My dad has recently passed away and my mum (age 86) has now moved into a care home. She now wants to give the house, valued at £650,000, to her three children. I wish to take on the house and live there permanently, paying each of my sisters 1/3 of its value. She also has other assets valued at approximately £500,000. Her life expectancy is unknown.
With this new residential nil rate band coming in next week, is this the best way forward? If the property is given, can we still claim the new residential nil rate band if my mum passes away in the next seven years?
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