IHT Advice please

Richard_Richardson

Hello

I wonder if you can help me

I am probably like many people in the UK in respect of the position I find myself in.

My parents are both retired and their main assest is their house which is worth in the region of £600,000. The other assests they have are minimal in relation to this, maybe a few thousand pounds worth.

Currently they have a perfectly normal will which leaves everything to the surviving partner upon death.

My brother and myself have looked into this fairly well and are sure there must be a way of setting something up that reduces the IHT burden upon the death of the surviving parent. I.E. a trust etc

We have read various websites but wanted to seek some advise from this forum rather than read another article.

Are we correct in our view that there is something we can do ? If so, can some one please tell me what and how

Many thanks in advance.

dunstonh

Currently they have a perfectly normal will which leaves everything to the surviving partner upon death.

That isnt really a perfectly normal will by todays standards.

There are a number of options available. This can include disposing of some of the assets on first death (ir in will, specify they go to you and your brother).

There are trusts and some other arrangements that could also be used. However, its not the sort of thing you really want to be doing from comments posted on a website.

Richard_Richardson

The 'perfectly normal will' comment was probably bad choice of words on my part - apologies.

I am not sure how a provision can be made to leave an amount to a trust or similar upon the first death when it is all tied up in a house.

Can you shed any light on that for me ?

The house is currently joinly owned by my parents.

Robert_Sterling_3

You moght care to read the other IHT thread which has about 130 message on the subject of IHT. Perhaps you have already read it.

yorkshire_ria

Really helpful professional advice is available at the following link. You can download the guide for free. It also gives examples of how to avoid IHT.

http://www.bbtco.barclays.co.uk/trustee/06_1.html

Once you've got an understanding of the basics, if you decide you'd like a free appointment with their local Financial Planning Manager you can book this through 0845 601 3448.

Got me sorted in a flash ::)

Robert_Sterling_3

Make sure that you don't pay more to the bank than the amount of IHT you would save.