Advice please

Sibbers123

pphillips said:

Sibbers123 said:

It’s impossible to calculate the IHT with the information provided. There may be numerous other PETs made by your step-mum and the amount of NRB and RNRB will depend on a number of factors.

You have the funds to pay, it’s just not in cash by the sounds of it.

You can complain about the solicitors but you won’t get anywhere unfortunately. They haven’t given incorrect advice, they just haven’t been very proactive. Even if they informed you, the IHT would still be payable, so it would be hard to argue you have suffered a loss as a result either.

How do you know that inheritance tax position would be the same if the solicitor had provided advice?
Why is a solicitor not responsible for the advice that they fail to provide?

There is a big difference between negligent and being ‘lazy’.

There would’ve been very little the solicitors could do, especially after death, except invent a time machine.

maxinelouise48

Thanks all for your replies, 
I think that at a time when we were dealing with something we knew nothing About  And found completely mind blowing  along side grief and the stress of dealing with an alcohol dependent stepmum ,we somehow got lost ... we do remember when everything was finished with And our money Was released to us asking if we had to keep any aside to pay anything and where told that No it’s yours to do with as you wish, if we’d been told of this situation arising if the stepmum died Within 7 years obviously the money would have been set aside as in all honesty we didn’t expect her to live as long as she did so would have been expecting to pay it ... hindsight is a wonderful thing and now my heads clearer than it was at the time yes I think “ why didn’t we ask more questions .. but obviously I know more now after reading up on things with a clearer head...
I have read things that say if the recipient of the PET can’t or won’t pay that the estate is liable ( I understand they could then  come at me for repayment)  does anyone know if this is correct and if it would be the estate or HMRC that would follow that up, would I be forced to sell my home to pay this ? As it stands at the minute the estates solicitor wants to know if we’re paying her or HMRC directly ... Thanks for reading 

Keep_pedalling

maxinelouise48 said:

Thanks all for your replies, 
I think that at a time when we were dealing with something we knew nothing About  And found completely mind blowing  along side grief and the stress of dealing with an alcohol dependent stepmum ,we somehow got lost ... we do remember when everything was finished with And our money Was released to us asking if we had to keep any aside to pay anything and where told that No it’s yours to do with as you wish, if we’d been told of this situation arising if the stepmum died Within 7 years obviously the money would have been set aside as in all honesty we didn’t expect her to live as long as she did so would have been expecting to pay it ... hindsight is a wonderful thing and now my heads clearer than it was at the time yes I think “ why didn’t we ask more questions .. but obviously I know more now after reading up on things with a clearer head...
I have read things that say if the recipient of the PET can’t or won’t pay that the estate is liable ( I understand they could then  come at me for repayment)  does anyone know if this is correct and if it would be the estate or HMRC that would follow that up, would I be forced to sell my home to pay this ? As it stands at the minute the estates solicitor wants to know if we’re paying her or HMRC directly ... Thanks for reading 

I don’t think this is a PET, it was not a gift. Considering how much is involved you should consult a tax adviser.

Jeremy535897

Keep_pedalling said:

maxinelouise48 said:

Thanks all for your replies, 
I think that at a time when we were dealing with something we knew nothing About  And found completely mind blowing  along side grief and the stress of dealing with an alcohol dependent stepmum ,we somehow got lost ... we do remember when everything was finished with And our money Was released to us asking if we had to keep any aside to pay anything and where told that No it’s yours to do with as you wish, if we’d been told of this situation arising if the stepmum died Within 7 years obviously the money would have been set aside as in all honesty we didn’t expect her to live as long as she did so would have been expecting to pay it ... hindsight is a wonderful thing and now my heads clearer than it was at the time yes I think “ why didn’t we ask more questions .. but obviously I know more now after reading up on things with a clearer head...
I have read things that say if the recipient of the PET can’t or won’t pay that the estate is liable ( I understand they could then  come at me for repayment)  does anyone know if this is correct and if it would be the estate or HMRC that would follow that up, would I be forced to sell my home to pay this ? As it stands at the minute the estates solicitor wants to know if we’re paying her or HMRC directly ... Thanks for reading 

I don’t think this is a PET, it was not a gift. Considering how much is involved you should consult a tax adviser.

In this case it is a deemed transfer of value that is a PET.

maxinelouise48

Thanks both