Relative gifting money

denislawsbackheel

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The rules for HMRC and Inheritance Tax and Local Authority for long term care funding needs are entirely different. Don’t fall in to the trap of trying to combine them. If you don’t come clean to either you may get away with it but if you get caught out it’s a criminal offence in both cases. If you defraud the Local Authority they are more likely to prosecute as you will be labelled a benefits cheat.
only if
A you were successful
And
B they subsequently find out.
 

abu13

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Surely they aren't just going to put 35k in a current account?
Surely it must be better going into an isa or premium bonds and just taking a sum out each 3 months or so to live on
Nope, they want us to open up a standard current account, to be honest the more i am looking at this the more uncomfortable i am about it. I t doesn't help that this is all being done through phone calls to the missus and i'm just being told what is being said. It all seems very rushed like it needs to happen yesterday.

I think i need to have a chat with them myself.
 

cyberblue

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Nope, they want us to open up a standard current account, to be honest the more i am looking at this the more uncomfortable i am about it. I t doesn't help that this is all being done through phone calls to the missus and i'm just being told what is being said. It all seems very rushed like it needs to happen yesterday.

I think i need to have a chat with them myself.
Think you right mate to have a good think.So many red flags flying in the wind .They could probably be prosecuted or at very least have some serious explaning to be made why they have posesion of someone elses bank card and even more so if they caught drawing money out with some one elses card
 

Mad Eyed Screamer

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One potential risk to you is that if you've taken out a loan & £35k suddenly turns up in your account, there's a chance the bank could suspect you of money laundering & close your account without warning.

Before my mum died we sold her flat and my brother and me split the money, as we would have done if she'd died while still owning the flat. I seem to remember I had to prove where it came from.

Im not trying to frighten you but you need to arrange it properly.
Hang on.... So you and your brother sold your mums house before she died and split the money..... Can i ask... Where did your mun go to live!
 

Prestwich_Blue

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Hang on.... So you and your brother sold your mums house before she died and split the money..... Can i ask... Where did your mun go to live!
Under the car park! She didn't half put up a fight. Them old ladies are stronger than you think, even when they're wrapped in a sheet & you've smashed them on the head with a shovel a few times.

She was in a home & terminally ill actually. The tenant that was in there wanted to buy, her care was fully funded by the council so there was no financial reason to keep it & it saved pissing about with probate. Though the solicitors still managed to fuck it up.
 

mikemcfc

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This is what concerns me most, we wouldn't be drawing the money out. Her mum and her husband would have the cards even though the account was in our name, in the event of anything happening to them i don't want my brother in laws family accusing us of dipping into the pot.
Don't know what the rules are there but my wife works in a bank here in Canada and the rules are very specific that you can not use a card from someone else's account. Very clear in the terms and conditions, husbands and wives are not even allowed to know and use the others card and pin code if the accounts are not joint. Doing this can even void your deposit insurance if there is fraud against your account and there is knowledge that you did not keep your pin # secret. Of course it happens all the time at the ATM machine, but when someone tries it at the teller they are confiscated.
 

SWP's back

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Look into a trust fund. My mother opened one this year and it has given her peace of mind regards her assets etc
If the OP’s in laws opens a variable trust then the council can still raid it.

If it’s an absolute trust then it’s considered the same as gifting it as they lose control of the money.

Basically what I’m saying is that a trust is absolutely worthless in this case.
 
Last edited:

lancs blue

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It's barm so STFU.
Nope, they want us to open up a standard current account, to be honest the more i am looking at this the more uncomfortable i am about it. I t doesn't help that this is all being done through phone calls to the missus and i'm just being told what is being said. It all seems very rushed like it needs to happen yesterday.

I think i need to have a chat with them myself.
i assume your in-laws already have a current account for bills and day to day expenses so why would they need cash from the new account? Why not just use an internet transfer to put money into their existing current account if, say, they wanted to buy an expensive item like new furniture? Like others have said I'd steer well clear of just giving them the cards and access to an account in you or your wife's name, you or your wife would still be legally responsible for the account.
 

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