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Inheritance, Spend it all now, or save some for the Children ?

Infinity
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Inheritance, Spend it all now, or save some for the Children ?

Inheritance, Spend it all now, or save some for the Children ?

Myself, it will be a bit of both.
Enough for myself to enjoy life, the rest to my children, and other deserving relatives.
Children will receive theirs, in regular payments, up to Seven years before my Death.
And the remaining when I'm gone...
(If only I knew when that will be !)
They already do quite well, from the Bank of Mum & Dad.
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Re: Inheritance, Spend it all now, or save some for the Children ?

Quote from: PlusComUK
Inheritance, Spend it all now, or save some for the Children ?

Myself, it will be a bit of both.

Children will receive theirs, in regular payments, up to Seven years before my Death.
And the remaining when I'm gone...
(If only I knew when that will be !)

Bit ot a contradiction in there, methinks..... How will you determine when the Seven years starts>>... if You don`t know when you are going to die....
You could die tomorrow, and then you will have "short-changed" them by seven years  Roll eyes
Infinity
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Re: Inheritance, Spend it all now, or save some for the Children ?

I think you may not be aware of The seven-year rule - 'potentially exempt transfers'
Any gifts I make to individuals will be exempt from Inheritance Tax as long as I live for seven years after making the gift.
These sorts of gifts are known as 'Potentially Exempt Transfers' (PETs).
(It was t.i.c.)
And... If I go sooner, they get the inheritance sooner !!

If your estate is worth more than the Inheritance Tax threshold - £325,000 for the 2013-14 tax year - there are some important Inheritance Tax exemptions that allow you to make gifts to others and not have to pay tax on them when you die.
My Estate will be worth way more than the Inheritance Tax threshold

If I die within seven years and the total value of gifts I made is less than the Inheritance Tax threshold, then the value of the gifts is added to my estate and any tax due is paid out of the estate.
However, if I die within seven years of making a gift and the gift is valued at more than the Inheritance Tax threshold, Inheritance Tax will need to be paid on its value, either by the person receiving the gift or by the representatives of the estate.
If I die between three and seven years after making a gift, and the total value of gifts that I made is over the threshold, any Inheritance Tax due on the gift is reduced on a sliding scale.
This is known as 'Taper Relief'.

That is I will say all on my particular situation.

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Re: Inheritance, Spend it all now, or save some for the Children ?

My 3 kids are all a whole lot better off than we are so, bollards, I wont be leaving much for them. They will get the house though!  Roll eyes
Geoff,
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Re: Inheritance, Spend it all now, or save some for the Children ?

And me.. I have nothing anyway really so my non-existent kids don't need to worry  Roll eyes
I need a new signature... i'm bored of the old one!
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Re: Inheritance, Spend it all now, or save some for the Children ?

Spend it all.
And make the kids pay for the funeral out of their own pockets. Smiley
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Re: Inheritance, Spend it all now, or save some for the Children ?

the hell with the kids.  i'm spending mine.  they can get their own.
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Re: Inheritance, Spend it all now, or save some for the Children ?

You know, it`s very difficult to inject some humour into some of these doom and gloom threads in chit chat..... it seems "chapter and verse" are more important to some people, rather than just "getting on and "enjoying life" while you have it.  Chit Chat was invented for the pleasure of "having a laugh"... and "taking the mickey"... relieving the more "serious" stuff of such rediculous entries therein.....
Perhaps, when the forum is next "reviewed and updated"... a "Doom and Gloom" board should be inserted, so that those who wish to discuss such matters can do so...
Life is too short.... (especially when you pass 65  Shocked ).... to get too serious.... You won`t know what has happened to your "estate" WHEN you are dead.... so take advantage of the situation and ENJOY what you have, while you have it....
You cant take it with you..... If your kids/family are so disposed (?) to have a fight over your possessions, then they haven`t been brought up properly and deserve absolutely nothing...
Personally, I have recently suffered two close family deaths.... one of cancer, and the other of suicide by hanging.... yet I still maintain my sense of humour, and enjoy MY life .... there isnt much left, but its still worth living.....
No sympathy votes needed.... thanks....
Wink
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Re: Inheritance, Spend it all now, or save some for the Children ?

Doom and Gloom is fun if you let it be so Smiley
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Re: Inheritance, Spend it all now, or save some for the Children ?

So,...... can we have a Doom and Gloom...(FUN) board..... together with a Doom and Gloom (SERIOUS) board, when the next review is done, please?  Wink
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Re: Inheritance, Spend it all now, or save some for the Children ?

Quote from: Strat
Doom and Gloom is fun if you let it be so Smiley

Come and live my life then lol
I need a new signature... i'm bored of the old one!
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Re: Inheritance, Spend it all now, or save some for the Children ?

I have a better idea - how about an old misery guts board
I would fit in there very well 
kmilburn
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Re: Inheritance, Spend it all now, or save some for the Children ?

Quote from: Strat
Doom and Gloom is fun if you let it be so Smiley

Doom was definitely fun,  but I don't remember playing Gloom!  Wink
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Re: Inheritance, Spend it all now, or save some for the Children ?

Quote from: Oldjim
I have a better idea - how about an old misery guts board
I would fit in there very well 

No comment  Lips are sealed (see you in there  Cheesy)
I need a new signature... i'm bored of the old one!
Infinity
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Re: Inheritance, Spend it all now, or save some for the Children ?

Quote from: Strat
Doom and Gloom is fun if you let it be so Smiley

Someone  (Naming no names)  obviously did not see the intended humour in the OP !!!
Irony is so lost on some... !!
Quote from: PlusComUK
Children will receive theirs, in regular payments, up to Seven years before my Death.
And the remaining when I'm gone...
(If only I knew when that will be !)