SwingsitlikeHogan
Major Champion
Just picking up on this previously discussed topic as I have a related question.
My 91yr old generally fit and well MiL wishes to spend about £6k buying a car for our daughter. Our daughter needs a car for work and needs a replacement for her existing jalopy. My MiL wishes to help our daughter out. inheritance tax considerations will not apply - MiL assets are well within IT limits.
Looking to the future and any potential social care funding assessment she has to undergo, my MiL has asked me the best way of doing this…so for instance - my MiL could buy the car (though she doesn’t drive herself) and gift it to our daughter; she could simply gift our daughter the £6k; there could be others.
Less likely I suppose she could gift us the £6k and we buy the car and gift (or sell for a notional £1 say) it to our daughter, or we gift the £6k gifted to us to our daughter. I don’t know how such is viewed by a council if an assessment is required in the future.
Perhaps worth also noting that she has to date had no reason whatsoever for contacting the council in respect of social care or any other form of support and has not done so. And if it comes to it she is desperately keen to remain in her home if care is required.
Any thoughts I can pass on? If it matters not how she does it then that’s fine.
My 91yr old generally fit and well MiL wishes to spend about £6k buying a car for our daughter. Our daughter needs a car for work and needs a replacement for her existing jalopy. My MiL wishes to help our daughter out. inheritance tax considerations will not apply - MiL assets are well within IT limits.
Looking to the future and any potential social care funding assessment she has to undergo, my MiL has asked me the best way of doing this…so for instance - my MiL could buy the car (though she doesn’t drive herself) and gift it to our daughter; she could simply gift our daughter the £6k; there could be others.
Less likely I suppose she could gift us the £6k and we buy the car and gift (or sell for a notional £1 say) it to our daughter, or we gift the £6k gifted to us to our daughter. I don’t know how such is viewed by a council if an assessment is required in the future.
Perhaps worth also noting that she has to date had no reason whatsoever for contacting the council in respect of social care or any other form of support and has not done so. And if it comes to it she is desperately keen to remain in her home if care is required.
Any thoughts I can pass on? If it matters not how she does it then that’s fine.
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