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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Hi There, Are you able to advise on the following situation? my

Customer Question

Hi There, Are you able to advise on the following situation?
my father is terminally Ill and my mother has Mild dementia, he has not as yet got a will, but we are trying to arrange one, but wanted to ensure the best way to protect their monies from the authorities.
my father has now property but savings of around £23,500
my mother has savings of Circa £29K.

if my father leaves his monies to myself will this be tax free? I will hold this money on behalf of my mother giving it to her as required. Can she also leave me £3000 for this year and £3000 for last year tax free as a gift without being looked upon as trying to avoid this money being assessed?

hope this make sense.

Adrian

I need
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

If the total value of your fathers estate is less than £325000, there is no inheritance tax to pay. The same applies in the case of your mother.

Your father and mother may gift you any money whenever they want without inheritance tax implications.

If their estates are worth more than £325000 each, please let me know.

Hope this helps
Customer: replied 3 years ago.
thanks for this, however could you please just confirm in regards to the tax free allowance that can be gifted from parents is this in total £3k per parent per Annum and if not used allocation of previous year also can be paid tax free.
Would this total of £12 k for the 2 years allowance and from both parents £6k each be ok and that if my mothers accounts were looked upon by financial support who are undertaking an assessment to provide assisted care think this was avoidance? Or is this perfectly ok to gift this amount in line with tax allowances?

Many thanks

Adrian
Expert:  UKSolicitorJA replied 3 years ago.
Yes that is correct, if the £3K gift was not done in the previous year, a gift of up to £6K may be made by each parent this year.

Hope this clarifies