Financial Advice please

Baldybonce

If we have a professional advisor all the better.

An elderly aunt, uncle and cousin have inherited a LOT of money and a house in Greenwich. They are all clueless as to what to do to keep as much as possible out of the grubby mitts of the taxman and the new friends they have acquired.
The idea is to give it to the cousin??
Thanks in advance.


Yes it is you Dave. Your Mum asked me.

Off_it

Whatever you do, don't listen to Golfie. He'd have them put it somewhere really crap that pays 80% tax out of loyalty to the taxman who has stood by them with his hand out through thick and thin.

Carter

Take advice from anyone who inherently  tight as far as money goes

newyorkaddick

I don’t think giving it to the cousin will help from an IHT perspective if their life expectancy isn’t very long.  However depends on what type of amounts are involved and their total wealth potentially liable to IHT (£325k is tax free).

At the very least each should put £20k into an ISA before Apr 6th and then again immediately thereafter - it doesn’t protect them from IHT but at least shelters them from tax in the meantime.

DaveMehmet

Carter said:

Take advice from anyone who inherently  tight as far as money goes

Someone who uses duct tape to repair shoes maybe?

Stig

newyorkaddick said:

I don’t think giving it to the cousin will help...

No you have to give it to someone completely unrelated. Someone you've never met before and will never see again. I can help you out, if you like. Just PM me.

Baldybonce

Stig said:

newyorkaddick said:

I don’t think giving it to the cousin will help...

No you have to give it to someone completely unrelated. Someone you've never met before and will never see again. I can help you out, if you like. Just PM me.

righto Stig, and perhaps your Nigerian aunty could help out too.

Ashers

As you say in the original post, professional advice would be sensible. I dare say the value of the inherited assets have already suffered IHT when the estate of whoever left the assets passed through probate (assuming they are valued in excess of the available nil rate bands). If the concern is that further IHT is due should the elderly aunt and uncle die then a Deed of Variation to the deceased's will could assist thereby leaving all the assets directly to your cousin. This needs to be done within 2 years of the original death. Best plan is to speak to a solicitor who deals with probate and estate matters.

Baldybonce

Ashers said:

As you say in the original post, professional advice would be sensible. I dare say the value of the inherited assets have already suffered IHT when the estate of whoever left the assets passed through probate (assuming they are valued in excess of the available nil rate bands). If the concern is that further IHT is due should the elderly aunt and uncle die then a Deed of Variation to the deceased's will could assist thereby leaving all the assets directly to your cousin. This needs to be done within 2 years of the original death. Best plan is to speak to a solicitor who deals with probate and estate matters.

Thanks very much.

Wheresmeticket

Whatever it is I'd do it before March 31st.

Addick Addict

Wheresmeticket? said:

Whatever it is I'd do it before March 31st.

Has to be registered by the receiver as having been received by close of play on 5th April

harveys_gardener

A lot of money? Perhaps buy a football club. 

killerandflash

Ashers said:

As you say in the original post, professional advice would be sensible. I dare say the value of the inherited assets have already suffered IHT when the estate of whoever left the assets passed through probate (assuming they are valued in excess of the available nil rate bands). If the concern is that further IHT is due should the elderly aunt and uncle die then a Deed of Variation to the deceased's will could assist thereby leaving all the assets directly to your cousin. This needs to be done within 2 years of the original death. Best plan is to speak to a solicitor who deals with probate and estate matters.

That sounds sensible. Either way, proper professional advice is essential, the cost of a solicitor is nothing when compared to the sums in question and the potential for falling foul of the taxman

golfaddick

I am an IFA despite what @Off_it says. You can always PM me & I'll get back to you later on this evening.

@Ashers had it about right. But you have not given any real info & giving regulated financial advice means talking to all the relevant parties & finding out what they all want & need.

Ps....you really do need to speak to a qualified financial adviser & not take for gospel what posters might put on here. I'm not saying that for my benefit & I'm not touting for business.....but the worse thing you could do is to blindly follow what an anonymous person writes on here.

guinnessaddick

golfaddick said:

I am an IFA despite what @Off_it says. You can always PM me & I'll get back to you later on this evening.

If you get out of the car park at Charlton park.

Baldybonce

golfaddick said:

I am an IFA despite what @Off_it says. You can always PM me & I'll get back to you later on this evening.

@Ashers had it about right. But you have not given any real info & giving regulated financial advice means talking to all the relevant parties & finding out what they all want & need.

Ps....you really do need to speak to a qualified financial adviser & not take for gospel what posters might put on here. I'm not saying that for my benefit & I'm not touting for business.....but the worse thing you could do is to blindly follow what an anonymous person writes on here.

Cheers, will do.

cafcdave123

Baldybonce said:

If we have a professional advisor all the better.

An elderly aunt, uncle and cousin have inherited a LOT of money and a house in Greenwich. They are all clueless as to what to do to keep as much as possible out of the grubby mitts of the taxman and the new friends they have acquired.
The idea is to give it to the cousin??
Thanks in advance.


Yes it is you Dave. Your Mum asked me.

really? brilliant!

just pay it all to me, i'll wear the tax

Baldybonce

cafcdave123 said:

Baldybonce said:

If we have a professional advisor all the better.

An elderly aunt, uncle and cousin have inherited a LOT of money and a house in Greenwich. They are all clueless as to what to do to keep as much as possible out of the grubby mitts of the taxman and the new friends they have acquired.
The idea is to give it to the cousin??
Thanks in advance.


Yes it is you Dave. Your Mum asked me.

really? brilliant!

just pay it all to me, i'll wear the tax

I'm off to Scotland tomorrow. You can have a pie.

cafcdave123

Baldybonce said:

cafcdave123 said:

Baldybonce said:

If we have a professional advisor all the better.

An elderly aunt, uncle and cousin have inherited a LOT of money and a house in Greenwich. They are all clueless as to what to do to keep as much as possible out of the grubby mitts of the taxman and the new friends they have acquired.
The idea is to give it to the cousin??
Thanks in advance.


Yes it is you Dave. Your Mum asked me.

really? brilliant!

just pay it all to me, i'll wear the tax

I'm off to Scotland tomorrow. You can have a pie.

please get me a scotch pie

Baldybonce

cafcdave123 said:

Baldybonce said:

cafcdave123 said:

Baldybonce said:

If we have a professional advisor all the better.

An elderly aunt, uncle and cousin have inherited a LOT of money and a house in Greenwich. They are all clueless as to what to do to keep as much as possible out of the grubby mitts of the taxman and the new friends they have acquired.
The idea is to give it to the cousin??
Thanks in advance.


Yes it is you Dave. Your Mum asked me.

really? brilliant!

just pay it all to me, i'll wear the tax

I'm off to Scotland tomorrow. You can have a pie.

please get me a scotch pie

No probs 

Off_it

golfaddick said:

I am an IFA despite what @Off_it says. You can always PM me & I'll get back to you later on this evening.

Oh I don't doubt you're an IFA mate, never have. I'm just telling him not to listen to you! 
:-)