Have you ever thought of giving your house away to your children and then keep living in it?
Many people think this is a solution to paying Inheritance Tax BUT if it were that easy, we would ALL do it!
Some people suggest selling the house for a nominal sum and carrying on. Sadly, we cannot do either of those things without falling foul of tax laws designed to account for assets and benefits or income etc.
If you do give your house away and continue to live in it, your arrangement will be classed as a GROB which means a Gift with Reservation of Benefit. The taxman doesn’t really let you do that without crossing his palm with silver, so don’t bother!
There are lots of strategies to use when you write a Will which can help mitigate against Inheritance Tax but always be aware , you will probably have to pay something, it’s just a question of how much and when!
Start things off by getting high quality advice about your Will.