ukdobby Posted July 24, 2014 Share Posted July 24, 2014 To my kids,have read how a lot of money given to charities doesn't get to where it should go. Link to comment Share on other sites More sharing options...
barleycorn Posted July 24, 2014 Share Posted July 24, 2014 Some people would say that concentrating wealth in the hands of the few is a bad thing... something I only really agree with if it applies to everyone else other than me (and my family, not that we're rich anyway) . jb Link to comment Share on other sites More sharing options...
biotechpete Posted July 24, 2014 Share Posted July 24, 2014 I suppose no inheritance tax is paid if all your assets are donated to charity. I wonder how many of these celbs kids are directors and/or employess of charities. Link to comment Share on other sites More sharing options...
Cyclone Posted July 24, 2014 Share Posted July 24, 2014 I suppose no inheritance tax is paid if all your assets are donated to charity. I wonder how many of these celbs kids are directors and/or employess of charities. It's hardly an easy way to avoid IHT, the directors can't just siphon off the money from the charity without committing fraud. Much easier if there intent were to avoid IHT to use an offshore trust or leave the country entirely. Link to comment Share on other sites More sharing options...
tzijlstra Posted July 24, 2014 Share Posted July 24, 2014 We are a childless household and staying that way, my brothers have no children (as of yet), my wife has a nephew and a couple of nieces. I really don't know what we will do. We have a will that ensures we inherit everything on the death of the other, but, if I was to die after my wife I wouldn't know what to do frankly. I am not keen on leaving it to relatively distant family as I have about 70 direct cousins and a hell of a lot more beyond that. What I might do is set up a trust fund for a PhD into a topic of my choosing, probably social sciences, education or linguistics that will provide an annual income for a PhD for as long as the money is available, alternatively it might be used by family members of both me and my wife to send their kids through university. I know both me and my wife would want that if there was no obvious candidate for a direct inheritance. Link to comment Share on other sites More sharing options...
melthebell Posted July 24, 2014 Share Posted July 24, 2014 what money? Oo Link to comment Share on other sites More sharing options...
rossyrooney Posted July 24, 2014 Share Posted July 24, 2014 Of course, who better to leave it to? Link to comment Share on other sites More sharing options...
barleycorn Posted July 24, 2014 Share Posted July 24, 2014 Of course, who better to leave it to? Me, everybody should leave their money, and assets, to me. I promise to have a good time spending it. jb Link to comment Share on other sites More sharing options...
francypants Posted July 24, 2014 Share Posted July 24, 2014 My mom recently passed away. When my sister and I were emptying her flat, various charities and hospices were offered many items ( all of which were in very good condition and some things virtually new ) We were surprised how picky they all were .......... quite disgusted with some as they didn't seem bothered...... too much trouble !!!! So no I for one will not ever leave anything to charity. Link to comment Share on other sites More sharing options...
Agent Orange Posted July 24, 2014 Share Posted July 24, 2014 An interesting article came up on the wireless earlier on in the week about so called "celebrities" who have announced that they will not be leaving their fortunes to their children, instead some charity or other will benefit. The dashing Simon Cowell, the ageing talentless pop singer, Sting, the hippy chick that founded Body Shop (her name escapes me, but I do recall that she is worth £50 million), and a few others, have all made the announcement that not a penny will go to their children. Can they really be this mean, or are they merely trying to get a reaction - attention seeking, if you like? I am nowhere near the league of these people with their massive fortunes, call me old fashioned, but I will certainly be looking after my children rather than some fat cat CEO of a charity. My comparatively poor legacy of a couple of £100k per child, will hopefully give my children a good start in life, enough for them to find a decent place to live and set up a business so that they may be self sufficient, and not a drain on society. Incidentally, I also regularly donate to several worthy charities, but will not be leaving them anything in my will. Surely these mega rich folk could do the same for their children without spoiling them rotten - what do you think? Surely, it's their money, it's their choice - just as it's your choice to give your children money. I suspect by the time most people die, if fortunate to live to old age, their children will have already made something of an indepent life and chances are, unless they've failed, they probably do not need funds for a good start or to purchase a house. Having said that, I would never see any of my family suffer, but that does not mean I would give them a free and easy life. Link to comment Share on other sites More sharing options...
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