O/T. Will

[Brin]

Too smart for me brin

Btw my dads auntie Perl had a car boot sale and sold my nans stuff (nasty old hag)

Silly, nothing so hurtful as family at the wrong times. Put it behind you fella and don't look to repeat the same actions yourself should they ever occur.

[Silly-miller]

Silly, nothing so hurtful as family at the wrong times. Put it behind you fella and don't look to repeat the same actions yourself should they ever occur.

It was one of those moments you just can’t forget mate my Nan meant more to me than my mum and dad growing up, you see something like that it stays with you for keeps. That’s why I try and not think of stuff like wills

[KerrAvon]

You have been out of the UK for a long time, CT... Capital Transfer Tax (CTT) was abolished in the 1980s.

There is an advantage in transferring wealth during one's lifetime as the transfer will be a 'Potentially Exempt Transfer' that will not give rise to any Inheritance Tax liability provided that death occurs more than seven years after the gift is given.

But I am not a tax expert and it would be worth the original poster seeking tax planning advice.

As for the original question - that is an intensely personal issue upon which I would not comment.

[CTMilller]

You have been out of the UK for a long time, CT... Capital Transfer Tax (CTT) was abolished in the 1980s.

There is an advantage in transferring wealth during one's lifetime as the transfer will be a 'Potentially Exempt Transfer' that will not give rise to any Inheritance Tax liability provided that death occurs more than seven years after the gift is given.

But I am not a tax expert and it would be worth the original poster seeking tax planning advice.

As for the original question - that is an intensely personal issue upon which I would not comment.

Thanks, Kerr.

I had a feeling it was no longer called CTT but was in a bit of a rush when I was writing and didn't have time to check.

Interesting that it was the eighties; probably the last time I was looking in any depth into the tax on inheritance.

[Brin]

Kerr- You quote, 'There is an advantage in transferring wealth during one's lifetime as the transfer will be a 'Potentially Exempt Transfer' that will not give rise to any Inheritance Tax liability provided that death occurs more than seven years after the gift is given.'

Is that different to say, a Mother or Father turning their 'property' over to say a Son/Daughter more than 7 years before they die?

[KerrAvon]

It's a very long time (20 plus years) since I looked at any tax law, Brin. Nothing I say should be relied upon and I would urge you to seek independent advice.

Inheritance Tax (IHT) is payable on estates worth over £325 000. There are some special rules in relation to your main residence, but beyond that, bequests to your children can attract IHT.

To prevent people avoiding tax on their estate by giving it away when they are contemplating their death, IHT can attach to gifts made within seven years of death. For IHT purposes they are 'Potentially Exempt Transfers' (PETs). PETs are subject to a tapering relief, so a gift made just under seven years before death will attract a much lower level of tax than one made a few weeks before.

The bottom line is people with reasonably large estates and above who want to make sure that their kids get as much as possible should consider making gifts during their life time.

Speak to a tax planning expert, not me.

[Brin]

It's a very long time (20 plus years) since I looked at any tax law, Brin. Nothing I say should be relied upon and I would urge you to seek independent advice.

Inheritance Tax (IHT) is payable on estates worth over £325 000. There are some special rules in relation to your main residence, but beyond that, bequests to your children can attract IHT.

To prevent people avoiding tax on their estate by giving it away when they are contemplating their death, IHT can attach to gifts made within seven years of death. For IHT purposes they are 'Potentially Exempt Transfers' (PETs). PETs are subject to a tapering relief, so a gift made just under seven years before death will attract a much lower level of tax than one made a few weeks before.

The bottom line is people with reasonably large estates and above who want to make sure that their kids get as much as possible should consider making gifts during their life time.

Speak to a tax planning expert, not me.

Kerr, Thank you.

[howdydoo]

I thought i’d already pointed this out 😂😂😂

[Ericsladkilnhurst]

I have dealt as Executor of 2 estates in the last 2 years.
The first was my son's estate, to which he did not leave a will, he lived with his partner, & he had 2 children from a previous marriage.
He had a private pension set up with his employer, to which when taking this out he left his pension amount to his partner, but also he had a larger private pension from another employer, to which no one was nominated for the pension amount.
But the pension company gave 80% to his partner, & 10% to his 2 children, which I questioned, to which because my son lived with his partner for a number of years, it was said that my son & his partner were dependant on each other.
Be it that I took care of the finances for my son's partner, his partner took my advice and so the 3 people in his life had 33% each. I had to swear on a bible in front of a solicitor, to promise to carry out the probate in a legal way, to which the solicitor signed a form, this cost me £5.

My son's partner passed away 9 month's after my son, to which I was executor of the estate, & also I personally did a will for my son's partner, following her instructions, & had 2 witnesses sign the will, I did not use a solicitor at all, I did not have to swear on a bible. On my advice my son's partner even left money for the care of their faithful German Shepherd, to cover vets bills & food etc. I did the probate inside 5 month's & paid all the beneficiaries, paid all bills, funeral ill etc, which I finalised in February this year, where has solicitors drag the probate on, to make more money.
You have to apply for probate whether or not there is a will, if you don't the estate is in limbo, banks allow a sum of money from a deceased persons account to pay funeral costs etc, but I paid for both funerals then when the estate was sorted, I received my money back

We now have 2 sons, both with 2 children, our late son has 2 children, so our money will be split 3 ways, 33% to our living sons, & 33% to our late sons children, to which I swore to my son, that we would look after his children, before he passed away.

I dealt & gave advice with a friends husbands estate, be it the couple had taken out a Trust will, this is where the couple sign 50% of their house over to their child, what happened was that the husband went in a care home before he died, but the government could not make his wife sell the house, because 50% was in their daughter's name, & it worked the other way, if the wife went into a home.
Plus now if the wife goes into a care home, they can not make her sell it to pay the care home, because 50% is in the daughters name.

Where has with gift tax, what I would do if giving children or grand children money, I would give cash, no cheques or transfer.

[KerrAvon]

It sounds like you have carried some heavy burdens, Eric. You deserve a lot of respect for that.