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Splitting Parent's Estate between Husband and Wife?

Skoobaskunk
Posts: 3 Newbie

I'm an only child, and my father passed away several years ago. My mother, who is about to enter into early 80's has some savings and a property overseas.
Whilst I don't want to appear morbid of mercenary, I was wondering if my mother had the option of leaving 50% of her estate to myself and the other 50% to my wife so that I didn't potentially breach my inheritance tax allowance if she decided to leave everything to me, as her sole beneficiary?
Whilst I don't want to appear morbid of mercenary, I was wondering if my mother had the option of leaving 50% of her estate to myself and the other 50% to my wife so that I didn't potentially breach my inheritance tax allowance if she decided to leave everything to me, as her sole beneficiary?
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Comments
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Your mother can leave her estate to anyone she wants as long as she has a legal will. That's the purpose of a will, to distribute stuff the way you want to. You don't have to leave it to a relative0
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What do you mean by breaching your IT allowance? If you plan to leave the bulk of your estate to your wife then it is covered by spousal exemption. You can also gift to a spouse with no tax implications, so this is pretty much a pointless exercise
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Skoobaskunk said:I'm an only child, and my father passed away several years ago. My mother, who is about to enter into early 80's has some savings and a property overseas.
Whilst I don't want to appear morbid of mercenary, I was wondering if my mother had the option of leaving 50% of her estate to myself and the other 50% to my wife so that I didn't potentially breach my inheritance tax allowance if she decided to leave everything to me, as her sole beneficiary?
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Marcon said:Skoobaskunk said:I'm an only child, and my father passed away several years ago. My mother, who is about to enter into early 80's has some savings and a property overseas.
Whilst I don't want to appear morbid of mercenary, I was wondering if my mother had the option of leaving 50% of her estate to myself and the other 50% to my wife so that I didn't potentially breach my inheritance tax allowance if she decided to leave everything to me, as her sole beneficiary?1 -
Skoobaskunk said:I'm an only child, and my father passed away several years ago. My mother, who is about to enter into early 80's has some savings and a property overseas.
Whilst I don't want to appear morbid of mercenary, I was wondering if my mother had the option of leaving 50% of her estate to myself and the other 50% to my wife so that I didn't potentially breach my inheritance tax allowance if she decided to leave everything to me, as her sole beneficiary?Individual beneficiaries don't have an IHT allowance - it is estates that have an allowance.If a large part of your mother's estate consists of her home - depending on how the will is worded leaving a portion to your wife (not a direct descendant) could reduce the amount of the Residential Nil Rate Band that your mother's estate could use - actually increasing the inheritance tax liability.1
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