How can I legally move my money around to stop my Children paying Inheritance Tax?
477281
You need to see an IFA (Independent Financial Adviser.)\n\nThere are ways in which to reduce/ mitigate your liability, but rules around these have changed in the recent budget. If you are looking to sell these properties, you will be left with more liquid assets, and therefore more choice. Certain trusts may be useful, nil rate band planning (if you are married), gifting monies. . . the list is endless.\n\nAn IFA will not normally charge for initial consultation, but will advise you thereafter of your options if they give you advice. (Commission and/ or fees)
984150
Your father has the right -- if you are in England (the rule may be somewhat different in Scotland where forced heirship exists) -- to give or sell his house to anyone to the detriment of one or more of his legal heirs.\n\nBut if he is mentally disabled in any way, for example from incipient Alzheimers, then he may not be competent to transfer title.\n\nYou may want to contact solicitors, or a Citizens Advice Bureau. It will be much easier to restrain your sister from making the transfer in advance than undoing a completed transfer later.\n\nOf course you should also be asking your father what he is doing. Videotape the conversation.\n\nIf, by chance, title to the property is in trust in any way the trust agreement may control what can be done. Consent of the mortgagee bank may be necessary if the mortgage is to be transferred. If you are living in the property, a release would need to be sought from you. There are other factors too -- a solicitor can walk you through them.
746404
Nationwide Building Society has a fantastic Smart account for children. No penalties if you need to draw out of it and it can stay in your name until they are 18. The rates are going up tomorrow to close to 6%. Also there is the government child trust fund but you can only pay in £1200 per year to it if you have the voucher if your child was born after 2002.
253908
It is a sure way to make your heirs lazy and useless.  There is NO right way to do it - you should spend all of your money or give it away.  If you love your children and want them to be prosperous, DON'T GIVE THEM A CENT!  I am not leaving one penny to my heirs; all of my money is going to charity.  They can earn their money the same way I did - by WORKING for it!
51874
I'm in Florida and here the State runs a site for unclaimed money.  I know inheritences are listed there.  Your state may have a similar service.
111503
Some states have a register of wills. Check with your local court house. \n\nSecondly, get an attorney ASAP, if there is no will found. It will need to go through probate, and the sooner you start the quicker you'll get through all the nonsense. Probate would involve all of her unsecured debt being paid off prior to distributing any money to living siblings. All siblings would have to be contacted, and the estated would be divided equauly.
1014096
It depends on where you live . Here in the United States the law states that there are class inheritors , first class being husband wife , second class being children brother sister mother farther , third class being anyone else . You can leave your worldly goods to anyone you choose , but the first and second class inheritors have a right to make a claim against the estate and if they challenge the will in court they can get a portion . There is also the issue of Taxes First Class  inheritors pay no taxes on an eastate valued up to a certain amount , second class inheritors pay no tax on an estate valued up to 300 thousand dollars , third class inheritors and this is where it gets tricky , if you are a third class inheritor cousin nephew or nice you pay taxes but the amount is extremely lower than a non blood relation . If he has a will and leaves everything to his partner he can loose part of the estate to the relatives and he will have to pay heavy taxes on what they don't get , the taxes could be up to 30 % from the first dollar amount . The way to avoid this is to have a living trust and the entire estate is put into the trust and each one of them is on the trust as a trustee and can put in or take out anthing in the trust anytime , when one or the other dies the trust will pass directly to the suvivor . A will is still necessary in order to secure the wishes of the deceased . They can also adopt each other .
836184
I presume you're talking about a retirement account (401K or pension) you've got at an employer or perhaps an IRA at some financial instituion and you want to move it somewhere else.\n\nIn order to not have to pay big-time taxes and potentially penalties, your account monies need to be transferred to where you want them to go in a very strictly regulated way.  You'll need to talk to the financial institution where the money is right now and they should have some forms for you to fill out telling them where it needs to go.  Then, they should completely take it from there and the next thing you know, you shoul dbe receiving a notice from the institution you're moving the money to that they've got it there.\n\nIf on the other hand you choose to have them cut you a check that you hand carry or mail to the new institution, the law considers you have realized capital gains and you owe tax on it, even if you pop it right back into the new institution.\n\nThe law pertaining to this is typical pointless Federal bureaucracy that was intended to cvatch a few cheats.  Don't try to buck the law, have your current institution  handle it.
69610
Yes they can.\n\nWhat I've done is actually open a custodial account (you can do this at www.etrade.com for example). This way you can manage the investment account for them, but it is in their name and more importantly proceeds are taxed at their tax level, which so far for me has been zero.\n\nYes my 2 year old did a tax return !!!!
1110697
Who is handling the transfer of all the other property if there were any such as the home, furnishing, bank accounts and any other savings, stocks or bonds?\n\nIf there is no probate you should call the insurance company that has the annuity  and find out from them when you will be able to receive our funds.\n\nYou might also check and see if the amount you received has any tax consequences, with a trusted tax advisers that your family or you know.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
465193
Lump Sum as you have no idea what the tax laws could change to in the future........  First thing i would do is to set up a 1 million dollar trrust to send ANY child related to me now or in the future to go to collegte only restriction is that they would have to finish thier degree, then they would be debt free failure to do so would require them to pay it back.  second thing give 1.5 million to my brothers and sisters and cousins... here you go pay off your bills buy a new car, house what ever but,,,, this is all there is you can not have anymore .
884835
they are bang out of order, i only have a bank account because the child benefit agency and tax credits lot want to pay into an account!!!\nand as the money is for my kids i wanted to keep it separate from our main account. I don't want to have to pay for my account as it would come to a large sum over a yr as not that much gets paid in to start with
157619
My condolences on the loss of your father.\n\nThe federal government imposes an estate tax, but not an inheritance tax.  If there are other assets and/or other heirs to your father's estate, the executor of the will probably already paid the estate tax out of the total value of the estate, and then is distributing the remainder to the heirs.\n\nIf this is the case, then you won't owe any federal tax on the $25000.  You should check with the executor of the will.\n\nIf the total value of the estate was under $1.5 million, then no federal estate tax is due at all.\n\nSo in most cases, you won't owe any federal tax on the $25000.  However, some states impose an inheritance tax, so you might owe some taxes to your state.
744547
Hi Sundance,\n\nIf they relinquish all legal and equitable interests in the property prior to this eventuality then there is no property to sell.\n\nPerhaps an express trust might be in order?\n\nAssuming your parents are in good health at the moment and this will not happen in the next few years then I cannot see a problem.\n\nEg. If they sold the house and gave you all the money from the sale tomorrow and you spent it the day after then the money is gone, is it not? That asset no longer exists.\n\nHave a talk with a solicitor that specialises in equity and trusts if this is of interest to you.\n\nThe other alternative is to sell the property with the clause that they continue to live in it for the rest of their natural lives. There are companies that do this and your parents live there rent free.\n\nThey can do what they want with the money.\n\nThis is another alternative to ensure the money goes where it is intended.\n\nAgain, speak to a solicitor.\n\nGood luck.
203857
You can not take a deduction for them. If they had a social security number and lived here and you pd 50% of their support you could. You might see if there is a non profit (like a church) org that you could donate to that would help your family. That would be the only way. Bless you for taking care of them!!!
932275
Wow!  You are in for a battle.  Call the child support office first.  If they can't or won't help you, you'll probably have to get an attorney.   If you're really owed the money, don't let them keep it.   It CAN be done.   Good lluck
301727
Easiest way to avoid paying taxes is to make sure you put enough money into 401Ks (or retirement funds) and you donate to charities.  You realise bringing clothes to a donation site for helping of poor people is the same and you can use it as a tax write-off?  Look up a list of tax write-offs.\n\nHope you were looking for a serious answer!  Good luck ;)