If your estate was well over the IHT threshold and had far more money coming in than going out monthly, due to substantial pensions, and a house owned outright with no expected repairs, would you want to do something about the excess over the IHT (following advice from people like Martin Lewis? ) . This stuff is in the news a lot but then we also need more of people's taxes in the public coffers to pay for failing public services.
Eg For people in their (let's say) 80s , in this situation, the advice is often to spend more on things you enjoy while still healthy - or gifting to charity or to younger family members to help them out - or to a political party etc These are the things advisors suggest or else large chunks will just go to tax anyway, if it just sits there over IHT and the savings keep accumulating every year.
No need to do anything at all of course - after all if carer fees come along then the costs of care might eventually reduce the excess below the IHT threshold - and might even eat up all savings and the house.
Myself I know I would want to put any savings above IHT to good use at the end of my life and can think of charities and people I'd dearly like to help. But someone told me recently that this is not a responsible attitude as everyone should pay their taxes - but the way I see it the taxes have already been paid once while working - !! So many smaller worthwhile charities need support (not thinking of the bigger ones). Interested in your different perspectives.
Good Morning Sunday 28th April 2024
NEVER EVER HAVE I - Game 2 (Alphabetical)