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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34589
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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The day before my Father died, my Mother transferred money

Resolved Question:

the day before my Father died, my Mother transferred money from a joint account in My Father's and Her name to a bank account in her name. Is this considered a gift for Inheritance tax purposes or are transfers such as these prior to death simply transfers and not included under the term "gift
Thanks
Submitted: 1 year ago.
Category: Law
Expert:  propertylawyer replied 1 year ago.

How much money was in respect account and how much was transferred?

Customer: replied 1 year ago.
$70,000 approx and $65,000 was transferred
Customer: replied 1 year ago.
sorry that should have been pounds not dollars, my keyboard is Australian!!
Expert:  Clare replied 1 year ago.

My name is ***** ***** I have been a solicitor for more than 30 years.

In fact the question is moot - all monies in the joint account would have reverted to the sole ownership of your mother on the death of your father in any event.

In any event it is not a gift for IHT purposes

Please ask if you need further details

Clare, Solicitor
Category: Law
Satisfied Customers: 34589
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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