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The Retirement Thread

172 watchers
HappyG(rrr)
HappyG(rrr)
Mar 2024
1:44pm, 15 Mar 2024
49,614 posts
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HappyG(rrr)
It's a pretty high threshold V'rap. Comes to £1M once you include both spouses including house etc. Very few people outside of SE England will get caught by IHT, is my understanding?
Velociraptor
Velociraptor
Mar 2024
1:51pm, 15 Mar 2024
68,161 posts
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Velociraptor
I know, :) G. Dad can't quite get over how much money he has at his disposal (money was Mum's domain until 9 months ago) but he's a long way off being at risk of troubling the IHT threshold.
Bazoaxe
Bazoaxe
Mar 2024
1:54pm, 15 Mar 2024
26,455 posts
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Bazoaxe
It is interesting as one of the things MiL could have done was just that, start to pass money to the family and that would ensure the taxman doesnt take a cut. However she views it as her money which does mean there is a risk of some of it being used to pay tax or care bills. The bigger risk is actually care home funding and not IHT.

Mrs Axe and I have discussed that if we were to inherit from either side of the family, we would seek to pass most, maybe even all of it to our children as their needs are greater than ours.
macca 53
macca 53
Mar 2024
2:16pm, 15 Mar 2024
32,274 posts
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macca 53
Mrs macca did similar after MiL passed on and her house had been sold. The three siblings got a very nice amount each. Mrs macca split hers three ways (her and our two children) - our needs were not really very high but she felt she wanted to have a stash somewhere as “rainy day money”
Mandymoo
Mandymoo
Mar 2024
2:28pm, 15 Mar 2024
18,560 posts
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Mandymoo
We are just going through the IHT situation and it looks as though with the house etc (depending on which valuation you go by) dad is nearing the limit. If they take an average of the 3 valuations he should scrap just under. This is why Jen was so on top of things and had this trust all set up to happen - still waiting to hear and find out more about that
bigleggy
bigleggy
Mar 2024
2:40pm, 15 Mar 2024
7,431 posts
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bigleggy
Taking out more than you put in is a fortunate place to be in.

To spin the other side of this coin , my birthday is next month and I will be as old as my mum was when she died.

Worked all her life and paid into the system. Never got to see retirement. Let alone a state pension.

And people still look at me like I've lost my mind when I say I want to retire as soon as possible.
bigleggy
bigleggy
Mar 2024
2:40pm, 15 Mar 2024
7,432 posts
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bigleggy
Oh , I'll be 56 btw !
Sigh
Sigh
Mar 2024
3:16pm, 15 Mar 2024
26,006 posts
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Sigh
Just seen this on my FB feed, thought it'd go down well here:



:-)
EvilPixie
EvilPixie
Mar 2024
3:26pm, 15 Mar 2024
52,634 posts
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EvilPixie
Mr Pix’s gran passed everything to the 3 grandchildren as (in her words) he daughter (MIL & FIL) had more than enough

My parents seem to think a pot to pass on is important but seeing as mum lives in Berkshire I will have a IHT bill.

I did read somewhere today that 15000 people last year got clobbered unexpectedly with IHT after they’d been gifted large sums (some up to 130k) and the gifter had died within 7 years

In the plus side I believe that the rate is lower and reduces each year until it is zero after 7 years.
XB
XB
Mar 2024
3:40pm, 15 Mar 2024
17,534 posts
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XB
My mil died just a few months short of the end of the 7 year limit and so there was tax to pay on some lifetime gifts. There was money in the pot and everybody, including the taxman, did alright.

Mrs XB did a deed of covenenant passing her share onto our daughters.

About This Thread

Maintained by Sigh
A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

Retirees Hall of Fame

star CumbriAndy star (17.04.25)
Dillthedog (27.03.25)
westmoors (27.03.25)
dobbers (26.02.25)
McGoohan (15.01.25)
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Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-) (13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
Sharkie (05.07.23)
Ally-C (08.06.23)
Rebel (12.05.23)
CogNoscensme AHA (07.04.23)
Windsor Wool (05.04.23)
Bob! (30.03.23)
Velociraptor (21.03.23)
Garfield (provisional, 27.02.23) (see p.699)
ThorntonRunner (20.12.22)
DrMags (30.07.21)
MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
Steve NordRunner (01.08.19)
um (May 2017)
macca 53 (31.10.17)
XB (07.07.16)
Flatlander (November 2011)
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SarahWoo
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alpenrose
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annadav
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