Hi
I would very grateful for some advice as I am trying to get my inheritance finances straight in my head.
Currently I am on ESA and Housing Benefit ( in rented property) (plus low rate DLA). I got bullied and discriminated against at work (winning a tribunal), I hope to get back sometime but it is a big challenge for me.
My lovely mum is 86 and apart from her home, she has a second house and a 50% share in a listed retail building in her estate. This should be good news for me.
The idea is to transfer from my mum's estate the house and a 50% retail building into my and my brother and sister's name. When my mum hopefully lives 7 years, this will help reduce inheritance tax burden. My brother and sister need this to go through, my brother has his own home & but they are both working and struggling with families etc. I am guessing that my share of the property would be worth well in excess of the £16K limit.
I gain a (insecure) predicted annual £6K income. My brother says if we try to sell the property we get hit by capital gains or inheritance tax.
Replacing my benefits with rental income would be OK, it would be nice to have a little extra money, but I realise that would be impossible.
BUT ...once I have Assets over 16K, I would loose both my Housing Benefit (£85 per week) & Rates Benefit (86%) and also my Employment Support Allowance (£100). So I would loose out financially over £12K.
I need to check do I get hit by this double benefit loss wammy... of loosing both housing benefit and ESA?
My brother says that we will not be able to (or it would be costly to) sell the property...due to capital gains/inheritance tax issues.
So I need to get more advice. I heard a Trust were I had no control might be a legal way, but mum's accountant suggested that the trust would cost money to set up and administer, though he had clearly not looked into it. Is the a difference in effect between the residential property and the retail property.
kindest regards
zoebug
I would very grateful for some advice as I am trying to get my inheritance finances straight in my head.
Currently I am on ESA and Housing Benefit ( in rented property) (plus low rate DLA). I got bullied and discriminated against at work (winning a tribunal), I hope to get back sometime but it is a big challenge for me.
My lovely mum is 86 and apart from her home, she has a second house and a 50% share in a listed retail building in her estate. This should be good news for me.
The idea is to transfer from my mum's estate the house and a 50% retail building into my and my brother and sister's name. When my mum hopefully lives 7 years, this will help reduce inheritance tax burden. My brother and sister need this to go through, my brother has his own home & but they are both working and struggling with families etc. I am guessing that my share of the property would be worth well in excess of the £16K limit.
I gain a (insecure) predicted annual £6K income. My brother says if we try to sell the property we get hit by capital gains or inheritance tax.
Replacing my benefits with rental income would be OK, it would be nice to have a little extra money, but I realise that would be impossible.
BUT ...once I have Assets over 16K, I would loose both my Housing Benefit (£85 per week) & Rates Benefit (86%) and also my Employment Support Allowance (£100). So I would loose out financially over £12K.
I need to check do I get hit by this double benefit loss wammy... of loosing both housing benefit and ESA?
My brother says that we will not be able to (or it would be costly to) sell the property...due to capital gains/inheritance tax issues.
So I need to get more advice. I heard a Trust were I had no control might be a legal way, but mum's accountant suggested that the trust would cost money to set up and administer, though he had clearly not looked into it. Is the a difference in effect between the residential property and the retail property.
kindest regards
zoebug