I've a vague recollection of reading that its possible to take out life assurance on parents to mitigate against an expected hit on inheritance tax.
1. Is this possible?
2. If possible, there's a number of investment properties involved, while its not too hard to estimate the tax as the properties are valued now, is it possible to build in a growth/reduction factor on that. For example, if we estimate the tax would be 200k now, in 5 years time, it could be 100k or 300k, (investments may rise or fall blahblah), can the assurance policy be setup to increase or decrease in value?
3. Anyone doing this and give a bit of guidance on costs, health being what it is, both parents are about the 70 mark, with family history life expectancy would be about the 75 mark. Do you take out the assurance for 5-10-15 years?
TIA
1. Is this possible?
2. If possible, there's a number of investment properties involved, while its not too hard to estimate the tax as the properties are valued now, is it possible to build in a growth/reduction factor on that. For example, if we estimate the tax would be 200k now, in 5 years time, it could be 100k or 300k, (investments may rise or fall blahblah), can the assurance policy be setup to increase or decrease in value?
3. Anyone doing this and give a bit of guidance on costs, health being what it is, both parents are about the 70 mark, with family history life expectancy would be about the 75 mark. Do you take out the assurance for 5-10-15 years?
TIA