Early Inheritance

ryan381

Hi,

I have a few questions that I would appreciate some advice/answers on. I am based in Scotland

OK so here goes my mother died 6.5 years ago and my Dad's inheritance tax allowance was doubled as my mums share was transfered. So his allowance is currently 650k.....his estate is under that.

So my dad is planing on selling the family home and splitting this 3 ways between me, him and my brother.....so first question if this sold for approx 330k that would be 110k each can this just be gifted?

Next he is looking to buy 50/50 with his new partner, we are looking to somehow get an agreement set up where by if for example my father died first then his 50% would transfer to me and my brother BUT we wouldn't be able to get the cash, sell or throw anyone out until the other holder of the 50% agreed i.e his new partner....is this possible?

Finally what happens if he decided to get married in say 6-12 months time?
Would his double inheritance allowance be scrapped?
Would me and my brother be taxed on our share of the family home? Would any agreements set up on his new property with his new partner then become void?

Hope this all make sense to someone out there

RAS

Check out tenants in common - the renting and selling forum will help you.

Wills can be made in anticipation of marriage as long as this is planned, he can make one prior to marriage.

And he needs to check out the term life interest.

ryan381

thanks will check out those forums

lika_86

Talk to a solicitor.

getmore4less

No problem with the transferable nill rate band, it remains.

ryan381

lika_86 wrote: »

Talk to a solicitor.

Far too helpful....thanks so much!

mountainofdebt

ryan381 wrote: »

Far too helpful....thanks so much!

Might be abit blunt but isn't proper advice better than advice from armchair experts from whom there is no comeback

Jinx

Def worth paying for professional advice.

Yes your dad can leave you his share in new house and gift 'life rent' to partner. Then you get his share when she dies or moves in with someone new for example.

Always worth having a new will along with marriage or in contemplation of marriage.

ryan381

Jinx wrote: »

Def worth paying for professional advice.

Yes your dad can leave you his share in new house and gift 'life rent' to partner. Then you get his share when she dies or moves in with someone new for example.

Always worth having a new will along with marriage or in contemplation of marriage.

Many thanks, I will be seeking professional advice but also good to get some feedback on forums as some times you discover other issues....best to be prepared

Thanks again