Ask a Law Question, Get an Answer ASAP!
the children are 30 and 34
The children are 30 and sorry 36 not 34
Thanks. As long as children are over 18 that is fine. He is doing a deed of variation. Nothing wrong or unusual in that. It means he drops out of the equation and the children take in substitution. The executors/trustees cannot stop that unless there is a provision in the will (which I have never come across) which prevents it.
Can I help further?
Please bear with me today because I will beonline and off-line
Please dont forget to positively rate myanswer service (even if it was not what you wanted to hear) and I will followup any further points you raise for free. If you don't rate it positively, thenthe site keep your deposit and I get 0 for my time. If in ratings you feel thatyou expected more or it only helped a little, please ask me for further infobefore rating me negatively otherwise I don't get paid at all for my time andanswer. The thread remains open. Thanks
Thank you for your reply. The only other thing is if they wanted to give me or their father a gift from their money would this be acceptable and no question of fraud
If the children give a gift to my husband from this money can it be construed as fraud and the tax implications for the children
Can you tell me if the children give any money to my husband can this be mistreud as fraud and also the tax implications for our children
I assume that this has nothing to do with avoiding care fees because if it did you would have mentioned it.
Once the children own something they can give it to who they like including their father.
If you explain concern I can clarify
There is no income tax or CGT but IHT may be payable depending on the value of their estate when they die and when it was given