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The Retirement Thread

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EvilPixie Sep 2023 5:57pm, 27 Sep 2023 47,258 posts	Quote Pin EvilPixie SIL has been given hers as FIL went nuts as she wanted to pay her money to mortgage and her payments were about to go up £400 a month
Lip Gloss Sep 2023 6:07pm, 27 Sep 2023 71,452 posts	Quote Pin Lip Gloss Not sure how IHT works. He had enough in the bank to pay the care home so it will be house sake and shares and any pensions. Ours is split 7 ways to accommodate his late wife's daughters.
Fizz :-) Sep 2023 7:22pm, 27 Sep 2023 8,244 posts	Quote Pin Fizz :-) You don’t pay the IHT Pix, the estate does. And I think the charity bequest has to be written in the will for the reduction in IHT to work.
Rosehip Sep 2023 8:21pm, 27 Sep 2023 30,007 posts	Quote Pin Rosehip You don’t pay the IHT Pix, the estate does. And I think the charity bequest has to be written in the will for the reduction in IHT to work. - or added by the executor as a “deed of variation”
Helegant Sep 2023 8:32pm, 27 Sep 2023 7,455 posts	Quote Pin Helegant it’s going to be as you say full on It's a slog but it's actually less difficult than solicitors will have you believe. I thought we would be hit for IHT on Dad's estate but HMRC helpline told me how to work the numbers so that (in our case) it didn't apply. They were very helpful. Of course a lot of estates do go over the limits but it's worth checking carefully and getting the free help that is out there.
57.5 Degrees of Pain Sep 2023 8:38pm, 27 Sep 2023 14,047 posts	Quote Pin 57.5 Degrees of Pain As I just requested my first pension projection, thought I'd join in here. Even if enjoying my 20s and 40s means I've a few years of working yet. Wrestling with the new NHS Scotland Retire and Return policy for a colleague I manage who was two years above me at dental school also focussed the mind as the policy is generous.
EvilPixie Sep 2023 8:41pm, 27 Sep 2023 47,259 posts	Quote Pin EvilPixie Yes the charity bit is in the will … it’s the only bit about the will that I know! The estate will be over the tax limit …. I believe that the government expect you to agree payment of tax within 6 months and if you can’t pay it in one lump they will do payments with interest! Just clearing the property will be a nightmare
Flatlander Sep 2023 8:45pm, 27 Sep 2023 2,920 posts	Quote Pin Flatlander I have had my will written so that the amount of my estate above the IHT threshold all goes to several charities, so no IHT will be paid.
jda Sep 2023 9:28pm, 27 Sep 2023 15,515 posts	Quote Pin jda Less than 4% of estates go over the exemption threshold which is typically a million pounds for the death of second spouse leaving it to their descendants (assuming previous death of first spouse left their entire estate to the other spouse). The tax is only paid on the excess over the million(ish) pounds, and is paid directly out of the estate before the money is distributed, though in the case where a house needs to be sold to cover the tax bill, the tax can usually be deferred for a while.
Hanneke Sep 2023 9:39pm, 27 Sep 2023 111,726 posts	Quote Pin Hanneke If it concerns the spouse, yes, but in Pix's case it is the normal tax free sum of £325.000 + costs and everything over is taxed.

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