Gold sovereign purchase and first world problems

pringy978

masonic said:

Or do you need to keep it secret from the DWP too?

I'm a chef with over two decades of experience in establishments you can't afford to eat in mate. I work more than full time and don't claim a penny in benefits.

My dad has just been given a year or so because cancer is eating him alive and wanted to give me something seperately because my siblings are a dissapoinrmenr and I'm trying to avoid any family drama because I don't want my old man's last time on this earth dealing with the fallout.

Dont presume to know someone's circumstances pal. Makes you look silly.

pringy978

HedgehogRulez said:

Have you considered leaving your partner?

No. I love her to bits but she can't keep a secret if her life depended on it.

pringy978

leosayer said:

Sounds like you want instructions how to launder money. 

Your problem isn't keeping this knowledge from your partner, it's how to answer all the questions that will inevitably come from a bank when you try to pay in. 

Without a bank account, you've got little hope of investing in anything legitimate. 

I want advice on how best to handle a gift in a way that my cancer stricken dad doesn't spend the last year of his life dealing with squabbling siblings and family drama. 

I can easily go to a bank and pay it in but that leaves a paper trail and id have to explain to my partner, and that would inevitably get out.

You have no idea about my circumstances or situation so its probably best you keep your opinions to yourself mate, you're coming off as "not the best" example of humanity.

masonic

pringy978 said:

masonic said:

Or do you need to keep it secret from the DWP too?

I'm a chef with over two decades of experience in establishments you can't afford to eat in mate. I work more than full time and don't claim a penny in benefits.
My dad has just been given a year or so because cancer is eating him alive and wanted to give me something seperately because my siblings are a dissapoinrmenr and I'm trying to avoid any family drama because I don't want my old man's last time on this earth dealing with the fallout.
Dont presume to know someone's circumstances pal. Makes you look silly.

I simply asked a few questions, of which that one was just a final check. That question was asked to understand if you needed to avoid using conventional savings or investment accounts where the money might be traceable. If you simply need to hide the existence of this money from family, then you have many more options. Given you've now disclosed indirectly that you are a high earner and working in a service industry, that will make it all the easier for you to navigate the process of getting this money into an account without tripping over too many 'source of funds' questions. Far more likely to be kept secret from family members in a private account than hiding physical gold or cash in the family home. And once deposited, having such tranches of money squirrelled away in various places would be easily explainable given your high profile career.

While falsely accusing me of making presumptions, you made a presumption about my ability to afford your food without knowing anything about me and what financial resources I may have. I'd invite you to consider how that makes you look.

LHW99

Maybe an account that is opened / operated online, using a specific email address for correspondence that is only used for that account?

valuepack

I'm sorry to hear about your dad, OP, and I understand that you're trying to do the right thing by everyone concerned.

You could visit a gold dealer and buy some gold sovereigns. These are cgt exempt and you could hide them somewhere.

The problem with this is that the gold seller might not accept a large sum of physical cash. You could check with them and buy it over several purchases, if possible.

The only problem with this is that if something happened to you, your other half won't benefit from it as it will remain hidden.

Also, won't this sum of money come to light when you lose your dad?

Sea_Shell

Was the cash withdrawn recently, or been accumulated "under the mattress" for years?

If the latter, Is it all in current notes?

If withdrawn as a lump sum, then it's likely to come out as to what's happened to it once someone has to deal with dad's estate.

Who are his executors?

MeteredOut

Sea_Shell said:

Was the cash withdrawn recently, or been accumulated "under the mattress" for years?

If the latter, Is it all in current notes?

If withdrawn as a lump sum, then it's likely to come out as to what's happened to it once someone has to deal with dad's estate.

Who are his executors?

And if it is in cash, I'd assume gold dealers have to comply with money laundering regulations, so will need to see a trail of where the money came from.

OP, sorry to hear about your father; I've been through something similar and have first hand experience on how money and inheritance can cause family conflicts.

Since your motivation is to ensure you're father does not have to deal with such things, I'd also suggest there may be places other than gold to invest this money and still be able to keep it private from family members, for now at least.

As above, I do suspect it will be more difficult to hide once the estate is being processed, unless you are the sole executor. 

Qyburn

If you just want to keep it under the radar for a couple of years, can you pay it into an account that you already have? From my experience it's when opening a new account that stuff is most likely to drop through the letterbox.

leosayer

pringy978 said:

leosayer said:

Sounds like you want instructions how to launder money. 

Your problem isn't keeping this knowledge from your partner, it's how to answer all the questions that will inevitably come from a bank when you try to pay in. 

Without a bank account, you've got little hope of investing in anything legitimate. 

I want advice on how best to handle a gift in a way that my cancer stricken dad doesn't spend the last year of his life dealing with squabbling siblings and family drama. 

I can easily go to a bank and pay it in but that leaves a paper trail and id have to explain to my partner, and that would inevitably get out.

You have no idea about my circumstances or situation so its probably best you keep your opinions to yourself mate, you're coming off as "not the best" example of humanity.

Sorry about your Dad. I know how that feels. 

I only know the circumstances that you post. There's no need to get personal - people on this board want to help, even if it is not what you want hear.

You have to be aware that, regardless of your good intentions, activity involving large amounts of cash outside the banking system raises many red flags that could be seen as money laundering, tax avoidance and concealing funds from a future family inheritance. The latter is a serious matters that could tie you up in all sorts of legal and family problems that could impact the rest of your life.

To avoid all of these, you need to find a way to handle this in a way that avoids any appearance of impropriety such as your father having a solid will, your father writing a letter confirming the gift to you, you being a power of attorney for your father and, I'm afraid to say again, getting the money into the banking system. 

If you can't do any of those things because your partner might find out and spill the beans then you'll just have to stash the cash somewhere secret and spend it at places that take cash like supermarkets, restaurants, petrol stations, pubs etc. Forget about investing in anything legitimate.