Unless you intend to die penniless

[Deleted User]

Preserving your pension in a SIPP and living off your investments seems a pretty tax-efficient way of passing on your inheritance. Yet, this consideration never seems to cross the transom of financial advisers. Why?
Is it that advisers compartmentalise advice so that a pension transfer specialist will not tread on the toes of an IHT specialist?
The biggest sum most people have to deal with is their legacy.

I wrested a DB pension into a SIPP. Since I will never draw on it, it can grow up to its limit in a tax-sheltered environment, which I can hand down.
What's not to like?

p00hsticks

Having no kids, personally my aim is to die penniless having spent the lot, with my very last pennies wrested from my tight little fist on my deathbed by the cheapest funeral director I can find.

comeandgo

Yup, penniless for me. My children are way better off than I was at their age, I will spend my money on things I enjoy.

Just need to get the timing right.

Socajam

Don't really care, because once you are dead, you have no idea if your wishes will be carried out.
I am in the process of making my will and plan to leave my 5 siblings 100 pounds and the rest to my SO and a cousin's daughter.
As I have no children, I could easily leave my estate of over 500,000 pounds to my 5 siblings, 5 nephews and 5 nieces, but this will not happen and I do not feel bad about it. My own wish is that I will not be able to see their faces. They are lucky to receive 100 pounds.

Mrs_Z

Yes same here the aim is to let the last cheque bounce. Timing is the issue indeed...

Ganga

Mrs_Z wrote: »

Yes same here the aim is to let the last cheque bounce. Timing is the issue indeed...

I always remember some famous person said " leave them money and they will spend it and forget you,leave them debt and they will never forget that old b

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d :rotfl::rotfl::rotfl:

JoeCrystal

ZingPowZing wrote: »

Preserving your pension in a SIPP and living off your investments seems a pretty tax-efficient way of passing on your inheritance. Yet, this consideration never seems to cross the transom of financial advisers. Why?
Is it that advisers compartmentalise advice so that a pension transfer specialist will not tread on the toes of an IHT specialist?
The biggest sum most people have to deal with is their legacy.

I wrested a DB pension into a SIPP. Since I will never draw on it, it can grow up to its limit in a tax-sheltered environment, which I can hand down.
What's not to like?

I am also aiming to die penniless. Although I will probably leave my estate for my best friends and my niece and nephew.

[Deleted User]

Appalled and surprised, I thought the moneyexpertsaving crew were more responsible citizens!

Plainly I have walked into a Wickerman scenario!

Mistermeaner

p00hsticks wrote: »

Having no kids, personally my aim is to die penniless having spent the lot, with my very last pennies wrested from my tight little fist on my deathbed by the cheapest funeral director I can find.

i think if you're penniless when you go aunt sally will find an even cheaper funeral director for you

TBC15

Penniless and burning final demands and maxed out credit cards to keep warm

DairyQueen

Another vote for trying to die penniless. Unfortunately, the future is littered with expensive risks (longevity/care home fees) plus keeping roof-over-head remains a necessity. It's therefore likely that the survivor of us will leave a sum worth inheriting.

IFAs do consider inheritance when advising clients. Indeed, this was specifically discussed when I took advice regarding a DB transfer.

I certainly hope that our assets are vastly depleted before judgement day. If they aren't then we have royally screwed our decumulation plan. The ultimate failure would be if either of us were deserving of the epitaph "here lieth the richest person in the graveyard". :eek: