My mother recently passed away and she had a 50% share of family home. Her 3 children hold the balance of interest as tenants in common. Nothing else in estate.
I'm shopping around for fixed fee quotes to do all the necessary work. I know letters of admin will be necessary and am told that as her share of estate is >350k, IHT 400 will be needed. That is needed in any case to claim residents nil rate relief of 125k.
I need to know whether the latter relief is retrospective. Can a dead person's assumed RNRB be used in this instance as well? I am told yes. Is that true?
On q of valuations, some are suggesting estate agents valuations should be good enough because they inflate values in the hope of a sale. So why should HMRC object anyway? If a rough call suggested our situation was borderline, could we then not request a red book valuation?
Also, where one has to enter funeral expenses on IHT 400, is an estimate for the funeral monument acceptable, if one had not been erected, and will not be until the ground is settled, in advice of cemetery management?
Thank you.
Thanks
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