A million pound inheritance?

[Bells3032]

So due to the death of my grandfather my father has inherited a million ponds (yay). He is in ill health and we are keen to invest it in order to give him the best income. We were looking at buying three or four properties but have looked at the math and overall he'd get about £15k net a year out of which he'd also have to pay any repairs etc and only if rented the whole time which doesn't sound much for a million pound investment.

Any recommendations for areas to look at or other investments that give a stable income?

Thanks

I’m not sure why you think a solicitor is not qualified to give tax advice. Tax is law. Agreed they should not give financial advice unless separately qualified

Yes and a very specialist area of which another profession specialises in - Chartered Tax Advisers. They would not be covered by their PI. Tax guidance but not advice.

However, yes Trust structures, deed of variation etc are private client work, although IFA’s also can legally and are qualified and insured to put a Trust in place. This I think demonstrates how all areas cross over. An IFA that doesn’t refer to both in such a situation is a fool, and vice versa.

Having a STEP qualification in this instance is useful, more common in solicitors but also IFA’s and accountants.

You are going to lose a lot of money and there is nothing anybody can do about it.

Eh?

If you were looking at investments you could look at student properties in student visitors/towns as often make a better return as more bedrooms and rent per room. Also looking for somewhere cheaper to buy further north, e.g. Manchester has great returns. North east and Cumbria less income per property but less per investment. £1million investment could easily bring in £45,000 per year with no mortgages, before deductions, but if you were smart could bring significantly more.

All my investments are off shore I think.. I am honestly at a loss of what to do with them to be quite honest 🤷🏼‍♀️😂 got control when I was 25, paid off my house and I have no idea. Help?

Hello. I have a great financial advisor who is very smart but also very personable based in london if you want to DJ me for his details. He's advised us for May years but I ha e hi vested interest in recommending him. Just want the best for your dad. Lucky him. Hope he has an adventure with the energy he has remaining.

He needs to meet with a financial advisor who specializes in this sort of thing. Don’t try to do it yourself. Get professional help.

Yes to an advisor, but make sure they are an IFA ..independent financial advisor. Tied advisors do not have to offer best advice, although some larger companies like Tilley have specialist departments for each aspect of specialist advice that you need including tax advice

Also, if the money is in your names then you need to consider future agreements with your sister...ie hopefully not but martial breakdowns could change things and she may have to pay out an ex for example which would mean your father wouldn't benefit. Also consider paying for care homes if the local authority would be paying.