Inheritance tax

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Im hoping someone please can give me some advice. My father passed away in November 2022 and left my mum who is currently 85. Everything was left to her. My sister and I with mum have sorted out all the bills, advising various authorities of his passing including the HMRC to sort out their pensions etc. Everything was in joint names.
Now, we not sure about his allowance for inheritance tax? Do we need to sort anything on this ?
Their house is worth around 900,000 and they did equity release which looking at the last statement they owe about £128,000 to date. There are no other assets apart from the contents of the house. These don't include fine art or jewellery !!
So my question is will my sister and I be liable for inheritance tax on mums passing? Mum knows I am asking this question. She is the one asking me to ask you guys and wants to know can we do anything (legal ) to reduce the amount if we have to pay ? Thank you
Now, we not sure about his allowance for inheritance tax? Do we need to sort anything on this ?
Their house is worth around 900,000 and they did equity release which looking at the last statement they owe about £128,000 to date. There are no other assets apart from the contents of the house. These don't include fine art or jewellery !!
So my question is will my sister and I be liable for inheritance tax on mums passing? Mum knows I am asking this question. She is the one asking me to ask you guys and wants to know can we do anything (legal ) to reduce the amount if we have to pay ? Thank you
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If the property is left to you and your sibling ( as direct descendants) you will also be able to utilise the residential nil rate band for both parents.
As a rule, I loathe equity release but in this instance it seems perfectly reasonable.
Good luck for the future.