Multi multi millionaire at work

[Nojudgementiguess]

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 😂

This. What would I do all day if I didn’t work? I enjoy it and find it intellectually stimulating and interesting. I took some time off, it wasn’t for me

Maybe all the assets were put into a trust.

That way there wont be any inheritance tax to pay

Maybe her Mum left her the house but everything else to the local donkey sanctuary. None of anyone else's business.

You don’t know for definite she has inherited the money. For all you know her mother could have left it to a dog charity and left her completely out of her will!

First of all you’ve got no idea how much she actually inherited. Next… 40% inheritance tax. On a much more modest scale, I have just inherited £1m. My DH is a high earner. On any measure I don’t “have” to work but I do as I enjoy it and have no plans to stop. Many people enjoy their work and keep at it for mental health and other reasons, not just to pay the bills. It’s a privileged position to be sure.

I know someone whose colleagues' mum was a lady in waiting to the Queen. So I assume he's quite wealthy. But he still works and in quite a demanding job. Or maybe he needs the cash because he's property rich and cash poor. That could be the case.

Many multi millionaires continue to work...how do you think many of them became that way? Or if they inherited, obviously someone had to work hard for it. A member of my family has millions (not quite sure how much, but has 3 houses all worth several million - two of them over 10 million)....self made and continues to work. Even though they do not have to. Like someone says, it gives them a purpose and perhaps they want to try and reach a certain target of earnings...who knows!

Maybe colleague gave most of it to charity? Or there may have been stipulations in the will as to how it is to be spent? Or colleague just really likes their job and the routine and doesn't have many other interests outside of work.

Wow. Imagine if your mum died and all your colleagues were googling how much money they thought you had. Not nice.

I worked with a huge lottery winner for a couple of years.

I'd never have put myself through the pain of that job but she seemed to like it.

We never discussed it of course, none of my business.

Wow, I could only dream of that. My dad left me nothing and my mum spent any inheritance I might possibly have got by selling her house and spending the proceeds. I joke with DH by telling him I’m only staying with him for his three potential inheritances 😆

None of your business op. None whatsoever.

Inheritance tax probably

”good for her”?!?

yeh. She’s so lucky her mother died! Wtf

Well you know her Mom WAS rich and her Mom has died. You don't know the ins and outs of how much cash she now has in the bank. If her Mom had niblings or other close friends and their kids that she might have split the money between. 25 can be broken down fairly quickly.

Plus I imagine her life has changed massively losing her Mom and work is a constant for her, familiarity. If she's got 10 mil in the bank and a house that's paid for, she has the freedom to work for the joy of it

Nosy nosy and none of your business.

Maybe she’s on a 12 month notice period and has given her notice. No one out of the exec team would know for quite a while.

I would not be surprised if the reason is that the money is tied up in non liquid assets and shes biding her time taking advice on how to manage the money. £25m in shares and property wouldn't necessarily produce a high annual income. She sounds very sensible. Oh and she might like her job.

Me - I would quit!

I once worked with someone who inherited a couple of million in property and did sail off into the sunset (so to speak) but they spent a few months organising what they were going to do first. Also, if your colleague is very senior, she'll have a long notice period to work out.

Being a millionaire is not as big a deal as you appear to think it is. Life goes on for us all.

So shes lost her parents and you're on mn discussing her??

Nasty.

@gogohmm you need to find something you like doing.

Every few years some right-wing broadsheet comes out with how much money you need to have to never work again. However the lifestyle they give never involves really extravagant things.

Because she enjoys working, and derives more satisfaction from seeing a project through than an endless round of shopping, beauty treatments, holidays and lunch.

I know many (well about 15) people who have not inherited, but have come into more money than that (through sales of their companies etc) and they all still work. Including my own husband. For a start, there's the tax. But you don't just stop and spend the rest. You invest it in a way that (hopefully)! makes more money for your old age and your children's futures. Then you take dividends or rental incomes or other forms of payments out when needed and supplement your income with that. So if the mother was "worth" £25m, that "worth" was almost certainly tied up in property, investment portfolios etc. Nobody just has that amount sat in a normal savings account. It often takes time to access that kind of money and it's complicated. Might be overseas in which case there will be high tax if she wants to bring it onshore. So probably, the investments are being transferred her name to pay her an additional income, but this is a process. It's hardly going to be "bang - oh look, £25m in the current account..."

This