Equal gift from parents

[Greendinosaurplay]

About 7 years ago my parents gifted my sibling £30k as they needed it to purchase a house. A letter was drawn up by my parents and signed by my sibling to make it clear that I should be gifted an equal amount on the event of my parents death, linked to RPI. My parents have recently offered to gift me the same amount of money now, instead of me receiving money from the estate as planned. They have always been very clear that things should be equal between my sibling and I, hence the letter being written. Should this amount take into consideration RPI, or be the same amount as gifted 7 years ago?

It’s completely up to your parents. However, if they need care home fees in the future and fall under the threshold because of the money given to you and your sibling they could be on a sticky wicket.

I don’t think 7 years is a particularly long period of time. I wouldn’t bother tying to squeeze a few 100 extra out of them in the name of inflation.

Yes be careful about deprevation of assets it can cause all sort of issues if care fees are needed and giving you the money has taken them under threshold.

OMG just accept their very generous gift

For 7 years, I wouldn't be farting around with trying to secure extra. I'd say thank you and take the bloody gift. You're sounding a tad grabby.

Just say thank you very much

Hmmm I checked an online inflation calculator and £30,000 in 2016 is worth just under £42,000 today.

This!

That said, they're under no real obligation to give you anything so I'd say thanks and take it.
They might have nothing left to leave you in the will or inflation might go the other way (unlikely)

Take the 30k and be grateful.

Just take the gift. Asking for money in line with inflation is a bit entitled!

That’s not a full picture though. It’s referencing general buying power. But the reality is if OPs parents had 60k in 2016 and have half to the sibling they won’t have made anywhere near 11k in 7 years with interest rates being at historic lows for most of that time. So they would have to supplement the amount considerably, which isn’t necessarily fair either.

This! FFS.

I am of course very grateful for anything and it is totally their money to do what they like with. I never asked for it, both back then and now. But because they have always been so insistent on fairness and specifically wrote that clause about RPI in their letter, I wondered what would be the best course of action. That is now clear, thank you.

Yes, that is a very good point

The best course of action is whatever your parents choose to gift, and you graciously accepting ffs

Did you have an option of your £30k at the same time & you chose to wait?
what would you have done with it, if received earlier? What would you have to show for it now, all things considered?

Did your parents need to save for your share?
in a parallel universe, you may decide to run a few scenarios to accurately assess your NPV of your parents gift and have a chat..
a) £30k invested in property ( aka like sibling and the wealth effect they have gained over 7 yrs)
b) potential earnings from investment in share market
c) bank/bonds - fixed interest returns;
d) bitcoin/ own business equity injection ;
or
e) take the funds and be thankful do something to help your future.

I've genuinely never read anything like this. Just say thank you. You're lucky they haven't had to spend the 30k keeping themselves alive in the past 7 years and still have it to give you.

Almost this exact same scenario happened to me 10 years ago. I was gifted £25k from my parents to balance out the £25k that my brother had received about 8 years before me (as a deposit for his house). It also crossed my mind at the time that the £25k I was receiving wasn't quite the same value as the £25k my brother had received, but I just gratefully accepted it and never said a word and I would do the same again. It's still a hugely generous gift and not worth potentially falling out with family.