To not let my dad know how much money it is??

[Relunctanto]

Have come into a life changing amount of money. After much thought we are going to put money away for the kids, make sure ddad is comfortable, just a sensible amount, and open a foundation with the rest and give as much away as possible to causes important to us.

We had to tell my dad because it's obvious that we have $$ as we're paying off the house, may move and I'm leaving my job to run the Foundation, and will be hiring staff etc. Plus I'd like to make sure he has a monthly income from it.

But we didn't say how much as he is an absolute blabbermouth! He can't help himself, always wants to know how much things cost, where they're from etc and tells everyone. He's an open book. Talks to everyone.

He livid that I won;t tell him the amount. Keeps making guesses, brings it up in every convo. Is irate that I told Dsis ( Because I want her to join the running of the Foundation so had to reassure her it will run for generations if managed properly and worth leaving her very good career for).

It's causing massive friction. Ironically the reason we're keeping it so private is money does cause problems and I have no intention of having anyone outside of a handful of people know.

YABU - swear him to secrecy, tell him he can tell NO-ONE the amounts involved. He'll understand the importance.

YANBU - He's not going to change now, he'll let it slip then our relationship will deffo be worse off.

I don't know why but the Foundation with a capital F sounds a bit sinister.

It's really about fucking time people such as you were wealthy ❤

You should already have been put in contact with people who will provide ongoing support with all of these kinds of issues - there should be no need to ask random strangers on the internet. I'm questioning whether this is a genuine post based on the information you've provided.

Your ddad is lucky to have a sensible (and lucky kid) if you want to donate to mumsnet users I will more than happily oblige! 😁

What tax?

IMO it's a mistake for your DSis to leave her job. Tell your dad a fake low figure. Sure, run a charitable foundation, but I suspect you are seriously underestimating how fast money will slip through your hands

Capital Gains and Income.

I’m sir sorry to break this to you but not one person reading this could care less about your dad and his mouth
We all just want to to know how you got this money and how much is it and what will your daily lives look like and what will the foundation do?

Get independent legal advice from a financial advisor, accountant and solicitor.

Delay setting up a foundation for now, research small local charities in your area and donate to them not the large ones like Macmillan cancer. The large ones are more well known so get plenty of money whilst the little ones are overlooked.

Consider donating equipment to schools, youth clubs, homeless shelters and communities. Maybe open a community pantry, Foodbank or donating to your local lifeboat and Mountain rescue teams. These are the things I'd do in your position, take your time and don't rush.

Congratulations on your win! I am so happy its gone to someone who has such an amazing attitude to wealth and is willing to set up a foundation like this. In my family my Dad is the only one I could trust with this kind of info! I would tell nobody else in the world though, because as you say, money changes people and relationships. I think once you're running the foundation its probably going to be clear you've come into an absolute fortune, and be prepared for friendships to change and people to ask. People really show who they are when a friend or family member starts to do well/better or win money! Good luck with everything :)

YABU about opening a foundation and employing staff to run it. Plenty of foundations out there for all causes you cna think of. Plenty wealthy people have family foundations and manage to give millions away without setting up another non profit with staff.

Unless she employs a ton of fundraisers and then the money will go on staff, pensions, offices etc too many foundations in the UK already!

Halfway house on foundation: put it into investments in a charitable trust fund, give a chunk to existing charities every year. Very little overheads beyond investment management. Enables you to carry on focusing on doing good in the world on an ongoing basis. Your sister can be a trustee and help choose the charities. Utterly daft for her to leave a good career for this.

Charity commission will then report your annual income, from which your father will be able to infer the size of the capital. But he's going to be able to make guesses from the foundation idea too, which will also have reporting requirements.

Only way to keep the secret from your father is to donate the lot right away.

When anyone mentions charity foundation, I think of Capt Tom's daughter and Harry/Meghan .... basically rinsing off the public to maintain a lifestyle.

I'll get my coat.

Really curious how you came into so much wealth?

However putting away enough for comfort for everyone and giving away the rest is a noble thing to do. Definitely what I’d like to do. Too much money seems to make people rotten and so many causes to help! Good luck with it.

In what circumstances would either of these taxes arise for a foundation or any sort of organisation?

Individuals pay both those taxes, not organisations.

Companies pay corporation tax, which charities do not. But this has no impact on the OP as the money going into the foundation is not hers any more, though tax would only be payable on profit even if they did pay tax. And if she didn't put it in the foundation there would be no tax to pay anyway assuming this is either a gift or a win. If it's an inheritance the tax due on that would be paid by the estate before the OP got it and is not income or CGT anyway.

I suspect what you are thinking of is when companies set up foundations and fund them to avoid corporation tax.

It doesn't sound as if this proposed foundation would be taking anything from the public.

I honestly thought this was a Captain Tom/daughter parody

Do not under any circumstances tell your dear Father, unless you are prepared to have it published on the front page of a national daily paper!

It's hilarious 😂. From the figure-fishing posters who insist a foundation is only viable with at least one hundred million pounds ("9 figures" - in reality, it's more like 10 grand and above) to the arrogance of posters already trying to tell op how to better spend her money, by not to setting one up but instead donating all that money to a charity, despite having no idea what her foundation is for.

No knowledge and scant imagination but plenty of unhelpful advice!

he might find out roughly when your foundation has to go public with accounts

but no i wouldnt tell him i wo9uldnt tell mine either

Don’t tell him. Don’t ever tell him.

he will have a guess if adds up your new house cost and what you are giving him monthly plus the fact you are opening a foundation. clearly its millions!

Ironically the reason we're keeping it so private is money does cause problems and I have no intention of having anyone outside of a handful of people know.

if I know something who moved house & started a charitable foundation with their family I would guess they won millions. i'm not a genius!

Have you tried telling him to mind his own business and that if he doesn't, he won't see a penny of the money?