A fool and his money.

BitterAndTwisted

You have no need to worry about that 7-year thing as none of the money has passed into your own hands. Do you have any reason to fear that your father's life might end inside seven years? Sounds like your son needs a good kick up the bracket but I think that's for your father to administer, rather than you.

If you want your life to be worth living, I'd stay right out of this situation. It will end in tears and you'll probably be the one everybody looks at to wipe the tears away when it does. If you interfere now you will be the one everybody inevitably blames.

penny_pincher_58

hes nearly thirty he knows what he is doing.

penny_pincher_58

i can see that coming but i have to intervene.i could go on all night with reasons.

ariba10

Or the OP is a troll.

Tropez

penny_pincher_58 wrote: »

ok i put it another way i have heard that there is a 7 year thing something to do with inheritance tax,i dont need the money thanks but i would rather my dad spent it and not my son waste it.

I'm not sure that the seven year rule would apply in your case. It certainly wouldn't to you, as none of the estate has been passed to you.

http://www.inheritance-tax-planning.com/inheritance-tax-7-year-rule.php

If your father intends to pass the estate on to your son then there is little that you can do about it and it will be up to your son and his solicitors to deal with the tax side of things.

With regards to your initial query on how you can go about getting the house signed over to you, based on the information you have provided, the simple answer is that you cannot without your father's agreement.

KiKi

penny_pincher_58 wrote: »

hes nearly thirty he knows what he is doing.

Yes - taking £15,000 off his grandad! If your son wants the money your dad was happy to give it to him, then you can't stop it happening, I'm afraid, unless your dad was to be proved mentally incompetent (whatever the correct phrase is).

You sound unhappy about your dad giving your son the money to buy the car - but then you defend your son as a grown man who knows what he's doing. Not sure where you're going with that one...

Ultimately, OP, your dad can do as he likes with his money. Unless he's mentally incompetent, you cannot do anything about it.

If you want the house / money signed over to you because of the likelihood of your father dying in around 7 years time (and you want to avoid inheritance tax) then you need to ask your dad to gift it to you, but that's a conversation for you and him. You cannot *make* it happen in law by getting someone to intervene.

I hope that helps explain it better.
KiKi

pebbles88

penny_pincher_58 wrote: »

ok i get it

penny_pincher_58 wrote: »

hes nearly thirty he knows what he is doing.

penny_pincher_58 wrote: »

i can see that coming but i have to intervene.i could go on all night with reasons.

I really don't mean to be rude - but it's quite hard to understand what you actually want help with? you have given such short answers to the replies you have received - that I'm not sure whether you have found what you needed or not??7

i really don't know whether or not you are a troll, or whether you are just very very upset over this and are struggling to deal with it??

Indout96

what sort of health is your father in, is he likely to need to go in to a home in the future, if so they will take everything he has including savings and the house to pay for his care. he will only be allowed a set amount (think its £10k)
If he feels he will need to go into a home, maybe he is happy to pass his money on to his grandson rather than give it to the government.

sassyblue

You can't get the house signed over to you without your dads consent (or see a solicitor/doctor to have him assessed for being mentally incapacitated).

In the meantime tell your son that's the last he'll sponge off your father and ONLY if your father agrees have your fathers cheque books, bank cards hidden in your house. The sad thing is your father will have to come to you for money but if you are both in agreement because your father is vulnerable with his money, then it's the way forward.

Ignore everyone with unhelpful comments, alot of posters here, when money's concerned, think you'll be trying to steal every penny off your dad.

Pity you can't get the log books for your sons car and sell it to reclaim some of your dads money.

Hope you get it sorted.

Britwife

It looks like the op is trying to keep his dad from losing his house. If he keeps paying out, he will have nothing. I didn't get the impression that the op is worried about his own inheritence. If his dad isn't in the right state of mind then he will have no clue if he is about to lose his house. It seems like he has already had it out with his son taking advantage. It also sounds as though if the op really was after money, all he would have to do is ask his dad, seeing that he can't say no to handing out money.

I think if your dad is doing "ok" on his own, there may not be much you can do without his permission. Even borderline dementia, they will never admit it. It's very hard for them. It may be best to ask your dad if he would like you to assist him in his finances, just to let the pressure off a bit. Put it in black and white how much he has spent as well, he may not realize or added it up.