Too many assets!

[mister]

My father (divorced nearing 60 years old) owns an industrial estate with his mother, I have no idea of value but between £500k and £1m. His own home is around £800K and he has a rental property worth around £300K. However he is car mad and has vintage cars worth over £2 million. He is a self made man and lives for the moment, so tax planning is of no interest to him. As the only child it is of interset to me as i will face the bill! What steps could i suggest to him to help take care of my future inheritence.
Many thanks

[bob.fraser@towrylaw.]

This is quite a common attitude with the self-made individual, since they often take the view that whatever their children will inherit, it will be more than they did. In particular, they see no need to deprive themselves of assets prematurely.
I would suggest that the most immediate issue is to ensure that your father's IHT liability is not compounded by him inheriting from his mother. Her assets might be better skipping a generation.
However, the issues raised are too complex to be dealt with in this forum.
The best step that you could take would be to persuade your grandmother and father to invest an hour or so of their time in speaking to someone who is expert in financial planning for individuals with inheritance tax liabilities.
You can contact me on 07709430958 or bob.bairdfraser@btopenworld.com if you wish to talk this through.

Bob Fraser
Certified Financial Planner

[robertmlaws]

Another thing to think about: how will you raise the money to pay the IHT bill when the time comes? You have to pay the IHT before you get probate and therefore before you get your hands on the money.

Robert