Hi all,
I am seeking some advice on inheritance tax. My mother lives in a large house, along with my sister and her partner and son who live in an extension to the house that they raised a mortgage and paid for. My mother's name is on the deeds to the house however, and is a widow.
Our concern is that the house value overall is about £600,000 and in the event of my mother's death we would not be able to pay the inheritance tax - which for my sister would mean losing the house and her small business (she runs a livery stable which is part of the house).
Are there any steps we can take as a family to lessen the burden of inheritance tax? My mother intends that the house will be left 1/3 to myself and 2/3 to my sister on the basis that she paid for about a 1/3 of it! There is no other significant estate (i.e. no savings or suchlike).
Has anyone any advice?
Iain
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