Ask a Law Question, Get an Answer ASAP!
If the mother puts the house into the name of her and her 2 daughters, and she lives in it without her daughters but doesn’t pay rent, then it is a gift with reservation and could potentially be put aside for IHT purposes.
For the transfer to be effective for IHT purposes, the mother must relinquish all interest in the property or pay the full market rent to the new owners or the new owners must pay the full market value for it even if the mother continues to live in the property rent free
Can I clarify anything for you?
Please rate the service positive. It’s an important part of the process by which experts get paid.
We can still exchange emails. Best wishes.