IHT - early gifting to young children

RNV

Yes, you are probably right. Need to re-focus. Gradual release makes more sense. Thanks. 

Albermarle

RNV said:

Well, the rush is our ages and anticipated mental decline to leave any significant financial decisions until much later really....highly unlikely we have 30 years, even if not dead dead, will definitely be part-mentally dead...

And are we really "financially secure" to stop working ?  I wish I could stop tomorrow; DH enjoys what he does, now consultancy route, so reduced hrs.  We are still paying off our mortgage (2 years left) and would like to help kids as much as we could so going through a whopping £6.5k net / month (including savings, so not all wasted).  If we stop working now,  there will not be any room for any "substantial" help to kids.

Although we could all deteriorate quicker than we would like , I think you are overestimating the possibilities of dying early and losing your faculties. I think for a couple at age 60 with no serious health issues or very bad habits, there is a 50% chance one of you will reach 90.
My other half’s Uncle died recently at 99 and it was only in his final 6 months he started losing it a bit . His wife has just celebrated her 102 nd birthday. A friends Mum is 100 and lives on her own and is still very sharp of mind.
There is an IFA on this forum, who says clients only usually start simplifying their affairs etc once they get past 75/80.

RNV

Hope you are right.  Not re living until 99/102 - def don't want that. Main scare is losing faculties early-ish - equally enough  anecdotal evidence of quickly going downhill with dementia....

Albermarle

RNV said:

Hope you are right.  Not re living until 99/102 - def don't want that. Main scare is losing faculties early-ish - equally enough  anecdotal evidence of quickly going downhill with dementia....

Dementia is horrible of course, but it is not as prevalent as many people think.
Up to age 85 it is about 7.5%, and significantly less if you are well educated and have money ( according to US research) 
Although I guess some less serious cases are never diagnosed.

silvercar

If you can afford to do so, there is nothing stopping you putting £100k into an account in your child’s name now. You’d operate the account as trustee until they hit 16 or 18, then you move it into an account in their name.

when you tell them about the account is up to you 

wjr4

Make sure you have LPAs in place too.