I have 8 properties and they are in my name as I had them before I got married - now I am married will he have to pay inheritance tax if I die or do they simply go to him? if there's no will is automatic that they go to him?
2006-06-19 23:51:31 · 9 answers · asked by Lulu Ferrari 3 in Politics & Government ➔ Law & Ethics
PS I live in London UK - so it's UK law I need - if anyone can help!
many thanks
2006-06-20 00:05:46 · update #1
I just want to say a very big thank you to you all for answering the question.
I have spoken now to a solicitor and will do a will tomorrow to make sure my husbands get's it all.
2006-06-20 05:27:07 · update #2
Do not stress because if your properties go to your husband they are spouse exempt for inheritance tax. So no tax to pay.
Also any gains on them for captial gains tax are also wiped out on your death.
Please get a will do not leave this the administration of estates act 1925.
You may worth getting advice about how to efficiently tax plan on your husbands if he dies first, spending money now will give you the peace of mind that if something should happen to you or your husband there would be the bare minimum liability to tax.
Your husband may have to pay income tax on any rental income received so be wise this aspect aswell.
2006-06-20 02:59:47 · answer #1 · answered by logicalawyer 3 · 7⤊ 0⤋
Any property is exempt which passes from husband to wife, or vice versa, for the purposes of inheritance tax. The main reason for this is that a marriage makes you one person in the eyes of the law (in lamens terms). So you need not worry about it at the momment. Please be aware however that the same is not true of property passing between other family members, therefore with a large estate such as yours, it is definitely worth seeking specialist financial advice, any financial advisor should be able to assist. It is worth speaking to them particularly about avoiding "the bunching of estates" when considering inheritance tax.
If you die and you have no will, your entire estate goes into probate, although the likelihood of it is that it will go to him it is not certain and other claims to your estate, i.e from other dependants may be valid.
2006-06-20 05:12:45 · answer #2 · answered by ligiersaredevilspawn 5 · 0⤊ 0⤋
There are numerous subject matters that ought to complicate your already complicated subject matters. #a million Is the husband at the moment on the call deed? #2 Is the present deed a joint tenancy with the right of survivor deliver between you and the female that died? #3 Are you living in a community sources state the position the sources replaced into purchase?.( if so, in the course of the transaction and the inner most loan personal loan procedure, replaced into her husband required to signal a deed indicating he had no felony status in the sources or personal loan personal loan? this can be a classic technique at the same time as an significant different is procuring a house and the different important different has no felony standings or does no longer choose any felony status in the acquisition or refinance transaction.) If the husband isn't on the call deed then he does no longer could signal any files by any ability, so why would he desire to reply to any telephone calls? you want to unravel this call situation, with a view to have a sparkling call it quite is marketable. you would desire the facilities of a community call corporation to ascertain if some thing is amiss or the shape call you presently have. it may well be that you would desire the facilities of a authentic sources lawyer to unravel this call situation. Please do not compound this example by ability of including your daughter to the call deed. in case you're sources planning then there's a better appropriate answer. talk with an sources planner or a man or woman it quite is qualified to do Revocable residing believe to make it huge-spread that you elect you daughter to inherit any sources you've once you're not any more in a position to make determination because you bodily or mentally unable to succeed in this. including your daughter to the call deed does no longer accomplish this. i desire this has been of a few earnings to you, reliable success. 'wrestle ON"
2016-10-14 08:10:48 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Your husband will definitly have to pay Death Duties and Inheritance Tax. If you have no will half of your estate will go to husband, and the remaining half will be divided between your children (if you have any) AND any siblings you have, otherwise the remaining half will be split between your living Aunts, Uncles and Cousins. Any solicitor will tell you the same thing.
2006-06-20 01:04:45 · answer #4 · answered by k 7 · 0⤊ 0⤋
It depends on the state you reside in and the state the properties are in. It could be that he will get nothing. In any event, without a good will, it will be a huge problem and much of the value will be eaten away by attorneys. Pay an attorney to draft a will now.
2006-06-19 23:59:14 · answer #5 · answered by sonny_too_much 5 · 0⤊ 0⤋
Every State has different laws, then there are the Feds. Look into it through your stae or even city government at the Government Book Store, or ask your Congress person. I would consult an estate lawyer. Sigh, seal and relax.
2006-06-20 00:00:09 · answer #6 · answered by tonyintoronto@rogers.com 4 · 0⤊ 0⤋
Why not put them in joint names, you must love him to marry him
or set the system up as a business and specify that in the event of one party's death the business transfers to the widowed party
2006-06-20 01:14:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes Death duties or Estate duty.The will has to be executed and properties got transferred in his name ,after completing legal formalities.There is also legal expenses to be paid.
2006-06-19 23:56:16 · answer #8 · answered by leowin1948 7 · 0⤊ 0⤋
inheritance itself is no-taxable, he will however have topay proerty taxes.. what about divorcing your husband and marrying me instead ?
2006-06-20 00:06:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋