Unerstanding and managing inheritance tax

Early_Retire_Free

HappyHarry said:

We do not know which of the above options may or may not be best for you. 

Indeed - I suspect I need a professionals - we definitely want to help the children but not at our own expense and there is a big psychological challenge in giving away the money that has taken a lot of effort to accumulate.

Thanks for the food for thought.

Early_Retire_Free

Grumpy_chap said:

On the other hand, (2) is entirely possible and, if you are not on track now, just enhance your life style until you are on track to get this achieved.

This is something that is definitely on our minds - but as with most people who have accumulated a significant pension pot, a lot of that came with being careful with money.  Throwing the shackles off is not easy.

By most peoples standards we spend a lot (mostly on holidays).  We've upgraded the middle of the plane but still wrestling with the 'turn left' seat prices 

Albermarle

Early_Retire_Free said:

Grumpy_chap said:

On the other hand, (2) is entirely possible and, if you are not on track now, just enhance your life style until you are on track to get this achieved.

This is something that is definitely on our minds - but as with most people who have accumulated a significant pension pot, a lot of that came with being careful with money.  Throwing the shackles off is not easy.

By most peoples standards we spend a lot (mostly on holidays).  We've upgraded the middle of the plane but still wrestling with the 'turn left' seat prices 

This is a common theme on this forum. People who have been careful with money when working, can not really just change into spend, spend, spend mode overnight, if ever. 

kempiejon

If you have sufficient for all your needs then it is time to look after family and friends and from then on it's taking a leaf out of Carnegie's book. https://www.carnegie.org/about/our-history/gospelofwealth/#:~:text=Carnegie believed in giving wealth,and philanthropists around the world.

Early_Retire_Free

kempiejon said:

If you have sufficient for all your needs then it is time to look after family and friends and from then on it's taking a leaf out of Carnegie's book. https://www.carnegie.org/about/our-history/gospelofwealth/#:~:text=Carnegie believed in giving wealth,and philanthropists around the world.

Conceptually I have a lot of sympathy with the moral position but, have just read Taxtopia, I think the impetus for societal levelling up needs to come from the top (not just in words but in actions).  But it's definitely a discussion for the pub!