Chit Chat
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What is the best way to do this, hard unless you are David Cameron who did it before his dad died, do you put the property in a trust fund? All seems a bit complicated...
Anyone gone down the trust fund route?
Anyone gone down the trust fund route?
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Replies: 26
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Spend it all before you pop your clogs.
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as hardly anyone pays it cant be that hard, 650,000 per couple for starters
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I wonder if this would work. Bet your beneficiary that you will live longer than them. Bets are now legally enforceable but winnings are non taxable, so when you die you lose the bet and your estate can pay out the bet as part of your liabilities and so reduce the amount of your estate and hence the inheritance tax payable. Possibly pay a tenner to get the written bet notarised rather than just rely on word of mouth.
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Tony Benn is your go-to man if you fancy avoiding paying Inheritance Tax.
The great Socialist was very keen for the rich to pay taxes. Apart from himself of course. . https://www.dailymail.co.uk/news/article-2808916/Did-Tony-Benn-help-children-avoid-tax-5million-PS-left-Labour-party.html . https://www.dailymail.co.uk/news/article-6771525/Tony-Benns-family-avoid-210-000-inheritance-tax-bill.html |
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Dish it out and hope to live for another 7 years.
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Die on the 6th April _ I think Monty Python came up with that one .
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Actually my parents asking for me and sis lol
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Doridoru,if your parents are up for it and there's a few bob about I would definitely go and see an expert as there's obviously things you can do and while the 7 year thing is straightforward the rest of it isn't I can assure you.
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thinking of cancelling that 7 year thing ribero1
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Really Delta? if so presumably under this govt the terms may become more favourable?
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The cross-party group of MPs is also suggesting removing tax-free allowances on family homes passed down to children and grandchildren.
And a rule that lets gifts made seven years before death go tax free would be scrapped. in yesterdays acrticle . https://www.dailymail.co.uk/news/article-7961927/Inheritance-tax-cut-10-cent-stop-super-rich-getting-away-paying-NOTHING.html |
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Cheers Delta,could be good news for some too though as rate cut to 10% and 20% for over 2 million.
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If you have a defined contribution pension pot and can afford not to draw it then leave it untouched as it can be passed on to your kids without being considered part of your estate for iht purposes.
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Cheers for comments
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Try and make sure they do something though. At least they're discussing it with you which is a good start.
I always thought my dad was quite financially savvy but after he died we ended up having to pay a 6 figure sum to fcking Hammond  |
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Believe me that HURT
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Someone's got to pay for lampposts and hospitals and the Chancellor's chauffeur-driven car.
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KC,its worse when you've had it and the had to give it back!
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If the Tories really want an innovative, dynamic economy without freeloaders, they should not even allow any inheritance at all. Inheriting things just allows freeloading and slacking.
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If you want a truly great economy, a truly fantastic and glorious country, you have to motivate each individual to stand for himself, to make something truly extraordinary out of his life from his own work and effort. Inheritances suck a good portion of life and dynamic out of a country.
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Oh ffs said like a true socialist lunatic....
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Its family business i've worked on all my life, nutters like Edy think the goverment should have it after you've already been taxed all your life...
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What a fecking idiot,most of it probably goes to support the labour voting layabouts who are on the pancrack all their life.
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It's said like a true capitalist. You've just been conned and trained by certain people to believe that it's a socialist idea.
Creating extra incentive for people to be creative and work hard for their own fortunes is truyl capitalist, baby. Slacking off, getting a headstart on the work and creativity of your ancestors is not. |
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Not that I'd really support such capitalist ideas. Just sayin' that's what any true capitalist should support if he isn't a total hypocrite. It's what any true capitalist who wants a dynamic, thriving economy should seek. What every true patriot should seek as that's quite obviously the best way for a capitalist country to truly prosper.
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For me and my family, money has always been seen a dynastic concept. In other words each generation tries to add to what they have inherited and pass in on intact plus some more. I did set up a trust fund in 2015 for the benefit of my 3 grandchildren. They will each get to choose at age 18 between using it for further education or use it in other ways. I (or my executors) will have a small inheritance tax bill as things stand but any care requirements for my wife and I might well bring us below the line.
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