Can any one help with this one?
I have a Client who is married, second marriage, and has children from her first marriage. On her death, if she is the first to die, she wishes to make a gift of the current Nil Rate Band amount to her children.
On the basis that her Residuary Estate will pass to her husband absolutely, she stands to lose the RNRB as her husband can not leave the Property, (which will hopefully be included in her RE, this is her sole asset), to a direct descendent, as he does not have any.
She does not want to leave the Property on a Trust of any kind, if she can help it.
Is there a way round this? is it possible to leave a gift to the children of the RNRB amount as well as the NRB, or a share in the Property to the value of the RNRB or can this not work?
Or should she leave the property to the children up to the combined value of the NRB and RNRB , with the appropriate Residence clause/Life interest for the Husband?
Any advice greatly appreciated.
Male & Wagland