Money from parents

Similar happened to me when I was on the dole. Grandparents offered £1000 to help tide time over. I rejected it on the same principle as the OP (being self sufficient), but they insisted and I took it. It worked out in the end as it took me a good few months to find employment again.

My advice is speak to your Dad. He is your Dad right and he raised you, loves you and you want him to be happy right.

Respect his new relationship, why should he not have companionship and no one is ever going to replace you and your mother, but we all want to be happy.

Go see a solicitor together, your father needs a will.

And see an accountant, for example you use the banks money to buy cars and houses - so using a proportion as a sum as a deposit, some to buy things and saving for your future and for looking after your Dad as he gets older are all important.

You need to look after him as he becomes older and vulnerable just as he looked after you and kept you safe when you were a tiddler.

He is your Dad you can speak to him about anything. Try it.

bobbyspangles said:

Take it. The new family almost certainly will screw you otherwise.

My Uncle did the dirty when our Nan died. He convinced her to sell him her £250,000 house for £20k in a death bed will, which was then split between his 5 siblings.

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This. His new 'family' are not yours. You won't believe how callous and conniving people can get when there's money involved.

If they are not married, would she be entitled to anything?

PS take it!

He wants to help you, swallow your pride, be grateful and give him the pleasure of seeing his gift to you being used.
It's not heartless to take it especially if he's offered several times.

Another vote for take it. Sounds like your dad is trying to do what my parents have done for my brother and I. They've effectively given us our inheritance in advance to help us with houses as they can see us getting the benefit out of their generosity whilst still here.

worked my self hard to save for my deposit including selling my car and walking most places untill i was given a works van, and spending 2 years with no holidays and rare nights out and working 7 days a week, I was also renting at the time and was on my own so double hard!

Would have bit someones arm off to help me out, as someone above has said you dont know how lucky you are to be offered!

Quartz said:

Absolutely you should take it now. If your father survives 7 years the gift will be free of inheritance tax.

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This. He is probably already considering this situation.

He sounds sincere so I would take it and ensure that you make the most of the time you have with him. Wish I'd had my dad around long enough to have this kind of conversation.

Definitely take the help offered. It appears sincere and as long as it's going towards a worthwhile cause such as a deposit for house i think it's fine. My wife and have both had help with money towards houses from both our parents and it helps so much.

Take it and dont even think about it for a second. This is how the game is played. No morals just take it.

If he's given £350,000 today, spends it all on a house tomorrow, then his dad dies the next day. You're supposed to declare it and cough up 40% of the £350,000 (£140,000) ?? How is that fair exactly

tang0 said:

If he's given £350,000 today, spends it all on a house tomorrow, then his dad dies the next day. You're supposed to declare it and cough up 40% of the £350,000 (£140,000) ?? How is that fair exactly

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Welcome to the world of taxes.

captain dilbert said:

Had an offer from my father who is still in good health to give me a significant financial contribution towards a home - the money is my inheritance.

I've declined his offer several times as I want to be responsible for my own financial success and buy my own home. Sadly my mother died some years ago and my father is unmarried but in a relationship - the thought has crossed my mind that the woman and her family may become a threat to my inheritance in the future so I have to question the offer.

What would others do in this scenario? I wondered also how much other peoples parents have helped them financially.

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Tell me the logic of refusing his offer? Answer: there is none other than misplaced pride.

People should do anything within reason to avoid inheritance tax.

OP, take it.

As already stated, if your father is still alive after 7 years it'll be free of inheritance tax.

Also, if you take it now rather than after when he passes, he'll be able to see and appreciate the difference he's made to your life from the gift.

Personally I'd take the offer and invest straight away. I can imagine there's nothing Captain Dilbert Snr wants more than to see his son financially stable with bricks and mortar to his name. Investing the money in property would be giving him a sense of accomplishment.

My wife and I never had any financial help when buying our property but that was merely down to the fact that we saved hard to be able to do it on our own. Both sets of parents however felt they had to put some money towards our wedding which certainly helped ease the cost enabling us to come out the other side debt free

My inlaws did an equity release mortgage on there house to give us 40K for a deposit. They wanted to give my wife her inheritance when she needed it. I was very reluctant to take it.

I'm the second husband - they made the same offer to the first husband which he refused which upset them so we took the money and got a house we are very happy in.

tang0 said:

If he's given £350,000 today, spends it all on a house tomorrow, then his dad dies the next day. You're supposed to declare it and cough up 40% of the £350,000 (£140,000) ?? How is that fair exactly

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You would only be paying 40% of £25000, as you only pay tax on money above the threshold level, not on the entire amount.

Yeah take it.

Take it, she might be a unicorn and not want his money but that's very unlikely.

Take and it and put it in the bank. It's there IF you need help with buying a house