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What is meant by "gifts out of income" and "normal expenditure" in the IHT context?
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Hi, digress from OP.
when probate has been granted, and we are both gone,what’s the best way for kids, the two executors, to receive all the monies before distributing it.
can they continue using our joint a/ c, Hsbc,or is it best if they set up a joint/ single a/ c in their name,s, to deposit it in?
one of my kids is rather bossy, and would like to be in control, I’m trying to avoid friction which I think may occur , without using a solicitor as executor.
what’s the normal procedure regarding executors bank a/ c ?
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joesoap1264 said:Hi, digress from OP.
when probate has been granted, and we are both gone,what’s the best way for kids, the two executors, to receive all the monies before distributing it.
can they continue using our joint a/ c, Hsbc,or is it best if they set up a joint/ single a/ c in their name,s, to deposit it in?
one of my kids is rather bossy, and would like to be in control, I’m trying to avoid friction which I think may occur , without using a solicitor as executor.
what’s the normal procedure regarding executors bank a/ c ?
It is not a requirement to have an executors account but to minimise confusion, mistrust or problems should the executor die estate money should be held in a separate account to the executors money. Such an account could be in the name of a single executor or jointly with both executors,.3 -
Thanks Linton very helpful
will get the kids to open a joint a/c, and transfer all monies to that to distribute, there is only one more beneficiary besides them.
my funeral is paid already, ( direct) looking at doing wife’s .( not direct).
Who deems if IHT is payable and which forms are required before probate, me before I die, which at present I am, just had house valued£475k, so that make me / us , £125k over the. £1m at present
Or Is it the executors themselves by valuation, which I will have done for them before I die, approx? And spread sheet which I have done and will update annually.
house will fall as they are doing now.0 -
joesoap1264 said:Thanks Linton very helpful
will get the kids to open a joint a/c, and transfer all monies to that to distribute, there is only one more beneficiary besides them.
my funeral is paid already, ( direct) looking at doing wife’s .( not direct).
Who deems if IHT is payable and which forms are required before probate, me before I die, which at present I am, just had house valued£475k, so that make me / us , £125k over the. £1m at present
Or Is it the executors themselves by valuation, which I will have done for them before I die, approx? And spread sheet which I have done and will update annually.
house will fall as they are doing now.
onus on me or executor.
96 pages explains how to fill 16 on iht400!+ schedules.
need to read and gen up myself to help the kids.
👍0 -
joesoap1264 said:
Who deems if IHT is payable and which forms are required before probate, me before I die, which at present I am, just had house valued£475k, so that make me / us , £125k over the. £1m at present
Or Is it the executors themselves by valuation, which I will have done for them before I die, approx?
The records you are keeping will assist the Executors.
For whatever reason, you may well not be £125k over the IHT limit by the time of death. You might spend all the money on care home fees. You might splash out £250k on a super sports car and write it off, all in the week of your death.1 -
Grumpy_chap said:joesoap1264 said:
Who deems if IHT is payable and which forms are required before probate, me before I die, which at present I am, just had house valued£475k, so that make me / us , £125k over the. £1m at present
Or Is it the executors themselves by valuation, which I will have done for them before I die, approx?
The records you are keeping will assist the Executors.
For whatever reason, you may well not be £125k over the IHT limit by the time of death. You might spend all the money on care home fees. You might splash out £250k on a super sports car and write it off, all in the week of your death.
no fast cars , hols etc, good book and p&q is all we ask now!
been there , lived within our means, blah,blah😴
still in doubt as to whether gifting so much at once now is wise, but there is no right time.
got a bond maturing, £85k,always looked and fixed for best rates, hence the money in the bank.
goes against my nature to gift it away, when rates are at there highest for years .
the care home is a big thing, got friend in a home, cannot sell house, cannot pay fees after two years, saving run out on fees,may have to move to council home.
stinks !
you work all your life, taxed on every thing, and at death Shilock still wants his pound of flesh and an arm full of blood as well.
death and taxes!!!
🤬. 👍0 -
Ps.
all the kids,g s and gg s call me Grumpy old sod.
true, something to enjoy.😤0 -
Hi guys.
when one reaches page 12, calculating IHT, if the box to let Hmrc is ticked, letting Hmrc calculate it,does any of page 12 need doing?
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joesoap1264 said:Hi guys.
when one reaches page 12, calculating IHT, if the box to let Hmrc is ticked, letting Hmrc calculate it,does any of page 12 need doing?
when keeping spread sheets, man and wife, joint a/c, do you keep one each, and split expenditure, council tax,house insurance, etc0 -
When a person is married, as in my case, and the first to die has gifted money, then dies, not all nrb, within 7 years of gifts, does this affect the nrb, hnrb that the remaining spouse can claim ?0
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