MONEY MORAL DILEMMA: Should Richard have a ring of truth?
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Either keep it, as originally intended, for daughter, or sell it and offer to split proceeds.TheFaqqer wrote:The question I would have would be about the inheritance tax that should be paid - if the estate is worth above the threshold then he has no choice but to declare it, and pay the appropriate level of tax on the item. Nothing to stop him still keeping the ring after that, but only out of his share of the estate.
I'm sure that's technically correct, but the tax man is unlikely to find out, perhaps better not go into that debate any further...0 -
Both schools of thought are valid - other factors are relevant and need to be considered in this dilemma.
I would also ask who has valued the ring. As rings similar in appearance and quality may have a price tag of £8,000 in a jewellers window, however, its value to the jeweller if you asked him to buy it from you would be closer to £4,000. And remember, a ring selling in a jewellers for £8,000 includes VAT of £1,191.48.0 -
Keep the ring for his daughter in memory of the great grandma she never knew.
Might be worth asking the rest of the family if anything they took has turned out to be valuable. If she had a ring worth £8000 then they should take a second look at any old china etc.
If he sells immediately I think he should offer to share the proceeds with the rest of the family.Proud to be dealing with my debts0 -
Sell the ring but put the proceeds into a fund so that the daughter can use it later in life for something like a house deposit. I'm sure the Grandmother would approve of helping the child in that kind of way.0
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Well, if Richard is correct about his cousins being really wealthier than him, and if he is definitely sure that they would not need or miss the extra money--he should keep it.
Also, it appears that everyone was asked to help themselves with what was left, so he is entitled to keep it anyway, without telling them the cost of the ring.
Good luck to him.0 -
I agree with Jay-Jay. If the ring was taken to be sold, Richard should split the money, as he is morally obliged to split the estate based on the deceased's wishes.
If the ring was taken as a memento for sentimental value, he may *legally* be required to adjust his share of the estate so it is equal in value to his cousins' share, but morally, I believe he should keep the ring as the estate has already been split, and it is impossible to attach a monetary value to sentimental objects. Who's to say that another cousin didn't also take something equally valuable?0 -
Well, if Richard is correct about his cousins being really wealthier than him, and if he is definitely sure that they would not need or miss the extra money--he should keep it.
Also, it appears that everyone was asked to help themselves with what was left, so he is entitled to keep it anyway, without telling them the cost of the ring.
Good luck to him!0 -
Keep the ring and say nothing, otherwise it will have to be sold and a relatively small amount of money shared out. Richard wanted the ring for his daughter, he was not trying to mislead anyone.0
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I'm suprised the ring was still there.0
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Regardless of how well-off the cousins are I think he should keep it. For all he knows someone may have taken something worth a lot more than that - but that's not the point either. If he took it to give to his daughter then why should it's value alter that?0
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