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20 November 2018
Transfer of an estate to a discretionary trust.
Earlier this year my client inherited the whole of his late father’s estate which included a property worth about £560 000. The property is let and the intention is to retain it within the family. My client would like to continue to receive the rent but is concerned about inheritance tax. He is considering putting the property into a discretionary trust by way of a deed of variation for the benefit of himself his wife adult children and grandchildren. Is the planning set out below sound?
- The property value will trigger exit and anniversary inheritance tax charges. Could he put only half the property into trust to avoid those charges leaving only a small inheritance tax liability on his taxable estate after factoring in his other assets? Would dividing the property this way allow the value for inheritance tax purposes to...
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