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Original poster

my dad has a substantial amount of money in the home.

96 replies

carnetta · 02/08/2024 12:27

Looking for some advice.

My father who is 84, and has a substantial amount of money in the home well over £120k. He worked all his life and was self employed for much of it, had an accountant and paid taxes etc, one could question if some of this money had been cash in hand work over the years or just money he has put aside or both and I honestly couldn't say and have no idea how I could prove what this money is if asked, I only found this hoard recently when decorating his home, to say I was shocked is some what of an understatement.

I'm not sure what to do, simply I want it to be put in a bank account so it is safe and I'm not worrying about it, and couldn't give a monkeys if it is taxed etc.

He is at a point in his life where communication can be really difficult at the best of times due to a stroke a few years ago, so he would really struggle with legal people, but I'm happy to be involved as best as I can.

I just don't know what to do for the best, or who to turn too. My dad has this money as some kind of weird safety net for "when he gets old" !!!!

Last thing I want to do is open up a can of worms and cause him any stress.

Thoughts please.

OP posts:
HonestMistake · 02/08/2024 12:30

Do you have power of attorney? Does he have mental capacity?

Izzynohopanda · 02/08/2024 12:32

Is the money still legal tender, or has he got old notes etc.? If he’s got if of date £20 and £50 notes, that could cause an issue.

HonestMistake · 02/08/2024 12:32

Unfortunately I have to warn you that getting that much cash into a bank account is probably going to be an absolute nightmare with money laundering regulations. I hope someone with banking experience can come on and advise how best to go about it.

Mickey79 · 02/08/2024 12:32

If there are no concerns regarding capacity, your dad can choose to have his money in his home rather than a bank account, even if others don’t think it is wise. What does he want to do?

Thelondonone · 02/08/2024 12:33

Honestly, I’d keep it and use it to improve his life. I wouldn’t be putting it into a bank account.

Meadowfinch · 02/08/2024 12:33

Talk to his bank. They will advise on what they are allowed to take in a deposit. They have rules on questions they must ask related to money laundering, but if your df is prudent and has been salting money away since he retired, there may not be an issue.

I'm sure it won't be the first time they have dealt with the issue.

LiterallyOnFire · 02/08/2024 12:34

HonestMistake · 02/08/2024 12:32

Unfortunately I have to warn you that getting that much cash into a bank account is probably going to be an absolute nightmare with money laundering regulations. I hope someone with banking experience can come on and advise how best to go about it.

This.

He could try living on some of it, but it's a lot.

You might need the help of a third party professional to witness the situation.

gamerchick · 02/08/2024 12:34

Is it old notes though? I don't think you can spend them now, can you?

Doggymummar · 02/08/2024 12:35

I think you can pay in up to 6k without triggering anti money laundering protocols. Perhaps a safety deposit box or home safe would be better. I don't think you are going to be able to bank it,

Original poster
carnetta · 02/08/2024 12:40

Izzynohopanda · 02/08/2024 12:32

Is the money still legal tender, or has he got old notes etc.? If he’s got if of date £20 and £50 notes, that could cause an issue.

Majority is legal tender, it seems he had been a very shrewd man (in some respects!!) where he would exchange old notes for new with customers etc.

OP posts:
Original poster
carnetta · 02/08/2024 12:41

HonestMistake · 02/08/2024 12:30

Do you have power of attorney? Does he have mental capacity?

No power of attorney, as he can still hold a conversation if you just want to talk about the weather and day to day stuff etc.. but if you ask him specifics , peoples names, dates etc he can get very confused and stressed out.

OP posts:
Original poster
carnetta · 02/08/2024 12:42

gamerchick · 02/08/2024 12:34

Is it old notes though? I don't think you can spend them now, can you?

You can apparently still get old notes in the bank.. checked this - thankfully most of it is newer plastic notes.

OP posts:
sadabouti · 02/08/2024 12:42

I think you need to speak to a financial advisor or a lawyer. Your dad is going to have a very hard time integrating the money unless he has spotless records accounting for it, because the default view will be red flags galore for tax avoidance and money laundering. It is not that common, contrary to what people may believe, to have that amount of cash, unless it is the proceeds of crime. Look at his bank statements if you can. Was he drawing these funds from the bank? Or is it money he received for cash work when younger? If he was drawing it from the bank, it may be easier to prove the source.

Original poster
carnetta · 02/08/2024 12:43

Mickey79 · 02/08/2024 12:32

If there are no concerns regarding capacity, your dad can choose to have his money in his home rather than a bank account, even if others don’t think it is wise. What does he want to do?

Thats the thing he is quite happy to have it sitting there and perhaps i should just choose to not get involved..

OP posts:
Dearg · 02/08/2024 12:45

My grandparents were similar, although the amounts were not so large. They lived very frugally and everything was cash. Money hidden everywhere!

Second a safety deposit at a bank. If your dad has capacity, get access for both of you.

FasterthanBolt · 02/08/2024 12:45

Don't worry about the age of the notes, I had an aunt that did similar and took £750 in old ten pound notes to the bank and they were exchanged with no issue! It's a very regular occurrence apparently!

Mosaic123 · 02/08/2024 12:48

Well he is missing out on the interest but more worrying is what if he is robbed? The burglar would be shocked and delighted.

If he ever mentions his hoard it makes him a huge target for stealing from.

I would go, with him, to see a qualified accountant and ask their advice.

SilenceInside · 02/08/2024 12:51

Some banks won't allow cash in safety deposit boxes.

For now, I'd want it in a fireproof locked container that is difficult to move, so it's at least safe from fire/flood/theft.

Then I'd be paying for as much as possible in cash in relation to your father's expenses, using it.

MissMoneyFairy · 02/08/2024 12:54

Have you asked him if he would like any help in keeping it in a bank or in a safe at home.

Pookerrod · 02/08/2024 12:56

Safety deposit box at the bank is the best way. You’ll find it very hard to deposit that amount of cash into a bank account.

MissMoneyFairy · 02/08/2024 12:57

If he has a bit of memory loss would he be happy talking to his gp who could get a memory clinic arranged and would he be open to discussing power of attorney with you now while he, hopefully, has capacity.

Arlott · 02/08/2024 13:00

Hmm. I would buy him a safe now (and witness the number yourself!) in case of burglary

then I think I would leave it there until he dies, to be honest, and ask the bank for help then. I’d worry that taking it to them now would cause trouble for him or he wouldn’t be able to answer questions

ladykale · 02/08/2024 13:01

Likely money earned off the books which hasn't been taxed...

Original poster
carnetta · 02/08/2024 13:05

sadabouti · 02/08/2024 12:42

I think you need to speak to a financial advisor or a lawyer. Your dad is going to have a very hard time integrating the money unless he has spotless records accounting for it, because the default view will be red flags galore for tax avoidance and money laundering. It is not that common, contrary to what people may believe, to have that amount of cash, unless it is the proceeds of crime. Look at his bank statements if you can. Was he drawing these funds from the bank? Or is it money he received for cash work when younger? If he was drawing it from the bank, it may be easier to prove the source.

This is my thoughts too. I can 100% confirm that none of this money is related to anything crime related, he has generally always dealt with cash for most of his later life being self employed now wether he has been totally honest with the tax man is the big question i guess (which you could class as a crime of course!), he only stopped working a couple of years ago due to ill health and would still work today if he could.

If I went on the basis this was money that tax should have been paid on, there really is nothing we can now do in retrospect I guess.. in an ideal world all I want to do is say here is some cash, pay the 40% tax or whatever it is and forget about it. How an earth can one man be so stupid is beyond me.

OP posts:
Original poster
carnetta · 02/08/2024 13:06

MissMoneyFairy · 02/08/2024 12:54

Have you asked him if he would like any help in keeping it in a bank or in a safe at home.

it is now much safer than it was, but still not in an ideal situation which is in a bank.

OP posts:
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