My maternal parent is now in her nineties and increasingly frail to the point where she is at risk by living alone in her property
We would like her to come to live with us, but she is reluctant to do this, as she believes that in doing so she will lose the new main residence nil rate band (MRNRB). An allowance that would very significantly mitigate IHT on her demise.
To qualify for the MRNRB she has left her home to my sister and me
I have obtained legal advice and received the assurance that:
1) Coming to live with us will not jeopardise the MRNRB.
2) That she will be free to rent out her home whilst resident with us, again without risking the loss of the MRNRB
As I will eventually act as her Executor, and will have to justify the claim for the MRNRB, I consider that the advice I have received in respect to item one above is probably correct, but the act of her renting her home whilst living with us will almost certainly result in the loss of the MRNRB.
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