How do I minimise my children's IHT on a property, whilst continuing to own it during my lifetime?

How do I minimise my children's inheritance tax on a property, whilst continuing to own that property during my lifetime?

Arthur Says

It is not possible to avoid IHT on a residential property while continuing to own it.

However:

a) if it is commercial property used in the taxpayers business, it may qualify for Business Property Relief from IHT, and

b) if not, it may be possible to put the property into a discretionary trust, which would take the property out of the estate of the taxpayer, while still allowing them a degree of control (i.e. as a trustee).