janet long
New Member
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- 1
Hi guys, Im a newb here
My friend is a big corporate solicitor & she told me the will isnt set in stone with paying tax on the estate. I wasnt sure was she talking baloney or not,, she said it was all fully legal.
She suggested i get a probate solicitor but laid out the following scenario & im hoping someone can cast an eye before jumping onto legal people...
"Even though your brother is specifically bequeathed a house in the Will, and the other 3 of you inherit the family home, it possible to group the houses together as the estate, pay inheritance tax on the difference between the value of the two houses and the threshold of 4 children, and then have your brother obtain the house he was given, using up your sibling gift thresholds, and he then pays the what's left of the CAT on the house.
House A = 550k
Family home = 850k
4 siblings *335k = 1.34M
1.4-1.34 => 60k @ 33% CAT on estate = 20k => 5k each
Brother obtains house worth 550k. He already used all of IT threshold + 5k = 340k. 210k tax liability left over on house A
Gifted 32.5*3 = 97.5k. Pays CAT on remaining 112.5k"
Is this a load of rubbish? Do we not have to stick to the way the will was worded?
Any help would be ace thx!
My friend is a big corporate solicitor & she told me the will isnt set in stone with paying tax on the estate. I wasnt sure was she talking baloney or not,, she said it was all fully legal.
She suggested i get a probate solicitor but laid out the following scenario & im hoping someone can cast an eye before jumping onto legal people...
"Even though your brother is specifically bequeathed a house in the Will, and the other 3 of you inherit the family home, it possible to group the houses together as the estate, pay inheritance tax on the difference between the value of the two houses and the threshold of 4 children, and then have your brother obtain the house he was given, using up your sibling gift thresholds, and he then pays the what's left of the CAT on the house.
House A = 550k
Family home = 850k
4 siblings *335k = 1.34M
1.4-1.34 => 60k @ 33% CAT on estate = 20k => 5k each
Brother obtains house worth 550k. He already used all of IT threshold + 5k = 340k. 210k tax liability left over on house A
Gifted 32.5*3 = 97.5k. Pays CAT on remaining 112.5k"
Is this a load of rubbish? Do we not have to stick to the way the will was worded?
Any help would be ace thx!
