IHT and Marriage/Co hab

[pullingmyhairout1]

Long story short I want to mitigate IHT liability to my partner if I die.

We are currently not married. Moving in together in a few weeks whenthechuffinghousecompletes . House will be in my name for financial reasons currently.

Both of us have children from a previous relationship, mine will live with us, his will not (grown up).

With life cover etc if I died today my estate will be well in excess of IHT levels even putting some of the life cover in a discretionary trust for the kids.

Only way around a lot of this by the look of this is to get married to ensure my partner benefits from a transfer of property with no tax charge at the time of my death.

Anyone got any other suggestions before I have this conversation?

Both of us have screwed up twice already so we are naturally being cautious.

Why do you want to leave your property to your partner and not your children?
You could will it to him as it is but he would be liable for IHT, if you marry he would dodge this liability but if he were to inherit everything, he could then leave everything to his kids and nothing to yours?

Put the house into his name as well.

Go and see a lawyer. Protect your children, minimise iht, you need professional advice.

You can put your house in your children's names. I don't know why you'd leave your estate to your partner and not to your children

Www.unbiased.co.uk will find you an IFA in your area I am a bank manager and this is in realms of financial advice

This is worth getting advice on, the questions that would be needed on my part to clarify the situation mean a forum is impossible. However, nothing works like marriage in mitigating CGT and IHT

My children are already inheriting a property each from me, along with other monies and chattels.

I am thinking long-term.

dontcallme love the username 😂

The irony appeals

If it's long term planning for IHT then really as I said above marriage works well. However it opens other concerns. A prenup isn't unrealistic, but a private client solicitor and a suitably experienced IFA will give you your options and the associated costs. If marriage is off the cards then these are reviewable provisions.

dontcallme are pre-nups even legally binding yet in the UK?

I'm an IFA not a lawyer, but when we talk to clients solicitors we are told: No, but can be taken into account. A prenup has more chance of being accepted in certain circumstances..... one of them being, it exists!

I should ad

Thank you. Will look into it