300k and don’t know what to do for the best

Albermarle

Heedtheadvice said:

Thank goodness several posters have refuted Sam_666's suggestions

Not only is it awful as a suggestion but the OP as Attorney ( if doing anything along the suggested lines) could well be acting illegally.

Even spending some of the money for the benefit of the father would be a better idea including some luxuries as  care. Doing what the father would like or do himself is part of the responsibility provided that is one of the intentions that he would have chosen prior to the POA  becoming active ( I assume that the conditions written in the POA now give the Attorney the authority to act....)

That is the problem with asking for advice from random strangers on the internet.
Most replies on this forum are pretty sensible, but you do get some that are not very sensible.

blinko

I'd also think about the inheritance tax situation, you get 325k tax free gift if the person gifts and lives for 7 years when it rests if they die before then there is some taper relief available. 

As mentioned 89 years is not a lot of runway left , you want to have your money in the markets for at least 10 years to ride out the peaks and troughs .

eskbanker

blinko said:

I'd also think about the inheritance tax situation, you get 325k tax free gift if the person gifts and lives for 7 years when it rests if they die before then there is some taper relief available.

But the point being made above is that OP, in their capacity as attorney, isn't permitted to consider the inheritance tax situation, and must act solely in the donor's interests, regardless of what may ultimately suit future beneficiaries.

Albermarle

blinko said:

I'd also think about the inheritance tax situation, you get 325k tax free gift if the person gifts and lives for 7 years when it rests if they die before then there is some taper relief available. 

As mentioned 89 years is not a lot of runway left , you want to have your money in the markets for at least 10 years to ride out the peaks and troughs .

Taper relief is only applicable for gifts that are that large they use up all the nil rate band, and only for the amount above the nil rate band.
If you say give away £50K and then die after 6 years, the full £50K is counted back into the estate.
I would not be surprised if taper relief is removed by the Govt sooner rather than later, as it only benefits relatively wealthy people giving away large amounts of money.