Inheritance tax

[miniman]

Anyone on here an inheritance tax specialist, or can recommend one?

My mother has just inherited my Grandmother’s estate - no IHT to pay because of married couple threshold, however my mother is divorced and her estate including the family home (100% hers) is now in the region of £1m so she is understandably keen to explore options.

[anonymous-user]

As it's too late to change the will she could give away enough to bring her under the threshold and hope she lives seven years.


Otherwise it's difficult and expensive, especially if she needs to live in her house.

[Mark300zx]

I was in a problematic IHT situation a few years ago and everyone is willing to take your money with sometimes very little knowledge, I did a lot of research and found a specialist, Peter Gate who is now at Meridian here is his email, [e-mail] he is very good!!

[PurpleMoonlight]

desolate said:

As it's too late to change the will she could give away enough to bring her under the threshold and hope she lives seven years.


Otherwise it's difficult and expensive, especially if she needs to live in her house.

Not necessarily, Wills can be changed within a certain period of death.

[anonymous-user]

PurpleMoonlight said:

Not necessarily, Wills can be changed within a certain period of death.

If it's changed post mortem does it not still count as a gift from the original inheritor?

[DoubleSix]

Hi OP,

I cover holistic financial planning for my clients, including IHT.

Notice you’re South West based, feel free to drop me a PM, I operate out of Bath.

[NDA]

miniman said:

Anyone on here an inheritance tax specialist, or can recommend one?

My mother has just inherited my Grandmother’s estate - no IHT to pay because of married couple threshold, however my mother is divorced and her estate including the family home (100% hers) is now in the region of £1m so she is understandably keen to explore options.

I am not a tax specialist.

However it might be worth looking at a Deed of Variation - which means that you can vary the terms of your Grandmother's will within two years of her death. For example, instead of leaving 100% of the estate to your mother, the will could be changed to include grandchildren. I am not sure if any of these measures would minimise IHT, however it will be worth asking an advisor about a Deed of Variation.