Marital Home IHT Exeption Still Apply If Estate Varied To Son?

woodbine66

Thanks to everyone who replied. Now understand that DOV not necessary and other exemptions may apply. Suppose all this is dependent on what happens in the first Labour budget - so could all have changed in a few weeks.

mattojgb

Father's NRB can be taken advantage of either now or on death of mother. I would have thought some consideration ought to be given as to whether mother or children ends up as LL of rental property. You may need to consider income tax and CGT implications. May also need to take account of any changes in the forthcoming budget and possible future care fees.

Has it been established whether the marital home is held as joint tenants or tenants in common? 

RAS

Both properties are in dad's sole ownership, which is disadvantageous.

OP, whilst appreciating that dad has dementia, it may be worth while asking him directly if he has a will?

And if mum let's you in the house, checking carefully for any paperwork relating to a will or arrangements with a solicitor.

sheramber

RAS said:

Both properties are in dad's sole ownership, which is disadvantageous.

OP, whilst appreciating that dad has dementia, it may be worth while asking him directly if he has a will?

And if mum let's you in the house, checking carefully for any paperwork relating to a will or arrangements with a solicitor.

Marital home is in joint names

poseidon1

RAS said:

Both properties are in dad's sole ownership, which is disadvantageous.

OP, whilst appreciating that dad has dementia, it may be worth while asking him directly if he has a will?

And if mum let's you in the house, checking carefully for any paperwork relating to a will or arrangements with a solicitor.

Worse case scenario if there is no will, children can vary intestacy rules  via a deed of family arrangement to divert their own entitlement to the mother.  Same with the Will ( if there is one) if it does not gift everything to mum.  Sounds like mum may get the house anyway as joint tenant so only the other assets to worry about.

As you say the important objective is to double up on the nil rate band to mitigate/avoid IHT