(b) Lisa, aged 79 and in good health, asks your advice on minimizing the inheritance tax...

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(b) Lisa, aged 79 and in good health, asks your advice on minimizing the inheritance tax payable on her estate. Lisa is widowed and has three children and four grandchildren. Two of Lisa's grandchildren are due to get married later this year, and another of her grandchildren has just become engaged to be married. Lisa's estate is valued at £700,000; this consists of her main residence (valued at £500,000); cash of £50,000; and a holiday cottage valued at £150,000. Lisa lives comfortably off her pension of £50,000 p.a. Required: Advise Lisa how she can minimise her inheritance tax liability. (9 markel (b) Lisa, aged 79 and in good health, asks your advice on minimizing the inheritance tax payable on her estate. Lisa is widowed and has three children and four grandchildren. Two of Lisa's grandchildren are due to get married later this year, and another of her grandchildren has just become engaged to be married. Lisa's estate is valued at £700,000; this consists of her main residence (valued at £500,000); cash of £50,000; and a holiday cottage valued at £150,000. Lisa lives comfortably off her pension of £50,000 p.a. Required: Advise Lisa how she can minimise her inheritance tax liability. (9 markel

Answer rating: 100% (QA)

To minimize inheritance tax liability Lisa can consider the following strategies 1 Utilize the Nil Rate Band NRB In the UK each individual has a NRB w... View the full answer