Hi All
I'd be grateful for your thoughts on a situation within my family, regarding a divorce settlement, and potential long term IHT consequences. We have taken expert legal and accounting advice (which wasn't that helpful sadly), but I'd also be grateful for anyones thoughts here:
- Parents recently divorced (decree absolute granted)
- As part of the divorce settlement, the signed court order states the family home (worth about 700k should be transferred fully to x3 adult children as joint tenants)
- The reason for the above is too long a story to type here!
- Mother currently lives in family home alone. We would like our mother to continue living there as long as she wants.
- I know that ordinarily, if she had 'gifted' the house to the x3 children and stayed living in it, this incurs the issue of 'gift with reservation of benefit' at the time of death in terms of IHT matters.
My question is that since the transfer was part of a court order (and not a 'gift'), do we still have to worry about the issue of gift with reservation of benefit when it comes to inheritance tax planning?
And infact, do we have to worry about IHT at all with regards to the family home?
Many thanks indeed
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