Forgive me if this has been posed before but I cannot find such a thread.
Scenario as follows:
M is a widower. Has estate approx. £800K, including property in his sole name Co-habits with partner (F). F has v. small estate. M has children of his own.
Is the RNRB available if M leaves his whole estate (or just the property) on Life Interest for F with his children as remaindermen? Or would IHT be payable above £650K? Then possibly again when F dies as she was a Life Tenant.
If so, what are the options to achieve protection for F in a tax efficient way? Or is the only way passing house straight to his children and hope they allow F to live there? (would lose CGT uplift).
Thanks in advance
Parker Rhodes Hickmotts