Gifting money to adult children to enable them to pay inheritance tax

Keep_pedalling

[Deleted User] said:

Keep_pedalling said:

Gifting is a good idea, gifting with ridiculous conditions is plain daft. If she is in good health then hopefully she will survive 7 years and reduce the amount of tax that the executors need to pay.  

It is daft - but it is amazing how many elderly people do not to want to leave ‘debt’ after their death. My mother is of the same view and has given my sister money specifically to cover funeral costs. The fact that each of us will benefit from her estate on passing doesn’t seem to be a factor at all. 

As someone deep into their 60s I don’t consider that as being elderly 😀

needabed

How about your mother puts 50% of the property into your names. After 7 years 50% of the property will no longer be part of the estate.

Keep_pedalling

needabed said:

How about your mother puts 50% of the property into your names. After 7 years 50% of the property will no longer be part of the estate.

Look up gift with reservation of benefit.