Placing an existing Term policy into Trust - Terminally Ill client
Client with terminal illness (expected <1 year to live).
Has an existing Term Life policy not in Trust (so will pay to estate)
If the client put the policy into Trust now - how would HMRC deal with the IHT impact?
There seems to be a loss to the estate, but as the Term policy has no value, is the loss to the estate the premiums paid to date?
Assuming Trust used is Bare (client knows where the payout is going) premiums are PETs so premiums paid more than 7 years ago can be disregarded for NRB?
Can anyone help - I am probably over complicating this....