Inheritance advice

[jafas123]

My mum has been left a property in their life time, which the will states is to pass on to my brother and I upon their death. For various reasons my mum would like to do a Deed of a Variation to pass the property to my brother and I now. The plan would be for us to then sell it and purchase a property close to my brother and I for them to live in with the combined proceeds of that property and my mums current home which they would also sell. The new property would be owned three ways between my brother, mum and I. And my mum would leave their share to us upon their death. Sorry if it all sounds complicated but does anyone know the tax implications for us please? Would we need to pay capital gains tax for starters if it's a property we have inherited? Thanks

If it's just in her lifetime. I don't think she can vary the will because she is not a full or only beneficiary. You need legal advice. Could be IHT if t doesn't go to wife.

@jafas123

jeez pay for tax and legal advice
she can gilf it to you but they are changing rules on that.

its complex if she needs a care and if it’s about a house spending 800 on advice is nothing

It should say in the will. Likely if she chooses to vacate the property it passes straight to you and your brother

Definitely take legal advice based on the wording of the will.

What do you mean "in their lifetime"?

If your mum has inherited a property, and she is the only beneficiary, she can do a deed of variation (if within 2 years) to pass the property directly to you and your brother.

The 3 way ownership does get complicated though, and if inheritance tax will be an issue on her death she may have to pay you and your brother rent to live in the house as you are part owners.

You should speak to a financial adviser.

I think you need specialist legal advice. Sounds like you and your brother inherit the property with your mum left a lifetime interest. If your mum of sound mind to be in a position to give up her interest with no continued interest in the property and no current or likely need of means tested housing costs etc., then presumable that could be arranged. Where I think it gets complicated is the arrangement that your mum sells her home and buys with you. I think you all need to have a hard think about the implications for future care, especially as it will be just you and your mum in the new home. Can you see yourself providing personal care for many years?I also think there would be tax implications for your brother as it will not be his PPR.