Sorry, this is more a question of Would IBU not to sign some documents?
20 years ago, after my parent's divorce, my sister and I bought a house with my mum, (so we had a third ownership each) We subsequently moved out in our late 20s leaving my mum to live in the house paying the mortgage. She still lives there. The house is worth about £150,000, (in the North) Our brother has recently been advising her that as my sister and I still remain on the mortgage, we will be subject to Capital Gains Tax when she passes away and if we sign the house totally over to my mum we will not pay any tax as we will inherit (under the threshold) as part of the will. My mum thinks this is a good idea too.
Is the advice that he is giving her accurate?
If my mum were to need a nursing home, couldn't she lose all her property if we sign it over? At least this way, they can only take a third, can't they?
Lastly, could our brother be pulling a fast one? As it stands my mum's third of the house goes to our brother. If we sign it over, I am concerned that he will somehow encourage her to make her whole will out to him.
We all have a very good relationship with my mum but my brother is quite obsessed with money and has some influence over our mum.
Please could anyone tell me if his advice is accurate and also if there is anything we need to consider, that we haven't already thought of. Thank you.
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AIBU?
Help! Advice needed please about inheritance and capital gains tax
31 replies
whattodo2016 · 29/10/2016 07:24
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