Date: Mon, 15 Sep 2003 11:27:58 +0000 (UTC) From: "eric" <notmenopsamam.com> Subject: giving money to son... complications
Slightly complicated this ... so I guess I'll need a solicitor ... but just wanted to research the options beforehand I want to make a substantial gift to my sons / grandchildren a) son 1 is happily married, in good health and has 2 children ... I could make a cheque out to him for £30k + £10k for each of the grandchildren.. no worries, no tax implications on the gift? b) son 2 is divorced ... has two children by his first marriage (living with the mother)... he is now living with another women with 2 of her children... he is very ill (might be terminal, has just been granted a sick pension)... and is being persuaded by his partner to get married... Now for son2 I'd like to a) give £10k to each of my grandchildren by son2... but don't want their mother to be able to touch it...at least until they are old enough to resist her? what device can I use for this ... some sort of trust that pays out when they get to say 25 years old? b) give £30k to son2 ... but is there anyway to make sure it goes to my children should he die rather than his wife (to be) and her children? Also son2 and his partner have no money sense at all... is there any way to pay the £30k in installements to him rather than a lump sum... without me keeping hold of the money (I want to reduce my assets). thanks for your thoughts... Eric