Bank of mum and dad

offog

LE
I believe you can give them as much as you want, however if you die within 7 years of making that gift, it will be subject to inheritance tax.

So basically don't die in the next 7 years.
and make sure you don't go into care home or need assistance as it can be clawed back.
 

BratMedic

LE
Book Reviewer
I'm afraid ALL of you are totally wrong with your advice, the only way to go is to:
"INVEST IT ALL WITH FRIENDLY HOVERPOT
HE WILL BE YOUR MULTI-MONEYPOT
YOU'LL ALL LIKE THIS BUT NOTALOTAPOT"
 
I was advised (by the Army) to do similar with my compensation, but as my IFA pointed out it gains virtually no interest, so in real terms depreciates in value.
At the time we sought legal and financial advice and only included those items into the type of Trust we created that we were legally entitled to ... we have a mixed bag of investments outside of the Trust ... never put all your eggs in one basket .
 

Latest Threads

Top