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Life tenancy
Comments
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Unless she changes her mind if you die first!mobileron said:I had this issue.was solved by getting married to my partner.She in turn will leave her percentage of the house to my children on death. No IHT involved."You've been reading SOS when it's just your clock reading 5:05 "0 -
Shezz said:Is this correct as I cannot get my head around why inheritance tax should be paid twice for my son's to eventually inherit it.
In effect your partner is inheriting the property (with a limitation that they cannot sell it and spend the money) and then your sons inherit. You are adding a specification of who inherits next - and that won't be a reason for the state to give up a round of tax it can claim.
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll1 -
Giving partner spouse status with a will and life interest solves the tax issues you were concerned about.
It introduces issues with equitable interest but they probably exist after 30 years anyway.
It's not easy surprising how quick you can go from nothing to being a potential IHT disaster when life just goes by.
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