Another inheritance question. Sorry.
Discussion
It's a familiar situation where on the death of a parent, their half of the family property is put into a trust for a child with a lifelong interest of occupancy by the surviving spouse. Or words to that effect.
If the child does not own any property but has a substantial Lifetime ISA, does this arrangement void the possibility of using the ISA to purchase their first property, ie penalty incurred on withdrawal which means any available fund is less than that which has been invested.
If that is the case, is there an alternative strategy? For example making an independent 3rd party the trustee, say a solicitor. All suggestions and alternatives welcome.
If the child does not own any property but has a substantial Lifetime ISA, does this arrangement void the possibility of using the ISA to purchase their first property, ie penalty incurred on withdrawal which means any available fund is less than that which has been invested.
If that is the case, is there an alternative strategy? For example making an independent 3rd party the trustee, say a solicitor. All suggestions and alternatives welcome.
https://www.clarionsolicitors.com/articles/can-i-l...
As the amounts are substantial I would recommend getting specialist legal advice to see if anything can be done.
As the amounts are substantial I would recommend getting specialist legal advice to see if anything can be done.
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