OP On this post has recorded his interview. Is this a common occurrence?
https://www.reddit.com/r/LegalAdviceUK/s/pBCaE8l2A4
Edit: just so we are clear I think it’s very bad form recording like this, regardless of whether the OP answered the interview questions or not.
Hi,
This is all theoretical at this stage.
Sibling A lives with parent and parent owns two properties. Sells the one that they live in (owned outright by parent) moves to new property and puts new property in sibling As name (maybe with tenants in common etc). Sibling A may also get small mortgage on property in their name.
Sibling A then inherits the 2nd property when the parent passes away.
Would this not still be subject to inheritance tax? (Estimate current value of both properties to be 700k or more). Parent is over 80 currently.
Essentially trying to disinherit sibling B (realise that this would be parents decision but sibling A is pushing for this and has better relationship with parent). Sibling A may not realise that they would still have to sell the second property to pay inheritance tax hence pushing for this more thinking that they will get it for rental income.
My thoughts are parent needs to seek legal advice and be sure that they want their estate to be split unevenly and possibly all go to sibling A.
Thank you in advance.