Money gift

[Thingsthatgo]

My parents in law are 70 years old. They would like to give us £100k which is from the estate of MIL's mother, who died recently.
Are there any tax implications around this? I know that if they both die within 7 years it will count towards the estate for inheritance tax purposes.
They are in good health, own their own property and have savings. Are there any implications for deprivation of assets of they need care at some point in the future?
Thank you for your help

They should look at having the Will varied as it therefore counts as though it was left direct to you and wouldn't be subject to IHT in their estates should they not survive 7 years.

Are your in laws in good health currently?

My understanding is if it is likely they may have foreseen needing care when they gift money, then the LA can claim it back. I would ask your in laws to contact AgeUK to ask about this issue though because they will have advised on it before.

If they're both in fine health at present, I don't think it will count as deprivation of assets. But you're right that it will have IHT implications if they die within 7 years.

I think that the inheritance tax will not be an issue, with regards to the total of the estate, and that the allowance will pass from one spouse to the other. They are both in good health, and there is no indication that either of them will need care in the near future.
I appreciate your help, thank you.

Get a deed of variation. It's minimal cost and means that the money is yours and yours alone without the IHT implication.