inheritance and capital gains tax.
Discussion
In 1995 our parents put my and my brothers name on the deeds of their modest house, as well as setting up some kind of trust, making us trustees and giving us enduring power of attorney.
Unfortunately the time has come to execute the will.
Am I correct in thinking that the trust will sell the property, then pay us out, meaning that we will each lose the tax free element of the capital gain?
Unfortunately the time has come to execute the will.
Am I correct in thinking that the trust will sell the property, then pay us out, meaning that we will each lose the tax free element of the capital gain?
Siscar said:
Well it's kind of hard from the info to know what to say. Trusts are complex, it depends what they say and when executed. Assuming that they reserved the use of the items, such as the house, that has an impact but so does the total amount in question.
My parents did reserve use, property value approx £160k.Sorry detail a bit thin should get more detail next week but naturally curious.
Update, for benefit of all who offered advice.
This morning spoke to solicitor who set up the Trust, he says it is all straightforward, as me and brother were added to deeds previously, property now belongs to me and brother, no CGT applicable as uplift on death applies.
Thanks again for advice and comments.
Would appreciate further advice on new issues following on from the above.
Unfortunately my brother and me do not get on, I have tried to get him to cooperate with me even if it is just to clear up the estate [as joint executors and beneficiaries] but he will not speak to me on the phone or answer texts.
He has e mailed the solicitors, who he has also fallen out with, to inform them that he will be instructing another solicitor in due course [he is away on extended holiday, for how long no none knows] At this time until he signs the necessary forms to release the will I can do nothing.
My question is, as it seems to me to now be a straightforward exercise to obtain probate and then split the assets 50/50, if he insists on instructing a solicitor, can I act for myself and insist he pays any legal fees he incurs himself, or can he set these costs against the estate before the 50/50 split?
This morning spoke to solicitor who set up the Trust, he says it is all straightforward, as me and brother were added to deeds previously, property now belongs to me and brother, no CGT applicable as uplift on death applies.
Thanks again for advice and comments.
Would appreciate further advice on new issues following on from the above.
Unfortunately my brother and me do not get on, I have tried to get him to cooperate with me even if it is just to clear up the estate [as joint executors and beneficiaries] but he will not speak to me on the phone or answer texts.
He has e mailed the solicitors, who he has also fallen out with, to inform them that he will be instructing another solicitor in due course [he is away on extended holiday, for how long no none knows] At this time until he signs the necessary forms to release the will I can do nothing.
My question is, as it seems to me to now be a straightforward exercise to obtain probate and then split the assets 50/50, if he insists on instructing a solicitor, can I act for myself and insist he pays any legal fees he incurs himself, or can he set these costs against the estate before the 50/50 split?
Gassing Station | Finance | Top of Page | What's New | My Stuff