#386239
Postby Bouleversee » February 12th, 2021, 11:47 pm
I was about to say the same, PD. I wouldn't need to tell them to put any gift in an ISA. They are not entirely without common sense and I know they haven't had enough income this year to fund their ISAs. Also, I don't see what benefit there would be to me since I would have donated both capital and income with no chance of or need for anything to come back to me. Any benefit would be only to them and only if I lived for 7 years which is not very likely and at a reduced level before that, i.e. the longer I live after 2 years, the less IHT there would be to pay on the gift, as I am sure you know.
I agree it would be different if I gave them sufficient money to move to a house which could accommodate me as well and then didn't pay them rent but there is zero chance of that happening unfortunately. Of course, we don't know what horrors are going to descend on us when Rishi decides how to get back some of the billions or is it trillions by now spent since Covid-19 arrived.
If ILSCs have to be included in my estate, as I feared they might, they become even less attractive.
What happened to that suggestion that money could be borrowed out of the ISA for a short time and then put back in again? I don't think it got off the ground, did it? It would be annoying if they had to use all their ISA money to pay IHT until they got probate and were able to access their inheritance. However, I am veering off topic here.
Thanks to both for your contributions.
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