Transferring significant sums of money between family

born_again

I would not worry about taking you mother into the bank. But if they take her to a room to sort the transfers. Leave her too it. As she will have to answer questions about the transfer. 

xylophone

Does your mother own her own home?  If so, depending on the value, DoA may be less of a consideration.

She may prefer to transfer the money from her ISA account (s) to her current account and give each of you a cheque.

If the bank queries the transfer (s), she can explain that for personal reasons, she has decided to make gifts to her children.

Keep_pedalling

Your mother really should not do this, it seems she has already transferred her house to you in an attempt to avoid care costs, and both the house transfer and this gift is going to be viewed as deliberate deprivation of assets.

https://forums.moneysavingexpert.com/discussion/6317770/life-rent-scotland#latest

Do you really want to risk your mother ending up in an over my dead body care home?

whatstheplan

Some of the comments are disappointing although I partly see where they are coming from.  This whole conversation was kicked off by my mother, not instigated by her apparently (to some on here) uncaring children.  And, from our perspective, they (the property and savings aspects) are separate, although I take on board this might not be the view of the authorities looking at cold hard facts, timelines etc.

Whether you elect to believe my position or not, the question in this topic is purely driven by a desire from our mother to give her children some of her hard earned now so we can make use of it, as oppose to it sitting there.  Her words, not mine or my siblings.  As she gets on in years, she's starting to consider such things.

Let me assure those that think I'm uncaring, if it was a choice of having my mother on this earth for a few more years (in good health) vs 'getting my hands on the £££' I'd choose the former all day long.

I'll leave it there.

robber2

I think the point most are trying to make is that it doesnt matter whether the ideas have been raised by either your mother or her children, you should all be very careful that whatever action you and your mum take dont fall foul of deliberate deprivation of assets rules and that you (her children ) are fully aware of your potential inheritance tax liabilities.

Keep_pedalling

whatstheplan said:

Some of the comments are disappointing although I partly see where they are coming from.  This whole conversation was kicked off by my mother, not instigated by her apparently (to some on here) uncaring children.  And, from our perspective, they (the property and savings aspects) are separate, although I take on board this might not be the view of the authorities looking at cold hard facts, timelines etc.

Whether you elect to believe my position or not, the question in this topic is purely driven by a desire from our mother to give her children some of her hard earned now so we can make use of it, as oppose to it sitting there.  Her words, not mine or my siblings.  As she gets on in years, she's starting to consider such things.

Let me assure those that think I'm uncaring, if it was a choice of having my mother on this earth for a few more years (in good health) vs 'getting my hands on the £££' I'd choose the former all day long.

I'll leave it there.

Regardless of who is driving this idea, you know she should not be doing it and you should be discouraging her from doing so. The gift of money would be fine if she still owned her own house but she should not compound that mistake by reducing her savings to such a small amount.

What happens to her if one of you predeceases her or ends up in a financial mess following a divorce? 

Who is going to pay for the upkeep of the house if major repairs are required? £30 does not go far and would pay for about 6 months of residential care.