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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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IHT property valuation - sale within 12 months
Advice needed about question 12F on Form IHT405. I've got a professional valuation of the house as at the date of death (April 2024). That obviously goes in Box 8G. The house is going on the market shortly, and estate agents are suggesting we won't get that price. Question 12F says, if you are selling the house within 12…
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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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Simple Funerals question.
Both my husband and I have always said to the children, that when we die, we want to have a very simple funeral. After having a conversation with a friend who recently lost his wife, we are having second thoughts. The funeral director that arranged the funeral of the friends wife, told him that the cheapest funerals with…
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What, if anything, is required after death?
a friend of mine's mother has recently died leaving no will and very little in assets, having given away (substantial) gifts over the last few years I have told them there is probably some kind of inheritance tax reporting required but I'm at a loss to say who has to do what as there is no will and no executor and nobody…
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Will inheritance advice
My parents have made wills which states their house will be split between me and my two brothers one of my brothers wants to give me his share (value approx £40k) if he gifts it to me will I have to pay tax on it or is it possible for me to buy it for a token amount ie £1 thanks
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Any experience dealing with a partners debt who has passed
Hello, My Husband passed and I'm trying to sort out his affairs. We own a home together and have two small children, I really don't want to sell our home or become homeless so any advice or support would be so incredibly helpful and welcome. We own a home together which we are still paying a mortgage for, He has about £40k…
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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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Probate & underestimated estate value
I am sole executor of my Dad's estate. Since grant of probate, some previously unknown money has come to the estate from a pension plan in the form of a lump sum. This was taxed at source by the pension company (special lump sum benefit tax) and the residue paid in to a dedicated executor bank account. Also, when I applied…
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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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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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Trust Funds for inheritence discretionary and 'age' related advise wanted
As executor of my late mothers will I have to set up a discretionary trust fund for my brother as his inheritence has to be managed by another person. I also have to set up a trust account for my neice so that the money stays in place until she is 21. Please could you advise whom in the UK provide these accounts at this…
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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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Do I need to present IHT forms in my case?
Hello, My father passed away just after christmas. He owned his house as tennants in common with my mother, who is still with us. He left about £160k in cash along with half the house worth £180k (£340k total value) to my brother and myself, with the house going in to a life interest trust so my mother can continue living…
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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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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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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…
