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Inheritence help pls
fay66
Posts: 744 Forumite
My parents are over 60 and have recently been left a large sum of money and house, what is the best way to deal with it
they are on low income and pension credits
they are on low income and pension credits
Debt £10k , HMRC £3K old debt £4k Jan 2021
Had biatric surgery was 135k 2016 now 97kilo 22.1.20 up to 106 kilo 12.1.21
Travel plans New York 2021 New year cancelled due to covid
Had biatric surgery was 135k 2016 now 97kilo 22.1.20 up to 106 kilo 12.1.21
Travel plans New York 2021 New year cancelled due to covid
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Comments
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Spend it while they can is the best advice
.they are on low income and pension credits
Alternatively, if they are really desperate to keep their pension credits rather than benefit from serious money for the first time in their life :rolleyes: , they could give it all to you :idea:
Seriously.
They should invest £7.2K in ISAs each year. If they were feeling generous, depending on the size of the inheritance, they could give you £3K from each of them every year (=£6K for you pa) without any IHT tax liablity.0 -
Depending on the amount of money involved, seeing an IFA would probably be worthwhile.Debbie0
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It really depends what they want to do with the money. Would they want to have an income from it? Would they want to save it? Might they even consider investing it? There's lots more questions all of which a decent IFA would ask and act upon.
For now I'd say consider the 35k rule (http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#howsafe) and if they don't fancy chopping their money up into 5 - 10 or however many accounts it may take to come within the 35k rule then consider the following quote, also from that link above:Got big savings and want to keep your money in once place?
If you've a lot of cash (well over the £35,000 amount) and the safety factor worries you, there are two places that give 100% guarantee on savings, Northern Rock and National Savings & Investments, as they are currently owned by HM government. Yet as the rates don't tend to be that good, be aware that by hedging for safety you're sacrificing interest.
The best paying Northern Rock account is the eSaver which pays 6% AER on balances above £1. With NS&I the best option is its Index-linked Savings.0 -
no details...no sensible advice...0
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Talk to experts for that:: No advertising or unapproved links in signatures please - MSE FT ::0
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