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Our Wills have a Nil Rate Band Discretionary Trust which states "up to the nil rate band threshold". Does this mean the surviving spouse (who is trustee along with our 2 sons) could opt to put less into the Trust assuming the others agreed?
House value (owned as Tenants in Common) approx. £455k with about £135k in savings. Mostly NOT joint a/c's just a fairly random split of what's his is mine & what's mine's my own
I'm a non taxpayer & he's 40% so makes sense for dosh to be primarily in my name to maximise interest (apart from his rubbish interest paying ISA's).
We were thinking the best option for us on the death of the first person is to stick just the 'half a house' into the Trust, so it would be owned 1/2 by surviving spouse & 1/2 by the 3 Trustees. Would there be any faffing about to achieve just that?
I think I pretty much understand about Capital Gains when the home is eventually sold to downsize (Trustees would each have their own allowance to offset against profit), & we intend NOT to go jointly above the current IHT threshold, or singularly after the death of first person (spend, spend, spend & all that).
Is it a simple yes/no answer? If obliged to stick in the full (current) £325k assuming it is fully available we'll use the IOU/promisary note option for the difference between 1/2 house value & £325k but we agree we may prefer not to.
Thanks
House value (owned as Tenants in Common) approx. £455k with about £135k in savings. Mostly NOT joint a/c's just a fairly random split of what's his is mine & what's mine's my own
I'm a non taxpayer & he's 40% so makes sense for dosh to be primarily in my name to maximise interest (apart from his rubbish interest paying ISA's).We were thinking the best option for us on the death of the first person is to stick just the 'half a house' into the Trust, so it would be owned 1/2 by surviving spouse & 1/2 by the 3 Trustees. Would there be any faffing about to achieve just that?
I think I pretty much understand about Capital Gains when the home is eventually sold to downsize (Trustees would each have their own allowance to offset against profit), & we intend NOT to go jointly above the current IHT threshold, or singularly after the death of first person (spend, spend, spend & all that).
Is it a simple yes/no answer? If obliged to stick in the full (current) £325k assuming it is fully available we'll use the IOU/promisary note option for the difference between 1/2 house value & £325k but we agree we may prefer not to.
Thanks
