I am getting bad vibes

I am getting bad vibes

Author
Discussion

DonkeyApple

54,923 posts

168 months

Monday 21st November 2016
quotequote all
yellowtang said:
Not quite - she would have left her estate to her husband completely tax free if her estate was worth £325k (or whatever the allowance was at her death) therefore her husband would gain the entire allowance of up to £650k

Anyway, it doesn't look like tax is going to be as issue for OP here.
It seems confusing to me as this: https://www.gov.uk/inheritance-tax implies it's the net allowance that is carried over? Although it appears to amount to the same?

RC1807

12,482 posts

167 months

Monday 21st November 2016
quotequote all
OP: Your BIL sounds like my BIL, to a tee!
(We're not related, are we??!!)

The answer to your question is: 2

(...and your BIL needs to grow a pair!)

yellowtang

1,772 posts

137 months

Monday 21st November 2016
quotequote all
She could only have only used any of her allowance if her estate was over the tax free threshold (currently £325k but possibly less when she died) and she left some of her estate to people other than her husband (because he could inherit any amount from his wife tax free).


mjb1

2,552 posts

158 months

Monday 21st November 2016
quotequote all
Cogcog said:
His estate is worth about £300K half of which came from his wife who died in 2014. £90k has been handed over, plus £35k.

He has a 50% stake in the house which is worth about £600k.
That suggests FiL owns a 50% stake in your (£600k) house, and that BiL will inherit his %age share of that in addition to the £125k he's already been advanced. You need to be very careful here, what does the title deed for the property say the share is - is it as simple as a fixed 50%, or is there a deed of trust that covers FiL's share reducing if he withdraws equity (e.g. from your offset mortgage) and advances it to BiL?

If the property title deed says fixed 50%, then maybe it's covered in FiL's will instead? Or is the will a simple, fixed split between siblings (e.g. 50/50)?

If nether document covers the cash advances then BiL legally could be having his cake and eating it - he takes as much money now from FiL (technically a gift), then when FiL passes, he's still entitled to 50% of FiL's estate, which includes half of the 50% share of your house, so BiL gets 1/4 of your house as well.

Make sure FiL's will is done properly and is absolutely water tight. So often you hear stories of contested and invalid wills.

DonkeyApple

54,923 posts

168 months

Monday 21st November 2016
quotequote all
yellowtang said:
She could only have only used any of her allowance if her estate was over the tax free threshold (currently £325k but possibly less when she died) and she left some of her estate to people other than her husband (because he could inherit any amount from his wife tax free).
Yup. I know you can inherit from your spouse any amount without IHT being in question. What I didn't appreciate was that you also then get their allowance on top of yours.

yellowtang

1,772 posts

137 months

Monday 21st November 2016
quotequote all
From next year you will also get another tax free allowance on property value in addition to the £325k. I can't remember the details though!

Four Litre

2,013 posts

191 months

Monday 21st November 2016
quotequote all
Hoofy said:
kwaka jack said:
Hoofy said:
hehe

I didn't know joint Facebook accounts were common!
I see quite a few. A hand full of my partners friends have joint accounts. Bit pathetic really.
Cringey!
First time I've heard of them, kind of pathetic and strange. Im sure its a woman's way of trying to show off and also ensure she has control over his communication.

And OP, she's clearly wearing the trousers as you already know. I predict this will end in either of two ways.
1 - He becomes a distant memory and lives the rest of his life as a second rate citizen, being dressed like a 5 year old and being told what he likes and doesn't like. (I swear some guys actually like this).

2. He becomes a distant memory and lives the rest of his life as a second rate citizen, being dressed like a 5 year old and being told what he likes and doesn't like. Eventually when she has no respect for him whatsoever, she finds a replacement new model who 'gives it to her up the wrong-un' and she rinses your bro for all hes worth (and a bit more).

Either way, he needs some advise and maybe some starch in the trouser department before its too late.

Cogcog

Original Poster:

11,800 posts

234 months

Monday 21st November 2016
quotequote all
mjb1 said:
That suggests FiL owns a 50% stake in your (£600k) house, and that BiL will inherit his %age share of that in addition to the £125k he's already been advanced. You need to be very careful here, what does the title deed for the property say the share is - is it as simple as a fixed 50%, or is there a deed of trust that covers FiL's share reducing if he withdraws equity (e.g. from your offset mortgage) and advances it to BiL?

If the property title deed says fixed 50%, then maybe it's covered in FiL's will instead? Or is the will a simple, fixed split between siblings (e.g. 50/50)?

If nether document covers the cash advances then BiL legally could be having his cake and eating it - he takes as much money now from FiL (technically a gift), then when FiL passes, he's still entitled to 50% of FiL's estate, which includes half of the 50% share of your house, so BiL gets 1/4 of your house as well.

Make sure FiL's will is done properly and is absolutely water tight. So often you hear stories of contested and invalid wills.
The plan is the FiL will change his will to leave it all to my wife. We will then give BiL the remainsder of his cash if and when we think he needs it (post any divorce) or when we can see the relationship has . FiL is quite well at 82 but we are conscious that if he needed residential care the money he has given away may be re-examined by the council, but our plan would be to have him with us unless massive nursing care was required.

pork911

7,087 posts

182 months

Monday 21st November 2016
quotequote all
What colour will the dog collar be that he will have to wear while jumping through the hoops you pick for him?

ex1

2,729 posts

235 months

Monday 21st November 2016
quotequote all
Cogcog said:
Yesterday he posted on facebook that they were having lunch in a pub less than a amile away (nice picture of his pudding)

I am in four minds;

1) he has a new, happy and busy life and can't fit it all in
2) she is cutting us off from him and others (possibly insecure?)
3) he has become a knob overnight
4) I need to take a chill pill and be more supportive

Which is it?
Based on the above number 3.

yellowtang

1,772 posts

137 months

Monday 21st November 2016
quotequote all
Cogcog said:
The plan is the FiL will change his will to leave it all to my wife. We will then give BiL the remainsder of his cash if and when we think he needs it (post any divorce) or when we can see the relationship has . FiL is quite well at 82 but we are conscious that if he needed residential care the money he has given away may be re-examined by the council, but our plan would be to have him with us unless massive nursing care was required.
Changing his will in order to prevent your BIL having the remaining inheritance unless your wife decides he is worthy of it sounds like an absolute recipe for disaster!

In respect of your father inlaw's potential future care needs - you sound a bit naive to be honest. The chances of him needing home or residential nursing care at some point are very high. If it does come to that - will be bonkers expensive, eat through his money in no time, leave you potentially having to buy your FIL out of your house and leave you having to answer some difficult questions about the money gifted to your BIL. I've been through this with my father, we looked after him for 10 years in our home, the last 2 of which were absolute hell, damaged my health, nearly cost me my marriage and lost me some good friends.

I suggest you get some professional advice.

konark

1,088 posts

118 months

Monday 21st November 2016
quotequote all
Eat, shop. rinse repeat.

Cogcog

Original Poster:

11,800 posts

234 months

Tuesday 22nd November 2016
quotequote all
yellowtang said:
Changing his will in order to prevent your BIL having the remaining inheritance unless your wife decides he is worthy of it sounds like an absolute recipe for disaster!

In respect of your father inlaw's potential future care needs - you sound a bit naive to be honest. The chances of him needing home or residential nursing care at some point are very high. If it does come to that - will be bonkers expensive, eat through his money in no time, leave you potentially having to buy your FIL out of your house and leave you having to answer some difficult questions about the money gifted to your BIL. I've been through this with my father, we looked after him for 10 years in our home, the last 2 of which were absolute hell, damaged my health, nearly cost me my marriage and lost me some good friends.

I suggest you get some professional advice.
We tried getting professional advice and FiL ignored it.

pork911

7,087 posts

182 months

Tuesday 22nd November 2016
quotequote all
Maybe he is trying to ignore you and your plans for his money.

yellowtang

1,772 posts

137 months

Tuesday 22nd November 2016
quotequote all
Cogcog said:
We tried getting professional advice and FiL ignored it.
Well I genuinely hope it all works out for you.

Believe me, having to clean up your elderly father who has managed to cover himself in st and trail it half way round the house is no fun, particularly when it's the third time that week it's happened!

Be forced to leave your partner to deal with the above and a new born baby, because you have to rush off to a meeting at work is not nice either.......

Honestly - have a proper discussion about this with your wife, then together with your FIL.

SirSamuelBuca

1,353 posts

156 months

Tuesday 22nd November 2016
quotequote all
hes done for lol tell him he needs to GROW A PAIR

AndStilliRise

2,295 posts

115 months

Tuesday 22nd November 2016
quotequote all
2.


Cogcog

Original Poster:

11,800 posts

234 months

Saturday 26th November 2016
quotequote all
Just had an email saying his email is being closed in favour of a joint email address! FFS.

anonymous-user

53 months

Saturday 26th November 2016
quotequote all
Cogcog said:
Just had an email saying his email is being closed in favour of a joint email address! FFS.
laugh
Tell him to grow a pair. She seems to be controlling and manipulative. Best get out whilst he can.

grumbledoak

31,499 posts

232 months

Saturday 26th November 2016
quotequote all
AVV EM said:
Best get out whilst he can.
There is a kid involved. Getting out will cost him everything.

The only hope of a happy ending now is that he does get the family he missed out on by wasting his time with the last one, and even then it will be "one for the price of three".