Father in care home and self-funding, late stage vascular dementia.
Mother has POA.
Can my mother give my father her 50% share of the property by POA, and then it gets given directly to myself with a will variation later ? No IHT or CGT on this situation...both under the IHT limits combined or separate and no CGT as its the principle residence.
My father has enough money going forward to make up his fees,so by gifting her half over it would not really put that half at risk and if it got to a pre-agreed limit on his savings we would then invest on his behalf after Brexit as things so up in the air right now with Brexit.
Mother in good health, no major conditions.
Could that be seen is dep of assets IF she ended up in a care home for whatever reason 5-10 years down the line...? I think length of time does not really reduce deprivation of assets but how the actions in the past are interpreted.
She would also not be gifting directly to me, but to my father, and I would then inherit the home at a future date. Yes, I would get it sooner but CGT unlikely to accumulate on it, as its value is at an all-time high.
So it's transfer ultimately is indirect and as inheritance,not a gift from her to me either.
She would remain in it going forward....."gift with reservation of benefit", but that is an IHT technicality when assessing total assets, as there is no IHT on his total assets.
Mother has POA.
Can my mother give my father her 50% share of the property by POA, and then it gets given directly to myself with a will variation later ? No IHT or CGT on this situation...both under the IHT limits combined or separate and no CGT as its the principle residence.
My father has enough money going forward to make up his fees,so by gifting her half over it would not really put that half at risk and if it got to a pre-agreed limit on his savings we would then invest on his behalf after Brexit as things so up in the air right now with Brexit.
Mother in good health, no major conditions.
Could that be seen is dep of assets IF she ended up in a care home for whatever reason 5-10 years down the line...? I think length of time does not really reduce deprivation of assets but how the actions in the past are interpreted.
She would also not be gifting directly to me, but to my father, and I would then inherit the home at a future date. Yes, I would get it sooner but CGT unlikely to accumulate on it, as its value is at an all-time high.
So it's transfer ultimately is indirect and as inheritance,not a gift from her to me either.
She would remain in it going forward....."gift with reservation of benefit", but that is an IHT technicality when assessing total assets, as there is no IHT on his total assets.