Re: inheritance tax question

On Mon, 09 Jan 2006 14:34:26 GMT, "dave smith" <idavesmithNoSpam@xxxxxxxxxxxx> wrote:

>Hi all,
>I recently posted a question about my mothers will that she wanted to change
>to leave me (her son) her flat on the condition that my stepfather could
>continue living in it until he died.
>
>My question is will I be liable for inheritance tax immediately after her
>death, or will this not occur until my stepfather passes away and I am able
>to move into it.
>
>The current valuation is £320,000 so above IHT threshold.
>
>Dave.

See a will writing specialist. Depends on whether they co-own it or it is hers alone.
In the case of joint ownership, the trick is for her to leave it to a trust arranged such that the
spouse has use of it til death - can't remember the technicalities but it means that both parents'
IHT threshold is used efficiently. If simply left to the spouse, then the children on death of
spouse the first IHT-exempt transfer is wasted.

Probably different if it is currently all in her name though.
.

Relevant Pages

  • Statin disabling Adverse Effects put patient AND spouse at risk
    ... An important new study done by the Harvard Medical School and published in ... the New England Journal of medicine has identified and quantified some risk ... every waking minute to being a champion for my spouse, ... than the 17% increased risk of our death upon the death of a spouse. ...
    (sci.med.cardiology)
  • Parents Charged in Death of Girl
    ... Parents Charged in Death of Girl ... The girl's stepfather was charged with murder and sexual abuse, ... Children's Services into reports of abuse in the home. ...
    (alt.true-crime)
  • Re: Ollie
    ... There are no ready-made prescriptions for handling loneliness - after ... the death of a spouse - it is highly individual, no Anne Landers ...
    (soc.retirement)
  • Re: Nigella
    ... revolved around her that we expected him to be devastated by her death. ... mourning for years (three for parents and siblings, five for a spouse, ... In India it was/is the custom for widows to immolate themselves on their ...
    (rec.food.cooking)
  • Re: "in our descending order of"
    ... important human anxieties, Americans suffer the death of a spouse, ... the loss of a house by fire, and moving to be the worst three things ... the death of a spouse, the loss of a house by fire, and moving to be ...
    (alt.usage.english)
Loading