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Good evening Keith,Sorry to be a pain but can you speak in Leyman'ss terms as its a bit of a struggle to read.So just to check when I speak to my friend again,
- If her mother passes away but her father is still alive and the money that were gifted to them came from her mother and fathers joint account will all the siblings have to pay IT? Or as her father is still alive and all her mothers half of there estate passes to him will IT not take effect until her father passes away?The cash gifts paid to all siblings 2.5 years ago totaled 240K,, 80K each.
Thank you for the quick reply Keith,
Just to confirm in Laymans terms though can you explain what PET means!?
Thank you for the quick reply and definitely will give you a positive rating but I am still not completely clear,
Where you say,
Not unless the mother's estate exceeds 325K
For instance her mothers estate at this time is shared with her husband 450K house owned outright, 150K in the bank majority of which came from her business sale 2.5 years ago, her pension which is an amount of don't know.So say 600K in current assets, they gifted 240K from joint account 2.5 years ago so 840K total.
So just to check again now with quite accurate figures, when her mother passes away will the 3 siblings have to pay IT or as her father is still alive they will not have to pay anything at this difficult time?
That's is really positive news as I know this has been really troubling my friend.
And finally last thing to check, when one day when her father passes away the IT threshold will be 650K so that 325K for her previously deceased mother and 325K for the father as you have said above?
Last follow up I promise.