Gallygirl's "A journey of 121,226.67 pounds begins with a single penny" diary

gallygirl

Add it all up TG - by the time you add in death in service I bet you'll be amazed!

Lois_E

Death in service shouldn't count. You can allocate it to go to whoever, and it goes direct to them, not into your estate, so doesn't count for IHT purposes. Likewise with life insurance.

gallygirl

Lois_E wrote: »

Death in service shouldn't count. You can allocate it to go to whoever, and it goes direct to them, not into your estate, so doesn't count for IHT purposes. Likewise with life insurance.

Thankd Lois, should have done some more checking before panicking - I've been reading up on it. Revised estimates of 'only' 100k & 50k, but need to quantify everything.

cha97michelle

gallygirl wrote: »

I want Michelle's little dog

You aren't the only one hon. I have had 2 neighbours offer to have him now if we ever don't want to take him somewhere, or go away. I think I will have to be careful incase anyone with less scruples decides to pinch him. If you are ever this way, you can pop in and have cuddles if you want, though if you turn up with a large handbag, I reserve the right to frisk you on the way out.

Sounds like you are tackling some serious stuff at the moment. Wills and IHT and all that sort of end of life stuff really boggles me.

So you aren't planning on any S.K.I. hols then? (spending the kid's inheritance. )

Tesco_points_addict

gallygirl wrote: »

I want Michelle's little dog

And what the matter with my two:rotfl::p

TPAx

TallGirl

All this talk of doggies but they are cute I must say. Nice to know death in service does not count.

Lois_E

Well, I think it depends on how you have your death in service arranged. If you're married/civil-partnered, it goes to your spouse/partner. If not, you can allocate someone to have it, or some people to share it - mine goes to my kids in equal shares, since I'm no longer married to X. In either of those cases, it doesn't form part of your estate, and there's no IHT to pay. However, if you're not married/civil-partnered, and you don't contact the pension scheme to specify someone to allocate it to, then it goes into your estate, and I think then it does count for IHT. So anyone who's cohabiting (even if they have a will leaving everything to the partner) would be well advised to get onto their pension scheme and specify who they want their death in service money to go to.

scubaangel

GG is it worth looking to set up the houses you lease as a business?

My Mum and her partner have done that, the house they live in and the apartment in Tenerife are owned by a company which they own through being equal shareholders (iirc 50 shares each), according to their lawyer it should mean there is less to pay as my sister and I will inherit shares not physical assets - or something along those lines.

gallygirl

Michelle you're right it is v grown up stuff .

Thanks Lois, for my work DS & DD are named, so ok there, and Mr GG will need to check his. I've written to 2 other small pensions I have to check.

Scuba - I thought of this a few years ago but didn't progress it. The plan is to sell the houses in the next 5 years so probably not worth it. However, I will be speaking to an IFA so will ask.

TPA - em, where shall I start . I do love dogs, but only want a little one. And my dog NEVER went on the furniture. Well, at least she wasn't allowed to when I was there. Sometimes I'd come home & she'd be standing looking out the window, with her back legs on the chair and front on the windowsill. By the time I got in the house she'd be in her basket, all innocent :rotfl:. My next one won't either, which will make us an oddity I realise

scubaangel

If you did it could be possible to sell the properties and regain the cash yourself via a large dividend payment I think. Or wind up the company if you sell all the company assets (ie houses). I'm fairly sure a friend did something similar - although his business wasn't specifically the property but being a home office the house was owned by the company, which when they wanted to move they sold, took the cash out of the business and then bought a new house separately.