MIL has a lot of money. Advice?

Darlyd

paddedjohn wrote: »

just a point, you say the your hubby is next of kin but surely his sister is equal if the mil dies.

She is not going to be beneficial to a lot due to her behaviour (She is a druggie/alcoholic and hangs around with a bad bunch), This is MIL's decision, she is not stupid.. Hubby will however make sure she is looked after. (like we stupidly do now, by paying her rent arrears off like idiots!)

whitewing

With ref to the sister, could you find a way of MIL setting aside a chunk of money specifically for rehabilitation purposes, in the (unlikely) event that something does trigger a change in her lifestyle. That way her mum is still showing that she has some faith in her future. As you/your husband are younger, your financial circumstances are more fluid so although you would see that SIL is done right, you may not be able to ensure that you have the money available at the time she needs it.

Happy anniversary by the way.

John_Pierpoint

Has MIL made a will?
Who sorted out FIL's probate?
Make sure you have the paperwork, as you may well need to claim his transferable nil rate band of IHT allowance when MIL passes on.
Who is this person she is talking to in the bank?
Not what I would call an "independent" adviser?!

ceeforcat

Once again - if she chooses to give REGULAR gifts out of INCOME, this can also be disregarded. For example, let's say she decides to give £10000 EVERY Christmas - this will not form part of her estate provided that this and other gifts do not diminish her standard of living.

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm#6

moonrakerz

heretolearn wrote: »

Not too sure what the question is either, unless it's a very well disguised 'how can we get MILs money without having to pay inheritance tax?'.

This all seems to be about how to best transfer this money to other family members, nothing about what is best for MIL at all.

OOHH ! you are a cynical old b****r - just like me !!!!!