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My mother is 94 & in ill health. She has a house & savings

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My mother is 94 & in ill health. She has a house & savings worth around £500K. Her will gifts myself & my 2 sisters her estate split equally. Can I pass on half of my inheritance (if my mum dies before me)directly to my 2 children without it counting towards my inheritance tax if I live another 7+ years?
Submitted: 9 months ago.
Category: Tax
Expert:  TonyTax replied 9 months ago.
Hi. If you gift half your inheritance to your children and live for seven years, it will escape Inheritance Tax. Take a look here for information on IHT taper relief which reduces the IHT charge from three years after a gift is made. You could take out a term assurance policy to cover any IHT with reducing cover as time passes and the IHT exposure reduces. An alternative would be to execute a deed of variation to your mother's will after she dies so that half your share goes direct to your children from your mother's estate. That would avoid the possibility of an IHT charge on your estate on the half you give away should you die before the seven years are up. Take a look here for information on deeds of variation. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15755
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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