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Original poster

Elderly parent wants to give large amount of money to me - I have refused !

61 replies

Orangecurtains · 13/06/2025 03:34

Elderly parent (90’s) wants to give significant amount of money to me - I have said no as am not in need of it as such ? They are insisting !
What are the implications for myself and parent ?
For context I am not working at the moment due to ill health (my own choice) but do not claim benefits ?
What would you do ? ?

OP posts:
EleanorReally · 13/06/2025 05:42

good idea to put it into an account in case they need it

BreakingBroken · 13/06/2025 05:36

Say thank you, put it in a savings account and discuss with a financial planner.

HalfasleepChrisintheMorning · 13/06/2025 05:03

Take it but put it in a savings account in case.
They are doing some IHT planning (a bit late if in their 90s!)

TizerorFizz · 13/06/2025 04:24

@Orangecurtains Your parent should have done this years ago to avoid IHT if that’s why they are giving it. The tax tapers over the 7 years. . If the parent csn still pay care fees, they won’t be chased for giving money away, if the gift is leaving them with very little, they would be chased. So I wouldn’t refuse, I’d talk to them about needs and their tax position.

Zanatdy · 13/06/2025 04:06

accept. Maybe it will make your elderly parent happier to see you have the money whilst they’re still alive

WiddlinDiddlin · 13/06/2025 04:03

If you're not claiming benefits... the gift itself is tax free however if you invest it, there may be tax to pay on what that investment earns.

The implications are mostly for your parents in theory... but in reality may become your problem - it's only IHT exempt if they live another seven years... and its never exempt from the LA seeking contributions to care should they need the LA to pay for that.

They can give you 3K a year tax free, each - but after that the above all kicks in.

Tiredandtiredagain · 13/06/2025 03:57

Tiredandtiredagain · 13/06/2025 03:54

This would cone under the deliberate deprivation of assets rules, if your relative needed care.

If they don’t, or don’t need that money then all is good and they start the seven year clock ticking in terms of IHT, which you may benefit from.

www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

Sorry should also say, IHT will still be payable for up to seven years, so you need to make sure that is available.

Tiredandtiredagain · 13/06/2025 03:54

This would cone under the deliberate deprivation of assets rules, if your relative needed care.

If they don’t, or don’t need that money then all is good and they start the seven year clock ticking in terms of IHT, which you may benefit from.

www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

Princessconsuelabananahammock9 · 13/06/2025 03:45

Why does she think you need money?

Libre2 · 13/06/2025 03:44

Sane question- do you have siblings? That changes the answer hugely..

Is your parent of sound mind?
Does s/he still have enough to support him or herself?

Also be aware that gifts given within 7 years of death are still subject to 40 percent inheritance tax https://www.gov.uk/inheritance-tax/gifts

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

https://www.gov.uk/inheritance-tax/gifts

Guavafish1 · 13/06/2025 03:38

Do you have siblings?

accept

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