Apologies if this is an obvious question (I’m a financial planner, not a lawyer), but if a client makes additions of capital to a post-2006 IPDI trust of which she had the IIP, would the additions be subject to the relevant property regime? I can only find online references (incl HMRC) to additions to pre-2006 IIP trusts.
The client and her late husband had mirror wills each leaving their share of the marital home to an IPDI trust for the surviving spouse. Once sold, the sale proceeds and residual assets would be split equally between their 6 adult children and stepchildren (1 joint child, Mrs has son from previous marriage, Mr had 4 children from previous marriage).
Mr died in 2021, Mrs moved into assisted living accommodation in 2022 and the former marital home was sold in 2023. The sale proceeds are c£530k after costs (currently waiting for confirmation) so the IPDI trust holds 265k. If Mrs adds 95k of her own assets, including 50k of ISA inherited from Mr, is that a CLT? She’s age 85 so time is an issue.
Mrs and joint son are trustees of Mr’s trust. Joint son and his stepsister have LPA (property and finances) for Mrs as she still has capacity but needs help.
Any help gratefully received.