Nice people thread part 8 - worth the wait

michaels

tomterm8 wrote: »

That's a bloody stupid way to set up your financial arrangements.

No offense intended.

A) The inland revenue isn't stupid and
b) If she died tomorrow, you might not be able to access the money for months.

I can't see what the revenue would have to stay, afaik husband and wife can transfer assets between each other without any tax implications. May be true about the second issue but it would not be a problem.

silvercar

Chatter boxes!

Not going to read 16 pages. If anyone said anything non eurovision before this page please repeat.

My eurovision take: The only memorable one was Romania (sorry CK), some of the voting looked like it had been done before the songs were aired. That's it.

tomterm8

michaels wrote: »

I can't see what the revenue would have to stay, afaik husband and wife can transfer assets between each other without any tax implications. May be true about the second issue but it would not be a problem.

If your wife gets has a stroke, or gets dementia, or any of a dozen other illnesses that force her to go into a care home, then they will drain your savings at the rate of about 750 a week.

If your wife goes into a coma, you won't be able to access the money for years.
You can't "transfer" assets, you can "give" them, which means they are hers, and if she chooses to keep them,she can. If you move them without permission it is theft.

michaels

tomterm8 wrote: »

You can't "transfer" assets, you can "give" them, which means they are hers, and if she chooses to keep them,she can. If you move them without permission it is theft.

I guess I'll just have to trust her then

fc123

tomterm8 wrote: »

First thing to do is drain any shared bank accounts. Second, contact a divorce lawyer...

We have been planning things for a while and now have a workable solution in place that we can all afford.

Problem is she isn't very educated (which doesn't sound a nice thing for me to say but I think the NP's will know what I mean )
.....and we have had these discussions before as she has wanted to leave for a few years but we couldn't afford to help her before now and as she has a part share in a house, she doesn't qualify for any type of social housing (which is fair enough). At best she should be able to get a settlement from him of about 40K.

This isn't enough to buy herself a flat.

We decided last year to dedicate the following 3 years wages/profits to a pension fund of sorts. As we don't trust any financial institutions to invest on our behalf, we decided to buy properties that we would live in ourselves if we wanted to, places we felt connected to, places we would be happy to let out or do holiday letting.
Initially we thought about a commercial freehold on the river but would have to have a comm mortgage as nothing suitable under 400k plus the bus rates are huge also. This is also too high risk.

We estimate that our uber cheap studio on the river will go up after cross rail opens and we will probably be priced out but we have 4 years breathing space before that happens.

So, part 2 of the FC Cunning Plan was to save again and get a flat on the river down our way (before crossrail ) and we are on target to do this @ Xmas......so instead of that we will purchase a flat for MIL but go 50/50 with OH's brother. Our half will be the deposit and he will mortgage his half. He earns 6 figures and can easily afford it...all he would have to do is eat out a bit less to cover his part.
Means we don't have to to faff about with LHA and stuff and she has somewhere for the rest of her life (about 10 years I think). OK we won't get an income but family is family and seems the most sensible option.
Finding her a private rental until we can buy is a bit of a pain but for 6 - 12 months will be OK.

tomterm8

michaels wrote: »

I guess I'll just have to trust her then

It's not just about trust, is it? She can act entirely honestly, and you can still lose all your savings.

fc123

michaels wrote: »

I can't see what the revenue would have to stay, afaik husband and wife can transfer assets between each other without any tax implications. May be true about the second issue but it would not be a problem.

I thought that too.

We are putting Margate house into my name as the next one will be in OH's name but we figured if we fell out and wanted to divvy it up, it would just be 50/50 on everything as all our assets we accumulated together from the beginning.

Spirit_2

We saw Relatively Speaking tonight at Wyndhams. It was a real feelgood play. A holiday for the head, and a very pretty theatre. We are so lucky to have such lovely venues. As always it has made me want to 'do' more so we need to book something whilst the mood is on us.

Parked in Soho (£30 so not too bad) , supper in Chinatown, walked to theatre and less than an hour and a half to drive home..we were home by 11.30pm.

Over supper I told OH about this thread and all of the people on it. He was interested...but I think he thinks he may have to take me out more. I have not really spoken to him about the thread before, bits and pieces but not about the friendships, interests, diversity, expertise, love of music, offspring, advice and...mushrooms & Herts. He did ask me about any sport...and I remembered Gen and Chewy are pretty active.

What do other posters families know and what do they think?

fc123

Oh is the director on our Ltd company and I am only a shareholder. We did this in case we ever needed to do a 2nd Ltd company and I would then be a director.

Mind you I do all the muneh OH only learnt how to log into the account online a few months ago...he always leaves the £ in and out to me now....and I do a sterling job

HAMISH_MCTAVISH

michaels wrote: »

I guess I'll just have to trust her then

We have all our assets and the vast majority of our cash/investments in joint names.

For continuity in case of emergency as much as anything else.

Also as we're both high rate taxpayers, it makes no difference from a tax perspective.