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Giving monetary gifts to relatives ....
My elderly Mum gives the family money at Christmas instead of presents as she can't go shopping. This year she wants to give her two granddaughters (my nieces) more than usual £1500 each as both are struggling financially . I have heard there is a limit per year on gifting - what is this limit please and if she gives £3000 away, does that mean she can't give any more to other members of the family? Who does she have to declare it to? In this respect, would a cheque be better for each of them or just a straight transfer into their accounts? I think the law is a bit strange on this, I have looked it up and there are lots of differing answers. She doesn't have a lot of savings ............. so inheritance tax wouldn't apply - any advice would be very welcome please. :)
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>>>so don't the residuary beneficiaries have to divvy up for the tax
Yes, but if you happen to be the person who got the gift AND are a beneficiary you will in effect have to pay the tax.
And if you got the gift, and are NOT a beneficiary from the estate, I assume the people handling the estate could ask for the tax owing from the gift (but may not).
Yes, but if you happen to be the person who got the gift AND are a beneficiary you will in effect have to pay the tax.
And if you got the gift, and are NOT a beneficiary from the estate, I assume the people handling the estate could ask for the tax owing from the gift (but may not).
I have been doing family history research and have been impressed by the frequency with which some of my ancestors changed their names. One seems to have toggled between Georgina and Georgiana but occasionally called herself Harriet (not registered at her birth, she must have just made it up). And my grandma (who could spell perfectly well) seems to have spent her whole life dithering over Helen, Hellen and Ellen.
Sorry to get off topic, Ann86
Sorry to get off topic, Ann86
my grandmother used to call herself Nellie anyway. She swore she was only an Ellen because her father dropped his H's and was misheard when he registered her birth. This has proved to be untrue.
International Woman of Mystery, my grandma. I sometimes wonder if half my ancestors were on the run from the law or something.
International Woman of Mystery, my grandma. I sometimes wonder if half my ancestors were on the run from the law or something.
Thanks for all the discussion, one thing still puzzles me, if my Mum drew out of her building soc account £3000 to split between the grandchildren for Christmas, who is to know whether she used it towards a new kitchen or as a monetary gift? If she died would the next of kin have to provide receipts for everything she has drawn out and explain what all the withdrawals were for? Never having done this sort of thing before it sounds a bit strange not to mention time consuming...
I'm no expert here but I have recently had to see a parent go into a care home. Now without researching exact figures again, if she were to have under £14,000 (approx) then she would get more help financially than if she were to have between £14,000 and £25,000 (approx) but if she were to have over £25,000 then she would have had to pay all of her own fees until her savings fell below a certain level. What I did learn is that all money spent leading up to the admittance had to be accounted for....and if considered to be an unnecessary spend, then the amount spend was added notionally to the actual money in savings. Therefore, you do need to be careful in the event you may need to go into care - it's not just on death.
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