Hi there
When my Dad finished paying off the mortgage on my parents home (about fifteen years) he had it transfered solely into my mothers name (previously it had been in joint names).....
My mother believes that when he dies (he has become ill and is very likely to predecease her) the house will not be sunject to Inheritance tax as it is in her name.
I believe that even though the house is in her name since my father has lived in it without paying any form of rent. It will be included as part of his estate for inheritance tax.
I would be grateful for any advice you can give me as, obviously, i think i am going to be in for some difficult conversations with my parents.
As a further difficulty my father does not have a will and refuses to make one (one of the old school) so i imagine i will have nightmareish paperwork to sort out.
Many Thanks
Peter
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