#1
So my grandmother wants to give me an amount of money. The reason is she and myself arent getting on with my parents (for various reasons), and she thinks if she dies i wont get much since it all goes to my parents. Firstly should i take it and secondly will i be taxed on it? Its about 20 grand.

(no im not giving it to any of you n00bs)
Last edited by DegaMeth at Feb 2, 2009,
#2
I believe there is an inheritance tax on a certain amount, not sure what that amount is :S

I would look it up for you but i'm at work

Google "inheritance tax" and have a read, just make sure it's a reputable website...
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#3
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#4
If it's in her will, duly signed and witnessed and in the correct format, then you'll get the 20 grand minus tax. No idea what your rate is.
#5
Inheritance Tax is only owed if the value of the deceased’s estate - or a transfer in connection with a trust - exceeds the Inheritance Tax threshold (£312,000 in 2008-09). The executor or personal representative usually pays the tax from the deceased’s estate. The trustees usually pay the tax on trust assets.



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#6
Quote by webbtje
If it's in her will, duly signed and witnessed and in the correct format, then you'll get the 20 grand minus tax. No idea what your rate is.


as i said its not in her will she wants to give me it now to avoid disputes when she dies.
#7
Quote by DegaMeth
as i said its not in her will she wants to give me it now to avoid disputes when she dies.


Well then what's the problem?

By the way, if it's in a will and she was sound of mind, disputes are irrelevant. Whatever she says, happens.
#8
Quote by DegaMeth
[...] and she thinks if she dies i wont get much since it all goes to my parents [...]
That depends entirely on what's stated in her will.
If she has a will, that is. If she don't, then the inheritance is usually divided evenly between the direct closest relatives.
I would ask her to write a will if she doesn't have one, as this will give her more control as to who gets what.
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#9
She WANTS to give it to you. Take it bastard before its too late! She wants you to love her more before she exits the Earth. Its a dual agreement, really.
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#11
Ask her to write you a check for it now
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#12
if she gives it to you now there shouldn't be any problems. You'll have to look up the tax laws for your country, but I know in the US you would have to pay taxes on an amount that large.
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#14
If she gives it to you as a gift, before she pops her clogs, I'm pretty sure you don't get taxed on it.
#15
If you're in the UK, there is an amount you can give as a 'gift' before you get taxed on it - its used to avoid inheritance tax - but I think its only about 5K a year.

If you're not earning its probably worth doing some digging, as you can probably get more before paying any sort of tax on it in that case.

It might be better for her to do it in a couple of lump sums, or set up a trust fund or something in your name....

But if she wants to give it to you, yes you should let her. And if she gives it to you before she dies at least she gets to enjoy giving it to you - just don't waste it while she is alive!
#17
Quote by zhilla
or set up a trust fund


This is a pretty good idea.

Then you can use the trust fund to found a big corporation as a front to create a suit and car and what not for your knight time (see what I did there?) superhero antics
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#19
Quote by cagnius
It could be liable to capital gains tax, if in the UK.

Good point that. Whoops.
#20
There should be tax on inheritance. Don't know what it's like for non-Canadians though.
#23
TS said she's giving it to him BEFORE she dies, so there shouldn't be any sort of tax. And ya, take it. Your parents are well off enough (I presume).
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#24
I know how you could get 10k without being taxed

5k as a gift (any more is subject to tax)
5k as self employed wages. Simply get her to pay you 5k for washing the dishes or something
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#25
I can't remember the exact figures, but in the UK, inheritance tax kicks in at just over £300k. Also, if you get given the money as a gift you won't be taxed, as long as she doesn't die within the next (I think) 7 years. Might be less than that.

You would get more information if you told people the country you live in, as taxes differ between countries.

Edit; Oh I see, you are in Scotland. Might want to put that in your first post.
Also, why not just ask authorities? I'm sure there is some government department you could call up. Or, ask an accountant.
Last edited by lukephillips000 at Feb 2, 2009,
#26
Quote by wiggy1988
I know how you could get 10k without being taxed

5k as a gift (any more is subject to tax)
5k as self employed wages. Simply get her to pay you 5k for washing the dishes or something


Or 5k for an exclusive incest-striptease
#27
Quote by Nilpferdkoenig
Or 5k for an exclusive incest-striptease


bow chika bow bow
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#28
Are you underage? If not, then she can edit her will no problem. If you ARE underage, she'll have to include a special clause that states that YOU are the recipient of the twenty thousand, and no-one else, or else it may be misconstrued after her death. Or, you always have the option of her signing the money off to a trustworthy person until you reach the proper age to receive it. Not sure about taxes, though.

If you want to get everything done BEFORE she dies, then all you need to do is have her "buy" something small from you... some trading cards, or clothes, perhaps. Write up a receipt for it, and she gives you the twenty thousand for that small item, that way no legal BS can get in your way. I'm pretty sure if she gives you the money before her death, there might be some issues with that, but I'm not positive. If you do it this way, at least you can get away with it, lol.


Now, that'll be two thousand dollars for the legal advice, sir. I expect the check in my mailbox by the morrow.
#29
Quote by Noyon999
I believe there is an inheritance tax on a certain amount, not sure what that amount is :S

I would look it up for you but i'm at work

Google "inheritance tax" and have a read, just make sure it's a reputable website...


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#30
I thought this would be about Eragon.
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#31
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#32
Quote by Nilpferdkoenig
Or 5k for an exclusive incest-striptease

That's actually subject to VAT (that's the actual truth).

Quote by supersaianGohan
Are you underage? If not, then she can edit her will no problem. If you ARE underage, she'll have to include a special clause that states that YOU are the recipient of the twenty thousand, and no-one else, or else it may be misconstrued after her death. Or, you always have the option of her signing the money off to a trustworthy person until you reach the proper age to receive it. Not sure about taxes, though.

If you want to get everything done BEFORE she dies, then all you need to do is have her "buy" something small from you... some trading cards, or clothes, perhaps. Write up a receipt for it, and she gives you the twenty thousand for that small item, that way no legal BS can get in your way. I'm pretty sure if she gives you the money before her death, there might be some issues with that, but I'm not positive. If you do it this way, at least you can get away with it, lol.


Now, that'll be two thousand dollars for the legal advice, sir. I expect the check in my mailbox by the morrow.


And you can expect to pay more than that for negligent legal advice
Last edited by cagnius at Feb 2, 2009,
#33
Quote by Nilpferdkoenig
Or 5k for an exclusive incest-striptease



i tried it on she isnt interested
#34
depends on what country you live in. Some countries have inheritance tax, some don't.

jesus...laws aren't universal on this kind of thing.
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#35
Quote by DegaMeth
as i said its not in her will she wants to give me it now to avoid disputes when she dies.


Give it to you now? That's fine, that's just a really, really generous present then. No tax there. Get out her chequebook.
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#36
Quote by freddaahh
Give it to you now? That's fine, that's just a really, really generous present then. No tax there. Get out her chequebook.


Yes there is. Capital Gains Tax.