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mother passing savings to son ? all legal and legit?
steveo3002
Posts: 2,731 Forumite
my mother has over £35k in savings and i dont , we figured it would make sense for me to take some of savings so that we both have under the £35k incase things go wrong
my question is
is it all legal and legit for my mother to just give me a chunk of money , call it a gift or whatever ?
shes of the understanding she cant "give" me more £3k a year , but what happens if she does give more?
my question is
is it all legal and legit for my mother to just give me a chunk of money , call it a gift or whatever ?
shes of the understanding she cant "give" me more £3k a year , but what happens if she does give more?
0
Comments
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The 35K reference is to individual bank compensation limits under the FSCS scheme, so if your mum is worried about that then she could simply open another savings account with a different provider.Debbie0
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yes we're aware of that , but we like the post office so far ..plus shes getting a bit old n daft so it would make sense for me to spend , i mean bank the money for her0
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She can give you what she likes. There is no 3k rule. That only a gift allowance that is exempt from IHT potentially exempt transfers.shes of the understanding she cant "give" me more £3k a year
Yes and no. Providing your mother is not in receipt of benefits either now or in the foreseeable future then she is fine to gift what she likes. If she does receive benefits or is likely to in the foreseeable future then gifting money would be classed as deprivation of assets. This can lead to a prosecution as well as no benefits being paid.is it all legal and legit for my mother to just give me a chunk of money , call it a gift or whatever ?
Benefits includes pension credit, local authority care means test or any other means tested benefits.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
excellent
shes not on any benefits and doesnt plan to be anytime soon
makes sense for us both to hold under 35k just incase things turn ugly0 -
steveo3002 wrote: »excellent
shes not on any benefits and doesnt plan to be anytime soon
makes sense for us both to hold under 35k just incase things turn ugly
absolute nonsense... the PO is a government agency and so can't go bust0 -
Post office is not a govt institution ?
You seem to be decades behind. Isnt backed by Bank of Ireland , for finance side ?0
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