Inheritance tax liability

lincroft1710

Live-and-learn said:

lincroft1710 said:

The term is "prenuptial agreement" for a reason. There has to be an agreement between both parties. The prenup you have outlined seems to leave the bride to be without anything when she becomes a widow, so her solicitor may well advise her not agreeing..


Regarding the spousal visa, will your father's income be sufficient to meet the criteria

Agreed.  This is something I have thought about too.  On the other hand, if she only inherited dad's cash reserve, it would be more money than she has ever had in her hands.  Surely her solicitor would have to take account of that.  If not, my dad should definitely gift the house to us sibs and at least that cannot happen.

Dad's cash reserves may well be severely depleted by the time of his passing. Her solicitor will be looking after their client's interests and won't be interested in any claim that what their client may receive "would be more money than she has ever had in her hands".


The following possibilities are not good but may be worthy of consideration.

1. Dad does not marry. Lady friend visits when she can on tourist visa and he does the same. V. expensive in air fares.

2. Dad gives house to children. Dad will have no security of tenure, children become involuntary landlords with all the associated problems . If dad needs care, value of house can still be claimed by council to offset care costs. 

3. Dad leaves house to children in will with proviso that widow can live there rent free (or at  nominal rent) for the rest of her life or until she remarries. If widow is much, much younger than dad then children may wait a long time to see any benefit from their inheritance.


But if dad cannot get spousal visa then no problem re inheritance. Also if dad needs to go into care then house will have to be sold to pay for care.

silvercar

If they are going to conduct a long distance relationship and spend time and money visiting each other, consider travel insurance, though I imagine it would be expensive given his age.