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What to do with inheritance ?
Jpotter_2
Posts: 9 Forumite
Hi,
I am new to all this and my family has recently recieved £175000 that we need to invest. The proceeds of which will pay for my mother-in-law's care. Can anyone help in terms of how we can get the most interest ?
Thanks
I am new to all this and my family has recently recieved £175000 that we need to invest. The proceeds of which will pay for my mother-in-law's care. Can anyone help in terms of how we can get the most interest ?
Thanks
0
Comments
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A website is not really the best place to be getting views on what you should do with that money. You have potential inheritance tax, capital gains tax and income tax issues when dealing with an amount that size and also ownership issues (whose name is it going to be in). There may be trusts that become more suitable than no trusts and only certain products can be placed into trust. There may be ways to reduce the tax liability depending on the circumstances.
Its all very well asking which ISA etc but 175k is a different matter altogether.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 -
Hi,
£175,000 is a fair bit of money; there is no reason why you should not take care of investing it yourself, but you need do a lot of research first. There are a few potential problems, though.
To whom was the money left? Was it one individual, or was it left to your mother-in-law's children with the proviso that the interest be used to pay her care fees? If the legal side is at all complicated, you need specialist advice from a lawyer.
However, if it's just that whoever was left this money has out of the goodness of their hearts decided to provide for your MIL's care - well, to be honest, I think you'd still need a lawyer, since without some sort of legal framework they could presumably change their minds at any time.
More details required...
Cheerfulcat0 -
Wow !
Well, firstly the money was left in a will to the children with the proviso that they invest it and the proceeds go to mum. It's really a case of finding out where the best place to put the money would be. I'll check out the site given and see what they say.
Many thanks everyone !
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Although an IFA local to you where you can negotiate commission terms that allow you to get the money back may or where the charges on any investment are lowered or allocation increased may be more of more interest to you.
Having some money go to help the aged is nice but charity begins at home.
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
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