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Young widow, inherited inheritance tax allowance

78 replies

Softnatural · 10/10/2023 10:37

DH died leaving me a young widow. There was no tax to pay on his estate becuase it largely comprised of our shared house, which passed to me outside of his estate and pension assets which were exempt.

It does however leave me with quite a high net worth (and hopefully a lifetime to use it, so there might be nothing left!)

I understand my own estate can use his inheritance tax allowance which, if it included property, essentially means up to £1m tax free, but is this indefinite? I might not die for another 50 years! Also, what happens if I remarry? No plans to, in fact quite the opposite to protect my DC's interests, but just curious.

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Softnatural · 10/10/2023 16:59

TreesWelliesKnees · 10/10/2023 16:35

It is better not to marry again in your position, OP. It is almost impossible to completely guarantee that your assets would go to your children rather than to your new husband if you were to die first. UK law doesn't seem to make provision for this.

Yes,I know which is why the whole situation is hypothetical. I did say in OP I don't plan to marry again.

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Littlegreene82 · 10/10/2023 17:01

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Softnatural · 10/10/2023 17:01

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Very little, he'd deliberately put everything in pensions.

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Softnatural · 10/10/2023 17:02

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Not for large corporates it's not.

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Littlegreene82 · 10/10/2023 17:02

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Littlegreene82 · 10/10/2023 17:02

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Softnatural · 10/10/2023 17:03

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Never chat about what happens to an inherited inheritance tax allowance 50 years down the road while we're working on investments for large corporates and insurance companies? No.

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Littlegreene82 · 10/10/2023 17:04

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Littlegreene82 · 10/10/2023 17:04

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Softnatural · 10/10/2023 17:05

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Goodness, it was a general discussion about what ifs,why are people so determined to pick holes in a widow?

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Softnatural · 10/10/2023 17:07

But yes, as it happens. I was early 40s when he died, DS2 had just turned 18. My dad's older brother recently died at 95. So really not that outrageous.

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BlueKaftan · 10/10/2023 17:11

If your children are adults then you are not a young widow. An argumentative one, and not entirely believable, but not young.

Dontwanttowaitanymore · 10/10/2023 17:13

A solicitor can help put pension money in a trust that you have full access to but will be safe for your children from divorce, you needing care etc. it could give them great security.

Littlegreene82 · 10/10/2023 17:13

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Littlegreene82 · 10/10/2023 17:14

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Softnatural · 10/10/2023 17:15

BlueKaftan · 10/10/2023 17:11

If your children are adults then you are not a young widow. An argumentative one, and not entirely believable, but not young.

What? I was 43 and youngest DC had just turned 18. What age do you expect to be widowed?

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Softnatural · 10/10/2023 17:16

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Yes, the other thread had some details changed because it was was quite identifying, but I've messed that up 😆

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Littlegreene82 · 10/10/2023 17:18

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Softnatural · 10/10/2023 17:21

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Yes?

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Littlegreene82 · 10/10/2023 17:24

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Littlegreene82 · 10/10/2023 17:25

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Softnatural · 10/10/2023 17:34

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No, I'm saying I'm not as old as I said in the other thread. But 43/53 is still a young widow?

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Littlegreene82 · 10/10/2023 17:40

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Littlegreene82 · 10/10/2023 17:41

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Littlegreene82 · 10/10/2023 17:42

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