Can my Aunty give me early inheritence

happyharry47

thanks for the replies.  It was just something she said the other day to me.  I didnt think it would be as easy as she was saying that there would be implications.  :-)

Jowwie

I suspect that is she were to gift you the money you would have to be mindful that it could need to be paid back at some point in the future. She can't gift the money purely to avoid care fees.

tetrarch

Hi,

Using the annual allowances and carry forward your Aunt could give you £6,000 now for 22/23 and 23/24 and the remainder as an outright gift with the usual 7-year caveats

Regards

Tet

happyharry47

Jowwie said:

I suspect that is she were to gift you the money you would have to be mindful that it could need to be paid back at some point in the future. She can't gift the money purely to avoid care fees.

I dont think those are her intentions to be honest otherwise she would have done it 2 years ago :-) It was just a genuine kind thought. Im sure if she wanted to avoid fees then she would have said a larger sum :-)

happyharry47

tetrarch said:

Hi,

Using the annual allowances and carry forward your Aunt could give you £6,000 now for 22/23 and 23/24 and the remainder as an outright gift with the usual 7-year caveats

Regards

Tet

Hi so if anything was to happen to her within 7 years then i would have to pay tax on £34,000 on a sliding scale if her total estate came to over £325,000 (which it wont come anywhere near that) 

Sarahspangles

Auntie sounds nice, are you now her closest relation? Do you have an LPA in case she needs more support soon?

happyharry47

Sarahspangles said:

Auntie sounds nice, are you now her closest relation? Do you have an LPA in case she needs more support soon?

hi yes I have power of attorney in the motions as we speak 

comeandgo

Jowwie said:

Thinking on, I'm wondering if the care home funding is going to become less of an issue with the new funding rules later this year. If there is an £86k cap on social care perhaps such gifts would be ok so long as £86k remains in auntie's funds?

The cap has been delayed until 2025.  

elsien

As well as being delayed, the cap would not cover the full cost of care. There would be further charges which the cap doesn’t take into account if she ever  needs residential care  to pay for the “hotel” element  to cover food utilities cleaning et cetera.

 At your aunts age unless she has enough money to sell fund for several years, then she should not be giving money away because potentially she may be treated as if she still has it.

Mojisola

tetrarch said:

Using the annual allowances and carry forward your Aunt could give you £6,000 now for 22/23 and 23/24 and the remainder as an outright gift with the usual 7-year caveats

As Auntie's estate isn't going to be in inheritance tax territory, this isn't relevant.