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Clare, Solicitor
Category: Law
Satisfied Customers: 35088
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Morning, Question on Inheritance tax. My father passed away

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Morning, Question on Inheritance tax. My father passed away Without a will some 22 years ago. His mortgage on the house is in both my Moms and Dad's name. My mom gets widows assistance on the mortgage and pays a little on it herself. The mortgage balance is about 110k ...Value of house is 850K. How will the inheritance tax effect her or US . Thanks, Sxxxx.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

Did your father leave any other assets?

Customer: replied 11 months ago.
Hi Clare....No he did not have anything else.
I basically support them. You know Eldest Indian son!!!!
Customer: replied 11 months ago.
Hello...did you get my answer.....He had NO other assets.
Customer: replied 11 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 11 months ago.

Morning Clare....Why are you NOT answering my question? Final request for a answer. Thanks, Sxxx.

Customer: replied 11 months ago.
i want a new expert

My apologies for the delay

There was no IHT payable when your father dies as all his estate passed to you mother

Since your father had no assets and his share of the house passed to your mother, then when your mother dies you will be able to claim your father's unused nil rate band as well as your mothers making a total allowance of £650,000 (at todays rates)

You will also be able to claim the new main residence nil rate band

I hope that this is of assistance - please ask if you need further details

Customer: replied 11 months ago.
what is the NEW residence "Nil" band?
ALSO we did NOT probate anything when my Father passed.

If you cut and paste the link it will tell you about the new IHT tax relief on residences

It does not matter that you did not obtain Probate for your father's estate

Customer: replied 11 months ago.
Ok Great ...One more please!
I think the equity in my Moms estate will be about $800K.
Divided among four siblings.
Do you see any liability?

Yes that would mean an IHT bill in the region of £20,000 or so

Customer: replied 11 months ago.
Ok....Sorry....I am a British citizen living in the US.(Resident Alien in the US).
Can I just take my portion and leave?

Of course you can - the IHT is paid before the estate is distributed

Clare and other Law Specialists are ready to help you
Customer: replied 11 months ago.
Thanks Clare.....You have been a Great help.
You are not in the Hampton area by anychance...Are you?
That is where my Mom lives.
We might need someone good in that area.