I really do not know why he thinks he needs to do this... it may be something to do with his worrying about going into care in the future... but in truth I do not know why...
All I know is he has asked me to find out how he can do this
Dear *****,Good morning.. Thanks for giving me some time.After examining several possibilities, the only reason that I can see for your father wanting to reduce his estate is to save his beneficiaries from Inheritance Tax. Every taxpayer is entitled to pass on up to £325,000 of assets without paying any inheritance tax (IHT). Any assets over this amount are subject to a steep 40pc IHT charge on death, meaning the intended recipients only get the remaining 60pc between them.Having said this, there is a catch. The 7-year rule will apply. The original owner must live for 7 years after giving the gift. If they don’t their estate or the person who received it will have to pay Inheritance Tax on it.So, in my opinion, this should be the only motive behind your father's wishing to give his Estate away.Let me know if think there can be other possibilities.
I am sure this would help.
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