throbber Posted March 21 Share Posted March 21 I got left a good inheritance when I was 21 off a great aunty I hardly knew - I was a complete YOLO type back then and didnt even care much for money when I first found out but it’s set me up nicely since. I did make the mistake of telling people and got a lot of jealousy at time iirc. I have just the one sibling and my folks are still together so we don’t have to deal with grand kids or divorced etc on my side when the worst should happen. My gf won’t get a penny I don’t think as her dad remarried and has 2 new kids and looked after his 3 step kids from when they were fairly young and she has 2 siblings with his first marriage. The dad got a good lot of money from when his father died and his mother (still alive) sold the house but my mrs hasn’t seen anything from it despite her being told she was in the will. Her dad has blatantly splashed money since his fathers passing including doing up his house and going on lavish holidays and I think it will eventually come to a head and neither of his first 3 children will ever speak to him again. One of my gfs uncles (other side of her family) moved into his mothers house in the 90’s when she was dying and got her to change her will so he pocketed the lot and shafted his numerous siblings so he and his wife could buy a nice house for themselves. For some wild reason all the siblings are back speaking to him again. 0 Quote Link to comment Share on other sites More sharing options...
maicoman Posted March 21 Share Posted March 21 There was 5 in my mothers family. My mother was the first one to die. Just under 3 years later her youngest brother managed to drink himself to a early death. He was single and none of them had kids apart from my mother. He never made a will . He owned a small house so after the house got sold you would have thought that his estate would have got split between his 3 surviving brothers and sister but no my mother was entitled to a quarter of his estate even although she was no longer around so it got split between her kids .Think i got around £4500 ish . Was sure not expecting anything. 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted March 21 Share Posted March 21 17 hours ago, Caro-Kann said: This is overly simplistic as an example but at the start of 1981 the average house price in the UK was about £24K which after inflation equates to about £114K today, however, the cost of an average house at start of 2024 was £285K. I think it would be fare for that £171K of untaxed investment income to be subject to some form of inheritance tax. The arbitrary is strong in this one. 3 Quote Link to comment Share on other sites More sharing options...
Molotov Posted March 21 Share Posted March 21 Perhaps at a funeral any remaining money should go up in flames with you KLF style. I hope my last cheque for a £1 bounces. 0 Quote Link to comment Share on other sites More sharing options...
Richey Edwards Posted March 21 Share Posted March 21 On 19/03/2024 at 22:49, Florentine_Pogen said: A Monopoly game and a Scaletrix. I'll need to sell them anyway to fund @P and B Official Hamster's mission to Mars. 1 Quote Link to comment Share on other sites More sharing options...
MONKMAN Posted March 21 Share Posted March 21 The law is pretty stupid when it comes to inheritance. It should be perfectly acceptable to cut a kid/grandkid out of the will on the account of them being a c**t. As far as inheritance goes, I’m conflicted as I’ll probably benefit fairly well out of it. My wife is an only child so that side is covered and with my folks, everything goes to me and my brother (there will be no conflicts there). That said, I’ve no issue with inheritance tax, but there’s so many loopholes that very few people end up actually paying anything anyway. As I’m now the proud owner of a child, I’d imagine my kid will be pretty much sorted when I eventually kick the bucket. 0 Quote Link to comment Share on other sites More sharing options...
Shadow Play Posted March 21 Share Posted March 21 18 minutes ago, MONKMAN said: The law is pretty stupid when it comes to inheritance. It should be perfectly acceptable to cut a kid/grandkid out of the will on the account of them being a c**t. As far as inheritance goes, I’m conflicted as I’ll probably benefit fairly well out of it. My wife is an only child so that side is covered and with my folks, everything goes to me and my brother (there will be no conflicts there). That said, I’ve no issue with inheritance tax, but there’s so many loopholes that very few people end up actually paying anything anyway. As I’m now the proud owner of a child, I’d imagine my kid will be pretty much sorted when I eventually kick the bucket. Correct. You will regularly hear people argue that only the top 4% of estates have to pay inheritance tax. What people do not understand is the top 4% of estates is completely different from saying only the richest 4% pay inheritance tax. When the richest people die they will more than likely have all their affairs neatly sorted out with the aid of expensive accountants and lawyers and as such will not have to pay inheritance tax. The 4% referred to are generally the people who are unaware of inheritance tax, made bad choices, don’t care or simply just cross the line of paying inheritance tax. Also, people make out you have to be rich to pay inheritance tax. Putting it very simplistically, a married couple have a limit of £1,000,000. Not exactly a fortune these days. -1 Quote Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted March 21 Share Posted March 21 9 minutes ago, Shadow Play said: Correct. You will regularly hear people argue that only the top 4% of estates have to pay inheritance tax. What people do not understand is the top 4% of estates is completely different from saying only the richest 4% pay inheritance tax. When the richest people die they will more than likely have all their affairs neatly sorted out with the aid of expensive accountants and lawyers and as such will not have to pay inheritance tax. The 4% referred to are generally the people who are unaware of inheritance tax, made bad choices, don’t care or simply just cross the line of paying inheritance tax. Also, people make out you have to be rich to pay inheritance tax. Putting it very simplistically, a married couple have a limit of £1,000,000. Not exactly a fortune these days. Shite happens, then you die, then more shite happens. 0 Quote Link to comment Share on other sites More sharing options...
Melanius Mullarkey Posted March 21 Share Posted March 21 Dodgy knees and baldness. 0 Quote Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted March 21 Share Posted March 21 Just now, Melanius Mullarkey said: Dodgy knees and baldness. That's just the start of my problems. 0 Quote Link to comment Share on other sites More sharing options...
throbber Posted March 21 Share Posted March 21 Sounds like an ideal situation Monkman - my brother in law got with his gf when they were early 20’s and she had all the money - owned a very nice flat outright, was an only child, still had a grandparent left and both of her parents were old and fairly comfortable. A complete dream scenario for a stingy b*****d like him anyway. 0 Quote Link to comment Share on other sites More sharing options...
Melanius Mullarkey Posted March 21 Share Posted March 21 1 hour ago, Sergeant Wilson said: That's just the start of my problems. Thats just the wife I’m talking about. 0 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted March 21 Share Posted March 21 Since my dad died, my siblings and I own his half of the house. My mum owns the other half. Everything else went to mum. 0 Quote Link to comment Share on other sites More sharing options...
vikingTON Posted March 21 Share Posted March 21 2 hours ago, Shadow Play said: Also, people make out you have to be rich to pay inheritance tax. Putting it very simplistically, a married couple have a limit of £1,000,000. Not exactly a fortune these days. Lol wut 0 Quote Link to comment Share on other sites More sharing options...
Shadow Play Posted March 21 Share Posted March 21 10 minutes ago, virginton said: Lol wut At its very basic, the inheritance tax threshold for a couple is £325,000 each with £350,000 between them for their home. Unless I’m missing something. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted March 21 Share Posted March 21 7 minutes ago, Shadow Play said: At its very basic, the inheritance tax threshold for a couple is £325,000 each with £350,000 between them for their home. Unless I’m missing something. And what percentile of the population have that amount of wealth, would you say? 0 Quote Link to comment Share on other sites More sharing options...
scottsdad Posted March 21 Share Posted March 21 13 minutes ago, Shadow Play said: At its very basic, the inheritance tax threshold for a couple is £325,000 each with £350,000 between them for their home. Unless I’m missing something. When will Stately Wayne Manor be yours anyway? 0 Quote Link to comment Share on other sites More sharing options...
Deanburn Dave Posted March 21 Share Posted March 21 55 minutes ago, scottsdad said: Since my dad died, my siblings and I own his half of the house. My mum owns the other half. Everything else went to mum. This arrangement is fairly common and a good idea. Dad in a Will leaves his half of the house to the kids but on the condition the Mum gets "life rent". She cannot be forced to sell by the kids. It ensures that the kids don't lose out on the half value of the house if Mum ends up going into a care home. 0 Quote Link to comment Share on other sites More sharing options...
Central Belt Caley Posted March 21 Share Posted March 21 Just remembered, I’ve got a great aunt who’s minted and dished out 5k each to my sister and I when we bought our first houses. She’s been collecting 3 pensions longer than I’ve been alive, has a cracking flat in Edinburgh and has “investments” as she puts it. She never married and has no kids so my mum and her cousins are (I’m assuming) are in line for a bung. Unless she’s done the funniest thing possible and left it all to her local church. 0 Quote Link to comment Share on other sites More sharing options...
Sergeant Wilson Posted March 21 Share Posted March 21 1 hour ago, scottsdad said: Since my dad died, my siblings and I own his half of the house. My mum owns the other half. Everything else went to mum. Sell upstairs. 1 Quote Link to comment Share on other sites More sharing options...
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