GWROB and IHT400


(KATHERINE MELKERTS) #1

H & W put jointly owned property into lifetime trust 2013 - obviously a GWROB which was not pointed out to them at the time (surprise surprise) no rent paid so cannot be a PET.

Original trust property sold when they downsized - new property held by trust and excess funds retained in a bank account.

H has now died. Assuming value for IHT400 is value of whole property at date of his death plus reference to the trust bank account?

Bit of a mess all round as the clients were told by the company who set it up that it would protect them from home fees and on the IHT front!

Kathy Melkerts

Melkerts Solicitors


(KATHERINE MELKERTS) #2

Sorry meant to say assume half share of property value now to be included in IHT400.

Just musing over the IHT position on W’s subsequent death.

Kathy Melkerts

Melkerts Solicitors