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Today I have mainly been v2

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Exercise class with CSG this morning.

Spent the afternoon helping Mrs Seagull in the garden then sorting out some paperwork.

Swimming this evening with the other CSG.

No afternoon nap today so , hopefully, I will sleep well tonight (I don't usually).
 
Close-family zoom call this eve talking about ... planning for what may yet come: the place and general nature and status of Wills, Living Wills, Enduring powers of Attorney, preferred forms of funeral - some really serious stuff.

Initiated by my parents long in advance of envisaging needing such things... but to get it out there, and unpack, and have a chance to review, reconcile, have in place in due time, in the round, between us all, myself, my sister, our dependents: so that that we all know, and each are in place and empowered to enact ( ..very hopefully, years away)

Sounds grim but actually it is not - it is great if mutually-unsurprising clarity!

I am so lucky in having such loving honesty in my corner. I always have been.
 
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canonman said:
A friend of mine has been a piano teacher for 24 years and was impressed with your exam pass at that level. She said it's bloody hard!
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Thank you - to think you mentioned it to your friend is very humbling. I'm not sure what you remember, but I passed Grade 8 August last year. Your friend will know of the ARSM Diploma I'm working towards next.

It is very hard. I started in effect from scratch in March 2007, aged 41. I love it. It keeps my brain active and the learning continues.
 
martin clark said:
Close-family zoom call this eve talking about ... planning for what may yet come: the place and general nature and status of Wills, Living Wills, Enduring powers of Attorney, preferred forms of funeral - some really serious stuff.

Initiated by my parents long, very long, in advance of envisaging needing such things... but to get it out there, and unpack, and have a chance to review, reconcile, have in place in due time, in the round, between us all, myself, my sister, our dependents: so that that we all know, and each are in a place and empowered to enact ( ..very hopefully, long years away)

Sounds grim but actually it is not - it is great if mutually-unsurprising clarity!

I am so lucky in having such loving honesty in my corner. I always have been.
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Prompted by impending retirements for both me and the wife in the 12 - 24 months - we have been through all the making Wills, powers of attorney etc for us both and the kids as well. We were prompted and alarmed by realising that if any of our young ladies were in road accident (for instance),we, as parents would no longer have any right of audience with the medics or anyone else. Given that all three girls are all living on their own scattered around the country, that was a worrying thought.

But doing 5 people with all the LPOA for capacity and medical and the Wills and stuff has added up to fair bit of cost...

We had tried writing our own wills with an online 'kit' (from Which? magazine) but soon ran into sand as we were making them far too complicated. A proper professional soon sorted that and assisted greatly in some inheritance planning. Thing is Gov has kept some inheritance property bands static for years and now loads of 'ordinary' people drop into financial areas that need serious attention.
 
A very very strange dream last night, which seemed so real that, in an almost-but-not-quite bit of lucid dreaming, I imagined, within the dream, 'pouring' myself back into my bed just to get out of the dream. (Which wasn't a particularly bad dream, but was too realistic for comfort).
 
Andrew C! said:
Thank you - to think you mentioned it to your friend is very humbling. I'm not sure what you remember, but I passed Grade 8 August last year. Your friend will know of the ARSM Diploma I'm working towards next.

It is very hard. I started in effect from scratch in March 2007, aged 41. I love it. It keeps my brain active and the learning continues.
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Thanks. I did tell her what you passed and were now studying for. She knows it well.
She mainly teaches youngsters from well heeled families in Surrey but 2 years ago started additional on line tutoring and has pupils in Scotland, USA and other far flung places. Extremely successful and never advertises.
 
JensenHealey said:
Prompted by impending retirements for both me and the wife in the 12 - 24 months - we have been through all the making Wills, powers of attorney etc for us both and the kids as well. We were prompted and alarmed by realising that if any of our young ladies were in road accident (for instance),we, as parents would no longer have any right of audience with the medics or anyone else. Given that all three girls are all living on their own scattered around the country, that was a worrying thought.

But doing 5 people with all the LPOA for capacity and medical and the Wills and stuff has added up to fair bit of cost...

We had tried writing our own wills with an online 'kit' (from Which? magazine) but soon ran into sand as we were making them far too complicated. A proper professional soon sorted that and assisted greatly in some inheritance planning. Thing is Gov has kept some inheritance property bands static for years and now loads of 'ordinary' people drop into financial areas that need serious attention.
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I think most people would be happy to inherit a share of a million quid tax free without shouting unfair.
 
But inheritance tax avoidance on that scale is not automatic - you have to have things set up in a certain way to make it happen.
 
Maybe... from an IHT perspective alone - fine. We used to think that leaving your part of the house to your survivor is enough to ensure that it gets eventually passed on to kids/ grandkids. But that is not assured at all by that simple means.

Consider what could happen if a surviving partner were to re-marry. Or a new partner 'buys into' the family home. Sideways Disinheritance is a real thing and in such cases what often happens is that the a new surviving partner leaves everything to their kids and yours get nowt. I have seen it happen myself both ways.

My old secretary PA, after a long period of being divorced - met a chap. He moved in. After a while 'for fairness' he agreed he should buy half the house. So he did. She later died. He lived on for another 4 or 5 years and left the house and the rest of his estate to his kids. Her kids got nowt except her wedding ring. I'll bet she and her ex were not expecting that.

Friends of ours - her mother lived in S Africa and recently died. She was the surviving partner of a second marriage and as such owned the house they had lived in. She left it to her kids (who had not expected any inheritance) and the mothers deceased husbands kids got nowt. Bet he was not expecting that either.

My next door neighbour has a new man friend - fiancee now and has moved in full time. He told me the other day, over the fence, that he is buying half the house from her later this year. Her three kids are in some danger from an inheritance point of view - unless she outlives him - which statistically she may well do as they are of the same age.

It happens all the time - but you can take steps to prevent it, with the right advice and correctly set up wills.
 
Or just stay married. As the song says
You’d better keep her/I think it’s cheaper/Than makin’ whoopee
 
JensenHealey said:
Maybe... from an IHT perspective alone - fine. We used to think that leaving your part of the house to your survivor is enough to ensure that it gets eventually passed on to kids/ grandkids. But that is not assured at all by that simple means.

Consider what could happen if a surviving partner were to re-marry. Or a new partner 'buys into' the family home. Sideways Disinheritance is a real thing and in such cases what often happens is that the a new surviving partner leaves everything to their kids and yours get nowt. I have seen it happen myself both ways.

My old secretary PA, after a long period of being divorced - met a chap. He moved in. After a while 'for fairness' he agreed he should buy half the house. So he did. She later died. He lived on for another 4 or 5 years and left the house and the rest of his estate to his kids. Her kids got nowt except her wedding ring. I'll bet she and her ex were not expecting that.

Friends of ours - her mother lived in S Africa and recently died. She was the surviving partner of a second marriage and as such owned the house they had lived in. She left it to her kids (who had not expected any inheritance) and the mothers deceased husbands kids got nowt. Bet he was not expecting that either.

My next door neighbour has a new man friend - fiancee now and has moved in full time. He told me the other day, over the fence, that he is buying half the house from her later this year. Her three kids are in some danger from an inheritance point of view - unless she outlives him - which statistically she may well do as they are of the same age.

It happens all the time - but you can take steps to prevent it, with the right advice and correctly set up wills.
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We’ll just stick together.
In our 70s now.

And of course you have now deviated from your original point about thresholds.
Also any remarriage invalidates any wills in existence.
 
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JensenHealey said:
Maybe... from an IHT perspective alone
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IHT is one aspect, care home fees quite another. If you are hoping that the local council will chip in, then you basically need less than £23K assets before they start paying a contribution. Otherwise you're paying the lot until you get down to £23K (then they can make a charge against the property if you are a single owner e.g. spouse already passed). So gifting away all your savings and house well before you die may be beneficial too (this certainly not advice! But worth bearing in mind).
Nice house and some savings to pass on...and 10 years in a care home...will not leave much to worry about for IHT!
 
Awake at 0300 for the 2nd day - a legacy of the steroid element of Thursday’s chemo apparently. Mercifully, I don’t feel tired (or ill) but it’s a PITA being quiet and unobtrusive while Jo sleeps on.
Oh, and Hi/good evening to North American fishies.
 
JensenHealey said:
Maybe... from an IHT perspective alone - fine. We used to think that leaving your part of the house to your survivor is enough to ensure that it gets eventually passed on to kids/ grandkids. But that is not assured at all by that simple means.

Consider what could happen if a surviving partner were to re-marry. Or a new partner 'buys into' the family home. Sideways Disinheritance is a real thing and in such cases what often happens is that the a new surviving partner leaves everything to their kids and yours get nowt. I have seen it happen myself both ways.

My old secretary PA, after a long period of being divorced - met a chap. He moved in. After a while 'for fairness' he agreed he should buy half the house. So he did. She later died. He lived on for another 4 or 5 years and left the house and the rest of his estate to his kids. Her kids got nowt except her wedding ring. I'll bet she and her ex were not expecting that.

Friends of ours - her mother lived in S Africa and recently died. She was the surviving partner of a second marriage and as such owned the house they had lived in. She left it to her kids (who had not expected any inheritance) and the mothers deceased husbands kids got nowt. Bet he was not expecting that either.

My next door neighbour has a new man friend - fiancee now and has moved in full time. He told me the other day, over the fence, that he is buying half the house from her later this year. Her three kids are in some danger from an inheritance point of view - unless she outlives him - which statistically she may well do as they are of the same age.

It happens all the time - but you can take steps to prevent it, with the right advice and correctly set up wills.
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In Scotland, children of the deceased are automatically entitled to a share of the estate even if the deceased parent left the entire estate to the surviving spouse.

https://www.turcanconnell.com/legal/wills-estate-planning-and-succession/legal-rights-in-scotland/
 
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