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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33519
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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As an unmarried daughter now age 55 who has always been living

Resolved Question:

As an unmarried daughter now age 55 who has always been living at home with my parents (my Dad died 2005) there is uncertainty about my inheritance as recently mother has died.
My sister lives elsewhere with her family and we believe that the Will is dividing the estate equally between these two daughters. Probable estate of £1 million is largely family home.
I understand that as the house is my permanent home I should be able to claim my share as being separate to the estate & entirely clear of the nil rate band calculation affecting my sister.
However what evidence do I have to produce to show I have contributed to living costs?
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What makes you think that your share is not liable to Inheritance Tax?
Clare
Customer: replied 1 year ago.
Although I have failed to obtain confirmation from other sources, I have read this again recently in the August issue of Investors Chronicle. The article is focused on avoidance of inheritance tax by the various uses of nil-rate band and it is a single concise mention in the summary box on page 32 which concerns offspring who are also resident at the family home.
This seems to confirm my understanding that an adult child can be gifted the home that they have always lived in. However, this would only be possible if there had been contribution to household costs.
Apart from you informing me that this is simply an error, my understanding may be wrong about the the word 'gifted' in that the article may in fact be referring to 'gifted within a trust wrapper'.
If this is so then my position as beneficiary of the Will will be no different to that of my sister who has had her life elsewhere.
My research suggests that it is expensive and perhaps not meritorious trying to contest the Will for an 'inadequacy of provision' - no extra compensation for all the years that I have been home (I have maintained a salaried employment nearby).
Customer: replied 1 year ago.
Thank you for your attention. This is a somewhat stressful time. You can imagine homelife has not always been easy.
Expert:  Clare replied 1 year ago.
I can indeed imagine how difficult it must be.I do believe that you have misunderstood the article - such a position would certainly protect against Care Home Fees - but not against Inheritance Tax - but a Trust would indeed achieve some saving.However a possible claim based on lack of provision may not be as pointless as you fear assuming that you did indeed provide care to your mother in her later years.Equally if you have made any payments towards structural alteration or improvements to the property this would enhance your claimusing Mediation to try and negotiate a different percentage division could prove worthwhile as otherwise your sister faces losing part of her inheritance to legal costs Please ask if you need further detailsClare
Clare, Solicitor
Category: Law
Satisfied Customers: 33519
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
URL:http://www.investorschronicle.co.uk/2015/08/14/your-money/pay-less-tax/you-your-family-and-the-nil-rate-band
see the item 'how to shrink your estate' point 6
the feature is contributed by Rosie Carr who appears to be not a junior hack
I thank you for your assistance david atwill --- ***@******.***
Expert:  Clare replied 1 year ago.
Ah I see - yes IF your mother has given you your share whilst she was still alive and you had lived there and paid your share of the bills that wpuld have worked

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