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Leaving money to grandchildren

(41 Posts)
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Ana Tue 16-Jul-13 17:53:22

Yes, that's true!

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HUNTERF Tue 16-Jul-13 17:53:20

Gerry

Under English law a person can will their estate to anybody they like including the grandchildren.
The tax situation regarding the parent's estate does not come in to the equation.

Frank

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HUNTERF Tue 16-Jul-13 17:50:31

j08

I think the point you are missing is the money has been willed by the grandparents to the grandchildren so at no point has it been the parents money to be used for care home fees.

Even if the parents hold the money in trust for the children it is still not the parents money.

Frank

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Ariadne Tue 16-Jul-13 17:50:23

I am working on there not being anything to leave to anybody...

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sunseeker Tue 16-Jul-13 17:49:02

Gosh your brain is definitely working overtime today Gerry. I don't have grandchildren so am leaving everything to nephews and nieces - does that count grin

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Ariadne Tue 16-Jul-13 17:46:27

grin

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j08 Tue 16-Jul-13 17:27:05

No!!! Not "Gerry" yer daffie oompah! grin

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j08 Tue 16-Jul-13 17:25:42

The bit where G says about local authority should be allowed to claim back money willed to grandkids, to pay for care home fees.

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Ariadne Tue 16-Jul-13 17:21:14

What, jingl - "Gerry"? smile

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Nonu Tue 16-Jul-13 17:12:34

AKA wink

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j08 Tue 16-Jul-13 14:57:37

Actually Gerry has got a point with that last line. I think.

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FlicketyB Tue 16-Jul-13 14:44:11

Yawn

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Aka Tue 16-Jul-13 14:38:42

Don't encourage him Nonugrin

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Aka Tue 16-Jul-13 14:37:48

Not many people start a new line every time they start a new sentence.
Is it a man thing I wonder?

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Nonu Tue 16-Jul-13 14:34:59

Well there you go Gerry !!!

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bentley49 Tue 16-Jul-13 14:15:33

A poplar thing at the moment is skip a generation and for grandparents to leave their estate to the grandchildren.
This is done to try and avoid inheritance tax.
As the estate has to be worth £650,000 plus to attract inheritance tax I think all money willed direct to grandchildren should be taxed at 40% as it is likely the parents estate will be worth that amount.
Also the council should be able to claim the estate back from the grandchildren for the parents care home fees if necessary.

Gerry

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