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IVA and Inheritance
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GambitGeorge
Posts: 1 Newbie
in IVA & DRO
Am I able to pass the proceeds of my late fathers estate to my partner, thus avoiding my iva taking it all. As from what I have already read, I believe its possible to pass inheritance my children to avoid inheritance tax.
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Comments
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Anything under £500 you can normally keep, over this amount it all goes to repay the IVA unfortunatly, its covered in the windfall clause of most IVA`s.There may be some latitude given, you would need to speak to your IP.Failure to disclose inherited funds can lead to serious repercussions for you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Are you able to have the inheritance put into someone else's account, such as your son or daughter?0
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