My FIL is elderly and pretty much teminally ill. His daughter, my SIL, has recently separated from her husband and is jobless, homeless (as her ex is living in thier property which they cannot sell at a profit at the moment) and living with the PILs. My FIL's will states that upon his death each of his children will receive a lump sum, which is separate to the amount they will receive when MIL dies and the house and the remainder of the estate are divvied up.
The problem is this: FIL is rather stressed that SIL has been stitched up financially in her pending divorce, and he wants to make sure that the lump sum she receives upon his death is all hers. He does not want his ex SIL to be able to lay claim to any of it, if he dies and his daughter gets the money before the divorce is final. He would also quite like to help her out now, as she needs it, rather than in six months or a years time. The amount is 50k so below inheritance tax?
What can he 'gift' her before his death to help her get back on her feet, or charge her in rent (as debt) which is then written off at a later date? Can he drip feed her some money now without it being traced as part of her overall assets by her ex, or is he best to hold off give her anything until after his death/her divorce?
Would it be better to transfer the money to his wife's name, and then leave it to MIL to informally gift it in chunks to SIL?
He is very ill and stressing about this, so any advice is very gratefully received. Thanks lovely people.
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Can anyone help with this inheritance matter?
5 replies
FellatioNelson · 01/12/2010 20:58
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