Please help....Nil rate Discretionary Trust

calypso_rhapsody

You definitely need expert advice - this is a minefield.

I think (but maybe completely wrong!) that you and your Mum could come to an arrangement to vary the will if that suits you both - that is a 'family arrangement i believe. This might be of use to sort out the issue of your home and/or to move some of the savings above the nil rate band into your name?? Not really sure but do take advice!

kidmugsy

IanManc wrote: »

The purpose of nil rate band trusts was to reduce the inheritance tax bill on the estate of the first of a couple to die.

...

The nil rate band trust is no longer tax efficient, is of no use to you, and the trust will be an unnecessary pain to administer.

Trusts serve other purposes than IHT mitigation: they give family money some protection from all sorts of slings and arrows.

oldvicar

May be worth checking if the solictors firm has any STEP members working for it and if so explicitly asking for one of them to be involved, at least for a consultation to explain options to you (and possibly the (junior ?) solicitor assigned to the probate work). It might cost more. It might be worth it.

Easy to check if a firm has any STEP members here: http://www.step.org/system_pages/call_to_action_navigation/search_for_a_step_member.aspx?link=header-menu