Mistakes people make in Inheritance Tax Planning

[@razachaswills5076]

I have had common law wife, CLW, for 18 years, who has cared first for my Father and now for me. I have adult children from a former marriage, and I want to leave my apartment for my son but with provision that my CLW is allowed to live in it until she dies, or decides to vacate it. She will pay all running costs etc. I am told a Discretionary Trust will allow this and prevent any family member trying to evict her, even if this is highly unlikely now circumstance could change. Security for my CLW is my No 1 priority, and my son’s secure inheritance a close 2nd. I’m told it will also ensure the added £175k is granted before IHT is applied?

[@Inheritancetaxadvice]

Obviously we cannot give you personal advice on YT. Use our website Free help section and get personal questions answered which is a free facility but you will need to spend 5 minutes completing a form so I know more about your circumstances

[@leoralph2810]

Hi there. Can you tell me, are you a financial advisor, tax specialist or solicitor? What are your qualifications ? In other words, if you feel a trust is needed do you have to delegate to a solicitor to draft or are you able to do everything, inc. drafting disabled persons trusts?

[@Inheritancetaxadvice]

All the relevant information is on our website in detail. I am and IHT specalist tax adviser and under a seperate company a regulated IFA. We only work with people who have significant IHT problems and once clients understand the pros and cons of our recommended strategies we will work with our recoended solicitors to draw up the relevant trust but clients never have to see or talk tot he solicitors as it done with comprehensive application forms which contain all the details the trust company needs to draft the trust. If you qualify as a potentail client please book a free 30 minute online Zoom meeting from our website and I can explain further and answer any questions