MIL has a lot of money. Advice?

lulu650

How old is your mother in law by the way? I was assuming she was in her 70s, with discussions around care homes and/or moving in with you.

Has she thought about how she sees her own future? Does she want to move in with you?

gizmo111

darlyd wrote: »

Believe it or not, We spoke about a lot today, And this is one of the things that was brought up more. He told her on Saturday (not me till today tut tut) That we will find out about it for her, as they were weary of the professional advice she was given on Saturday . Now I know I will show hubby the posts when he gets in from work tomorrow (I go straight to work when he gets home) And he can take lappy to his mums for her to read.

No she is not on his mortgage (maybe guarantor I am not 100%). She is just on the deeds so is FIL (who passed away 1 year yesterday)

Thanks again for all advice whether helpful or not .

I'm confused - if she is not on the mortgage has she got a 2nd charge on te property? If she is guarantor then that is totally different again

Darlyd

lulu650 wrote: »

How old is your mother in law by the way? I was assuming she was in her 70s, with discussions around care homes and/or moving in with you.

Has she thought about how she sees her own future? Does she want to move in with you?

She is in her late 70's.

She says she would not want to move in with us, But I know she was wanting me to say what I said (except for first bit, which she laughed at). "Don't be silly you will live with us, we will look after you, we will put central heating in the chicken coup", that she laughed at, joking aside we said she will live with us, or stay in her own home, OR go in to a care home of choice. I am not bothered where she would want to live, because We will make sure she is looked after, same with my parents, even though my brother will be next of kin, I know he will leave those type of decisions up to me.

Saying goes, they looked after us, so their time will come when we return the favor .

Darlyd

gizmo111 wrote: »

I'm confused - if she is not on the mortgage has she got a 2nd charge on te property? If she is guarantor then that is totally different again

I have no idea. All I know is she paid half cash, and put herself on the deeds. Hubby took out mortgage (yr before we got together) to finance other half. I am not into asking questions about it, as I am not interested. All I am interested in is what I have been asked to find out. lol

I think reason for this, is she helped him buy the house as he was bankrupt many years before (over 6 years due to buying a house with an ex, and she was not very pleasant, Lessons learned I presume).

scottishblondie

I see you've posted this on a couple of other boards - but for my own sanity and continuity of discussion I am only going to reply on this one. Is the "professional" she saw this "weird woman" at the bank? If she wants serious financial advice a woman at the bank, who seems to be giving out totally incorrect info, is not the person for her to be talking to. Remember that you don't need any sort of credentials to work at a bank or indeed to offer financial advice!

If her name and that of your FIL are on the deeds of your husband's property then this may complicate things further as I think that her share of the property will also count towards her estate. However, this may depend on the fashion in which the property is owned. Also I am surprised at this - mortgage providers usually only allow those named on the mortgage to have their names on the deeds.

I really think the best way forward is to get proper legal advice - this forum and the internet can only give you basic ideas, but there are solicitors that specialise in IHT minimisation that will be able to provide much more detailed advice and help your MIL to draw up legal documents to deal with her estate.

Perhaps she should make a list of the things she knows she wants to do e.g. give gifts that are IHT exempt, create a will to leave her estate to her son, or perhaps to make a provision for any grandchildren directly (thinking waaaay ahead, this would be a beginning to minimising IHT on your OH's estate) and then see a solicitor about it all once she has a clearer idea of what she wants done.

Money_maker

I recognise you from a previous thread where I hopefully helped you on the job front. No tax advice but would like to suggest there's a big difference between an employed community carer and manager of a care home. Dealing with vulnerable adults requires very qualified staff (not just experienced) and the rules and regulations would be very tight. 24 hour care is not the same as a few shifts in peoples' homes.

Have to say that I have also followed another thread of yours and feel you have a lot on your plate at the moment - am quite worried about you.

lulu650

Just be careful when you are sharing your postings OP. All your previous posts can be accessed from your username. Might be better to just print out the replies so far for your MIL

Iancfp

Suggest that you need some professional advice - as other posts have mentioned vast majority of bank advisers are sales people with very low qualifications. A Financial planner should have advanced qualifications and be Chartered or Certified just like an Accountant if you want a good one the professional bodies Chartered Insurance Institute and Institute of Financial Planning will list local.

Gifting can be done for any amount and will be outside estate fully if the lady lives 7 years - however she needs to be confident she has sufficient income - this can be buy keeping back sufficient investment funds or if low risk buying an annuity to guarantee this.

There are various trusts that can be used to either gift money but keep some control or split a gift so some income is retained or give away just the growth on an investment.

Note I am Chartered Financial Planner and award winning Independent Financial Adviser but I can only give advice to clients who have given me their financial details. Any comments given in open forum are my own thoughts and are designed merely to assist and do not constitute advice

dancingfairy

I agree - it is very hard to give advice on a forum like this and frankly would you be taking financial advice from a load of well-meaning strangers but you have no way of checking out their credentials? Also different pieces of information are being given out on the thread and you really need to sit down with a qualified independent person who can ask the right questions (without worrying about people on the interenet getting personal details) and go through things with you.
Firstly I would go off recomendations if possible. I'd also maybe have a chat with a couple of people until I found someone who I was comfortable with. You don't have to go with the first person you find you know.
I think also with the amount of money you are talking about it would be worth paying for some advice. Don't forget that you (well your mother-in-law) is in charge so you she doesn't have to go with anything the adviser recommends but should ask as many questions as she needs to to get things straight in her own mind before making any decisions.
Best of Luck
df

angelsmomma

lulu650 wrote: »

Just be careful when you are sharing your postings OP. All your previous posts can be accessed from your username. Might be better to just print out the replies so far for your MIL

I totally agree with this