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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Multi multi millionaire at work

115 replies

Nojudgementiguess · 09/08/2022 19:22

one of the Directors at work (I would guess salary of about £150k plus bonuses), been working here years, recently inherited about £25m. We know this because an article was once written about her mother who was a property developer.
aibu to wonder if there are tax loopholes for someone who inherits but continues to work?! Inheritance tax I mean? Obviously office gossip spreads fast and we are all baffled at why she wouldn’t just sail off into the sunset 😂

OP posts:

ajandjjmum · 09/08/2022 19:23

Because she enjoys her work and it gives her a purpose in life. I'd be off travelling the world, but we're all different.

PeppaPigIsBacon · 09/08/2022 19:24

Maybe she didn’t inherit outright? Or maybe she loves her job!

Walesscales · 09/08/2022 19:24

Some people might get bored of not working. You say it was recent, maybe she's planning to leave but not straight away?

HappyHamsters · 09/08/2022 19:24

Maybe she likes working, the money may not have come theough, she has given in her notice without telling all the gossips, she needs to give 3 months notice and feels loyal to her employer.

BrieAndChilli · 09/08/2022 19:24

Maybe she enjoys her job?
maybe the mother had a shit load of debt so the actual inheritance wasn’t much
maybe it was left to the cats home
maybe it’s still in probate
maybe she’s put it in trust for the kids or her mum did it for the grandkids.
maybe the mother had a partner who inherited it all

MomwasCasual · 09/08/2022 19:25

She's probably thinking about next years energy prices, and playing it safe!

edwinbear · 09/08/2022 19:25

Maybe she enjoys working? Maybe she’s still working out what to do with it? Maybe she’s planning to give it all to charity or put it in trust for her DC. Who knows!

balalake · 09/08/2022 19:25

You are assuming that the estate was left to her. Might not have been the case.

RichardMarxisinnocent · 09/08/2022 19:27

So the article about her mother presumably mentioned how much her mother was worth? Do you know that your colleague actually inherited all of the £25 million? Might it have been split between many family members, or lots of it left to charity, so she's not as rich as you think?

Original poster

Nojudgementiguess · 09/08/2022 19:27

thats the thing, only child, dad already gone. She’s already moved into her mums main home which is unreal according to someone at work. No plans to leave and has just taken on a massive project expected to last 2 years plus. Good for her but it’s blown my tiny mind 🤣

OP posts:

Hooveslikejagger · 09/08/2022 19:27

I guess some people enjoy working.

I believe IHT is paid before the inheritance
is given?

There are IHT planners who use the system to legally reduce IHT for those who are exposed to huge IHT bills.

neverbeenskiing · 09/08/2022 19:28

We know this because an article was once written about her mother who was a property developer.

I'm confused. Did the article say she was worth £25 million? That doesn't mean the Director at your work necessarily inherited that full amount. There could have been loads of people named in the will. A significant amount could have been left to various charities. Her DM could have left the whole lot to the local Dogs home for all you know. Either way, it's pretty grim to be speculating about someone's tax situation when they've recently lost their Mum.

MissAmbrosia · 09/08/2022 19:28

Presumably she likes her job.

Original poster

Nojudgementiguess · 09/08/2022 19:31

Neverbeenskiing - oh absolutely, I know it’s in poor taste. I definitely need to get a life but I guess it’s just unusual I suppose and got me fantasising.

OP posts:

edwinbear · 09/08/2022 19:31

Plus there is also the fact that just because a journalist once wrote an article about it, doesn’t make it necessarily true.

SiobhanSharpe · 09/08/2022 19:31

No inheritance tax loopholes for working beneficiaries that i know of. She (and any other beneficiaries) will have to pay IHT on the residual estate at 40 pct but I would expect trusts to have been put in place to minimise this.
But she would probably still be left with a tidy sum. Unless it is mostly all sewn up for grandchildren and she just gets the income from a trust.
As for why she's still working, could be she just likes it, couldn't imagine not working, or she's taking time to plan her future, or even thinking of investing in/buying into the business where she works. Who knows?

mac1974 · 09/08/2022 19:32

Maybe she's bideing her time. I guess she's had a long time to realise this will be heading her way so she's just taking her time to consider what to do.
I wouldn't work though. I'd be planning to see the world.

Runningintolife · 09/08/2022 19:32

I imagine that house could be a bit lonely having lost mum and dad and having no siblings depending on the quality of her relationships. Work brings purpose and meaning to our - fundamentally pointless lives - and they say don't make big life changes in the year after a bereavement.

clickychicky · 09/08/2022 19:32

This is a bit nasty OP. Are you jealous her mums died?!! Wtf

toastfiend · 09/08/2022 19:33

I love my job. It gives me interesting projects to get my teeth into, gets me out meeting new people, I think my colleagues are great, and my mental health is much better when I'm working. I wouldn't give up work if I inherited money, no matter how much. I probably wouldn't get very stressed about work anymore, knowing I could still pay my mortgage whatever happened, but I'd absolutely continue to work.

Also, on that kind of salary I'd want to keep adding to the pot, it would be fantastic to know I could continue to build on those kinds of resources and ultimately give something really meaningful to my DC/future generations beyond them if I didn't just immediately give up work and go on a massive spending spree, doing that just means that eventually there's absolutely nothing left of that previously enormous pot of money.

clickychicky · 09/08/2022 19:34

edwinbear · 09/08/2022 19:31

Plus there is also the fact that just because a journalist once wrote an article about it, doesn’t make it necessarily true.

Yup and it must be pretty annoying/upsetting having it put in the papers so staff can gossip

mimbleandlittlemy · 09/08/2022 19:34

Inheritance Tax is paid before you get the money from the estate. The solicitor can’t pay out until it has been confirmed as received by HMRC.

PrincessRamone · 09/08/2022 19:36

got me fantasising

about what exactly?

neverbeenskiing · 09/08/2022 19:36

Nojudgementiguess · 09/08/2022 19:31

Neverbeenskiing - oh absolutely, I know it’s in poor taste. I definitely need to get a life but I guess it’s just unusual I suppose and got me fantasising.

Very unusual. So much so that I'd ask for this thread to be deleted if I were you. If she sees it she'll know it's about her and will probably be upset to hear that the whole office has been gossiping about her finances at what is almost certainly a difficult time in her life. You're talking like she's won the lottery, but maybe the reason she doesn't "sail off into the sunset" to enjoy her new riches is that she's in the midst of grieving for her DM.

Original poster

Nojudgementiguess · 09/08/2022 19:36

Clicky - oh god no! She’s a lovely person and treats everyone with an enormous amount of respect and is fun to work for. Good luck to her. It’s just an unusual situation I suppose and I actually admire her for continuing to work. Her salary, although huge by anyones a standards (she can’t be paid less than 150k base) is peanuts by comparison.

OP posts:

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