Inheriting 250k and a house

[denislawsbackheel]

If it really is in Florida US taxes can be complicated.
If you sell it now there will be no UK taxes to pay.

 

[Nethermoor]

Get 4 houses. Use 50k deposit on each and rent them out with BTL mortgages. In a few years you'll be nearly a millionaire.

Can be a hassle, but in the meantime you will make a couple of hundred a month off each and someone else is paying off the mortgages for you.

 

[stonerblue]

Ok, before we go any further i have to say it's not me who's inheriting but someone very close too me.
I'd have took @Barcon advice and be on a plane now.

It's a mid 30's family, hard working with 2 young kids and a mortgage.
I was wondering about trust funds/savings accounts for the kids and high interest accounts for the rest? The only advice i can offer is pay off mortgage and all debts and after that i'm clueless.

 

[stonerblue]

If it really is in Florida US taxes can be complicated.
If you sell it now there will be no UK taxes to pay.

No mate, that was a t(r)opical joke.
House is in Manchester and worth around 200k. Am i right in thinking that the house value is not part of the calculations for inheritance tax?

 

[stonerblue]

Get 4 houses. Use 50k deposit on each and rent them out with BTL mortgages. In a few years you'll be nearly a millionaire.

Can be a hassle, but in the meantime you will make a couple of hundred a month off each and someone else is paying off the mortgages for you.

Nah, we're going for hassle free.

 

[Mr Kobayashi]

If it really is in Florida US taxes can be complicated.
If you sell it now there will be no UK taxes to pay.

Could be a decision on which house to occupy. If they sell their current house and occupy the second, no capital gains to pay should they sell the second in future.

 

[pride in battle]

Florida..

Is it still there ???

 

[Tuearts right boot]

Is it still there ???

Well it's now got a Cuban post code

 

[DiscoSteve]

No mate, that was a t(r)opical joke.
House is in Manchester and worth around 200k. Am i right in thinking that the house value is not part of the calculations for inheritance tax?

nope - house is part of the estate so its value will be included - depends on the history of the previous owners at what level IHT applies - not sure what it is these days, but it might be double if a spouse has passed their half on first.

 

[BringBackSwales]

Pay off the mortgage and don't blow the rest on shit like German cars etc.
I would invest the rest in blue chip shares like say the big banks they will always go up steadily over time and you will thank me in five years.

How did your RBS and NatWest shares do in 2008?