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  • FIRST POST
    learjet
    How much money can you give away ?
    • #1
    • 21st Oct 08, 12:39 PM
    How much money can you give away ? 21st Oct 08 at 12:39 PM
    Hi,

    My old Mum is 76, lives on her on in her own home on the state pension plus about 15 a week from a private pension. She doesn't get any benefits because she was silly enough to scrimp and save all her life and has about 35000 in the building society.

    Is there a way to legally reduce this savings level so she can qualify for benefits ? (below 16000 I think). I was thinking she could give, say, 20000 to me and/or my sister. Any legal or tax implications here ?

    Her house is worth only 140000 so there are no IHT implications here.

    Thanks for any advice you can give.

    LJ
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