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Property used as insurance?

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  • Property used as insurance?

    A property in E Anglia that's now valued at £400,000 was my grandmother's home until she died 8 years ago. After a delay it's about to be transferred into my mum's name (aged 76). Both my parents are also about to sell theirown family home in London & downsize, planning to gift money from the sale to their five children (we're not home-owners so planning on buying pprs with this capital). As our parents are aged 76 & 81 (they're t in c) we're anxious about an early death and a big iht bill in worst case scenario. Would it be best for all to suggest our mum transfers the Suffolk property into her children's names (so there's the option of it to be sold within 7 years to foot an iht bill if necess) or sell now & invest sale money in another way?

  • #2
    I think trying to rush them into putting children's names on deeds is a dangerous practice - you can actually get some form of insurance which has the sole purpose of paying off Inheritance Tax.

    Alternatively, you could look at alternative savings scheme, set up to address any potential IHT issues. Obviously, if your parents live long this could work out nicely, with profit on top, between the 5.

    Else you could encourage everyone to vote Conservative, then push David Cameron on his pledge to abolish it.

    You may want to speak to a chartered accountant about the specific options available, and not least the amount of tax liability you may have to cover.



    • #3
      Property as insurance?

      Thanks Brian - never have yet had to vote that way but guess there's always a first time. Can you recommend an accountant for iht advice (London or Cambridge)? Sue


      • #4
        To be honest I think so look at you seek a chartered accountant you should be fine - run through a couple in the yellow pages, ask if they provide advice on property and IHT, and then go visit maybe 3 of them to see what they all say.

        Chances are, they'll each provide slightly different opinion, but hopefully will give you professional advice regarding the issue with regards your individual circumstances at present.


        • #5
          Property as insurance?

          OK - thanks again. sue