Mrs A and Mr B died two months apart (Mrs A first). First estate not yet administered. Both Wills contain 2 year discretionary Wills of the entire residue with spouse and 3 adult children as discretionary beneficiaries. Wills were made in 2003.
Each estate is worth around £360,000.
As far as I can see as there is no outright gift to spouse on first death we can’t roll her nil rate band over so Mrs A’s estate will be taxable (as over £325K) and Mr B’s will also be taxable as will only have his nil rate band.
I don’t think we can claim Mrs A’s RNRB on second death as we can’t claim it for Mr B as he left his estate to a discretionary trust, so we be using the IHT435 (and therefore can’t use the IHT4367 to claim his wife’s unused 436).
Am I missing anything?
Any thoughts would be appreciated. Many thanks
Anne Duguid
Partner
LGP Solicitors
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