including how much he will get. I assume this is the probate and it will be another 6 months from now when the estate is paid out? Secondly, he expected both his brother…
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Unhelpful solicitors
I have a strange situation. I was contacted by a company, they had been hired to find me, as my father had died and left no will, they were instructed by a firm of solicitors. I have made contact with the solicitors and they are just awful. They don't reply to emails, when I do make contact, they promise to write or email…
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Provision in will for vets bills?
Firstly apologies if this is in the wrong section, if someone knows of a better place to post this let me know. My elderly friend has asked me if I will look after her dog if she passes away before he does because she knows I love him to bits and she doesn't want him to end up in a dogs home or shelter. I am more than…
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Changing the 'disaster' scenario in a will. Codicil?
Last year me and DH made our wills (mirror wills) . It follows the rules if intestacy (first to each other, then 50/50 to our adult children, then their share to any children they may have or if not to each other) until it gets to the 'disaster scenario' Then we put 50% to go to our DIL (in effect DS share) and the other…
