here is a scenario that we were discussing amongst friends and on one really knew the answer perhaps legalbeagles do?
jointly owned property . mrs x died in 1997 and mr x lives in the property and is now sole owner . no cash or valuables just a house worth
approx £850.000 possibly less(£750.000) due to dilapidation
1 offspring who is now the named executor in the will and sole beneficiary. when mr x dies
we believe the offspring is entitled to 2 x the threshold which we think is £350.00 so £700.000 threshold.
leaving possibly £100.000 subject to inheritance tax.
can this be avoided??
OR ARE WE TOTALLY WRONG?
jointly owned property . mrs x died in 1997 and mr x lives in the property and is now sole owner . no cash or valuables just a house worth
approx £850.000 possibly less(£750.000) due to dilapidation
1 offspring who is now the named executor in the will and sole beneficiary. when mr x dies
we believe the offspring is entitled to 2 x the threshold which we think is £350.00 so £700.000 threshold.
leaving possibly £100.000 subject to inheritance tax.
can this be avoided??
OR ARE WE TOTALLY WRONG?
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