Nice People 12: Nice in Nice

chewmylegoff

LydiaJ wrote: »

The only way to use the 7 year rule to avoid IHT is to put the money into the children's own names, which would mean they would get control of it certainly by the time they're 18 and probably earlier. Although I have every intention of helping my kids out financially (especially with house deposits) I wouldn't want to give them control of the money until I'm convinced they're responsible enough to be trusted with it. For now, that consideration outweighs the IHT advantages of giving them the money now, especially considering that it's really quite unlikely that I'll die before they're grown up. Actually, even if I die, they won't get control of the money that I leave until they're 25. Too much unearned money too young is not a good idea, IMO.

You can avoid IHT by putting it into trust for their benefit so that they don't get it until they reach an age of your choosing but my understanding is that this is not cheap.

PasturesNew

Will there even BE any IHT? Only 3% of people have to pay it, so it's just rich bugg4hs. Really rich ones.... with cash asloshing.

Just 3% ....

chewmylegoff

Don't quote the picture please

This is the room I was shown to for my interview today. I was only being interviewed by one other person.

Where the hell are you supposed to sit?!

lostinrates

chewmylegoff wrote: »

Don't quote the picture please



This is the room I was shown to for my interview today. I was only being interviewed by one other person.

Where the hell are you supposed to sit?!

I'd hop on to on the middle of the table and in lieu of sushi, put a couple of biscuits on me. .

( in seriousness, I'd make sure I didn't get stuck so I was looking into the light when talking to them, so I'd try and engineer this bottom end, if top end I'd like window side of fireplace.

chewmylegoff

Good work on not quoting the picture

GDB2222

LydiaJ wrote: »

The only way to use the 7 year rule to avoid IHT is to put the money into the children's own names, which would mean they would get control of it certainly by the time they're 18 and probably earlier. Although I have every intention of helping my kids out financially (especially with house deposits) I wouldn't want to give them control of the money until I'm convinced they're responsible enough to be trusted with it. For now, that consideration outweighs the IHT advantages of giving them the money now, especially considering that it's really quite unlikely that I'll die before they're grown up. Actually, even if I die, they won't get control of the money that I leave until they're 25. Too much unearned money too young is not a good idea, IMO.

[LydiaJ] ... seems to have her head screwed on...

Very wise. Shakespeare wrote a play all about IHT planning - King Lear.

ukmaggie45

lostinrates wrote: »

Pfft, my badge has changed my life. Its like a blue peter badge, people bow and scrape and you get free entry into the zoo and stuff.

Still not seen your badge, LiR, even after Davesnave told me where to look. I took the liberty of looking at your user details in case it was on there, but can't see it there either. Maybe it's a browser problem - I'm using Chrome. But I'll bow and scrape all you like even without seeing your badge.

PasturesNew wrote: »

No. Cordyline australis.

No pruning ever required, as such - just once it gets big enough the lower leaves dry out and hang down - just tug them and they come away, exposing the raw trunk, that then hardens and creates a longer trunk... and up it goes.

I plan to put it in a big tub to limit its growth too.... don't want 20' ones looming about.

Loads of them growing round here in Abersoch, there were some in next door van's garden, but not sure if new neighbours kept them or not - can't see from here. We had one in garden at new home, it seemed to die the hard winter we had the year we bought the house (Um I think it might have been just over 3 years ago? Memory shot!). We dug up the dead foliage, and then the root started weeping! It grew back that year, but there was another hard winter the year after, and it hasn't come back since. So suggest if you keep it in a pot and the temp is going seriously sub zero you wrap the pot in bubble wrap to try and keep the soil its in a little bit warmer than the surrounding air. Nice plants when they get going - kind of palm tree look, fit nice with your seaside theme. :-)

I've got a palm in a big pot here, it's extremely slow growing... It might help if I fed it with the palm food I bought years ago. <rolls eyes> It seems to be very hardy, usually winter in Abersoch is fairly mild (microclimate thing) but we've had a few really bad ones the last few years, but the palm soldiers on still. I'll see if I can find the label it came with, its called something like Tracheloides somethingorother... Maybe LiR will know? But you want something a bit faster growing I think?

lostinrates wrote: »

Maggie, bay is one of those things that always dies on me. .

I've not tried bay cuttings yet, but will try and strike some. I'm sure The Borg Bay would grow anywhere! :rotfl: It's certainly going berserk here! :eek: Will take a couple of years I guess, I'll get back to you if I manage to get plantlets from it! I think it's very good soil here, but clayey. I know it's good for potatoes, as years back when we were first married the middle of the field was fenced off for a few years, and the farmer up the hill grew spuds in the middle. And farmed the caravaners round the edge! :rotfl:

Actually when I think about it, I think it was the farmers son who did that, after the farmer died. Because we had friends who used to come here for a week in June with their kids, and the littlie was 2/3 at the time, and the middle of the field was all tall grass and wildflowers. She toddled off into it, and completely disappeared from view!

Then when the field was sold to current owner he let the middle of the field off to someone who kept sheep here. I spent a very happy summer here (so must have been since I got ill) watching the sheep and their "pecking order". I got so I knew each individual sheep, I think there may have been more than one kind though. The next year there were sheep again, but they were a boring lot. The year after that it was cows, it was awful, they all c**pped in the corner of the fenced off bit nearest to our caravan, and the flies were terrible. :eek: I think we had one more year of sheep after that, and then the fencing went field became all one field again. Prob down to EU rules about you can't farm campers and animals in the same field?

lostinrates

chewmylegoff wrote: »

Good work on not quoting the picture

I fixed it. I was wondering what biscuits they had available and thinking I'd be annoyed if I'd word a utilitarian slip on that day.

silvercar

michaels wrote: »

I wonder if SCs comments re building costs could be taken as a posh alert.

I did wonder if that comment was an open goal. TBH anyone who claims to be able to do a bathroom, kitchen, new en-suite and move a load bearing wall for £5k is mad/ dellusional/ lying. I would expect a TV programme to at least express how unlikely that was.

LydiaJ wrote: »

Makes sense. Couples who rely on each other's income should have some, though, and couples who rely on each other's income to bring up kids even more so. Ideally a policy that will pay out a monthly income until the kids grow up as well as a lump sum,

We have one of those policies. It ends when DS2 is 21, which is not that far off. We had another that ended when DS1 was 21, a policy that you hope never to claim out on, but nevertheless in hind sight feels like a waste of money.

chewmylegoff

PasturesNew wrote: »

Will there even BE any IHT? Only 3% of people have to pay it, so it's just rich bugg4hs. Really rich ones.... with cash asloshing.

Just 3% ....

rich bugg4hs absolutely do not pay IHT - use avoidance measures to their wealth out of reach - it is the easiest tax I can think of to avoid. It is expensive to avoid though unless you just gift everything to other people. I expect most of the people who pay it are middle class people who only have a relatively small IHT exposure such that it isn't worth paying to avoid.