Can I gift £200 per month to my parent on a pension

baldnut

hey thanks to everyone for their great advice it is greatly appreciated! I have given them cash many times as well as bought for carpets and decorating etc but to be honest they are proud and dont like to take and every now and then I bung them £100 they dont want to take it but they do because they really cant afford to live to the life they had 10 years ago.

The Standing Order was because once its setup they dont have to feel bad like me handing money to them and additionally I do not want to give them money in front of my kids or any one else because I know that would make them feel even worse.

I think for the moment I will just put £50 a week into their bank and they can draw it out and save it in a shoe box for me, they can then borrow from my savings pot any time they need money as long as they put it back at some time or at least an IOU Does that work?

McKneff

If they have 2 state pensions and council tax discount, possibly guaranteed pension credit, no mortgage, they cant be struggling too much surely, unless they have a bit of a lavish lifestyle.

anamenottaken

baldnut wrote: »

I think for the moment I will just put £50 a week into their bank and they can draw it out and save it in a shoe box for me, they can then borrow from my savings pot any time they need money as long as they put it back at some time or at least an IOU Does that work?

I don't understand why you are suggesting that they should want to take out £50 in cash each week and not have an immediate use for it. If it is to be considered your savings pot then it is not their money but its safety becomes their responsibility and you wouldn't want it be known they were keeping a large amount of cash in the house, would you? £50 a week could mount up if they are really to treat it as your money. Frankly it's not necessary - just pay the £200/month into their bank account as the gift that it is meant to be.

themull1

baldnut wrote: »

hey thanks to everyone for their great advice it is greatly appreciated! I have given them cash many times as well as bought for carpets and decorating etc but to be honest they are proud and dont like to take and every now and then I bung them £100 they dont want to take it but they do because they really cant afford to live to the life they had 10 years ago.

The Standing Order was because once its setup they dont have to feel bad like me handing money to them and additionally I do not want to give them money in front of my kids or any one else because I know that would make them feel even worse.

I think for the moment I will just put £50 a week into their bank and they can draw it out and save it in a shoe box for me, they can then borrow from my savings pot any time they need money as long as they put it back at some time or at least an IOU Does that work?

So your'e just lending your parents the money now, not giving them it?

baldnut

McKneff wrote: »

If they have 2 state pensions and council tax discount, possibly guaranteed pension credit, no mortgage, they cant be struggling too much surely, unless they have a bit of a lavish lifestyle.

They have no pension credit, and its a big 5 bedroom house that needs lots doing with no double glazing and poor heating. So heating has to run flat out to keep house warm. I live around 20 miles away and my mother likes to come regular to see the kids and so this costs a lot in petrol and in addition to this she has my 3 children for sleep overs and they take a lot of feeding.

baldnut

themull1 wrote: »

So your'e just lending your parents the money now, not giving them it?

No I want to give it to them but dont want to create any problems with their income.

xylophone

baldnut wrote: »

No I want to give it to them but dont want to create any problems with their income.

Then isn't the situation covered by "voluntary payment"?
See post by real above.

Obviously it is convenient for your parents to have a large house when they are having children to stay, but could they not consider selling and
downsizing to a three bedroom house or bungalow?

baldnut

xylophone wrote: »

Then isn't the situation covered by "voluntary payment"?
See post by real above.

Obviously it is convenient for your parents to have a large house when they are having children to stay, but could they not consider selling and
downsizing to a three bedroom house or bungalow?

Tried to sell it without luck, and its in a council area that is not that desired unfortunately.

real1314

1. As Xylo says, see my post above about income - it won't be affected.

2. Any property will sell. It just has to be at the right price. If they would be happier in a smaller property, price it to sell and use your donation to help them with the cost of their new home instead?

:cool:

TrickyDicky101

If you ask me the best solution would be simply to set up a loan agreement with them that would get £100 bigger every month. That way you preserve your contribution should they require expensive care later.