Quote request from an individual in DT11
- Created on
- Fri 21 October 2011 10:31am
- Region
- DT11
- Type
- Individual
Could you please advise how much you would charge to answer the two questions below:
My 86 year-old mother is in a care home (self-funding) and will shortly be exchanging contracts on her bungalow, which will net her £226,600. Her only other assets are in banks, building society and Premium Bonds, and total £58,300. Her total assets will therefore be £284,900 which I believe is below the Inheritance Tax threshold.
My mother would like to distribute some of the proceeds from bungalow sale to her three children (including myself), while retaining enough to be self-funding in her care home for a number of years.
For example, for my mother to be self-funding for another 10 years would require around £144,000 from her assets, leaving £140,900 to be distributed between the three of us now ( ie nearly £47,000 each).
Q1. Would we be liable for any type of tax on the £47,000?
Q2. Can you see any problems in my mother doing this?
Many thanks,
Barry Torrance
7 Liddington Crescent
Blandford Forum
My 86 year-old mother is in a care home (self-funding) and will shortly be exchanging contracts on her bungalow, which will net her £226,600. Her only other assets are in banks, building society and Premium Bonds, and total £58,300. Her total assets will therefore be £284,900 which I believe is below the Inheritance Tax threshold.
My mother would like to distribute some of the proceeds from bungalow sale to her three children (including myself), while retaining enough to be self-funding in her care home for a number of years.
For example, for my mother to be self-funding for another 10 years would require around £144,000 from her assets, leaving £140,900 to be distributed between the three of us now ( ie nearly £47,000 each).
Q1. Would we be liable for any type of tax on the £47,000?
Q2. Can you see any problems in my mother doing this?
Many thanks,
Barry Torrance
7 Liddington Crescent
Blandford Forum
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