Hi, I am a 72 year-old widower. My wife died 12 years ago I have not remarried nor had any partners since.
I have various medical problems and my life expectancy now is quite uncertain. I could keep going for 20 years but 3 to 8 years would be most realistic.
My assets are approx:
a) £1M house
b) £1M non-ISA OEIC/unit trust investments (my CGT losses brought forward exceed the unrealised capital gains)
c) £0.5M ISA OEIC/unit trust investments
… so about £2.5M in total.
I have one adult son (39), who is single and living with me in my house. He helps care for me, in addition to a full-time female carer who I pay and who lives here too.
My pension gives me about £40k/year and I receive around £5k/year in benefits. My live-in carer and other living costs amount to approximately £45k/year at the moment. At some point I may have to move in to a nursing home as it becomes too difficult to care for me at home.
In her will, my wife used her nil-rate band to give to our son in trust and she passed the remainder of her wealth to me. My son and I have not had time to deal with tax planning so far and I have only gifted him around £20k up until now.
I would like to maximise the wealth that I pass to my son by minimising inheritance tax, etc. I trust that my son will arrange the right things for my wellbeing so I am willing to go give (almost) everything to him now or go along with whatever schemes are best.
I’d be very grateful for any advice on what strategy or set of strategies would allow me to pass my wealth to my son while minimising the expected total that will be lost to tax?
Thank you.
Adam
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