Inheritance tax - £2m estate

Matty1111

Just to update this for anyone in a similar position. My parents will gift the commercial property but forget about downsizing. There is no realistic way to remove this from their estate without a massive change in living standard. 

Between their pensions they have plenty of money for the things they want to do.

Keep_pedalling

Matty1111 said:

Just to update this for anyone in a similar position. My parents will gift the commercial property but forget about downsizing. There is no realistic way to remove this from their estate without a massive change in living standard. 

Between their pensions they have plenty of money for the things they want to do.

You should be aware that any increase in value since the previous owner died will be subject to CGT even though no money is changing hands. 

If your parents are in good health they might also like to consider term insurance to cover IHT that would arise from an unfortunate early demise.