well after thinking of doing some minor work on my car over winter and adding some new parts and giving it a general good going over my grandad who had a triple heart bypass 2 weeks ago announced today that when he gets out of hospital he is going to give everyone in the family there inheritance as he does not want to hold on to it and die without seeing what everyone has used it for and also is going to treat himself too

im not 100% sure how much exactly but im guessing it may be a fair whack as back in 1992 he got a 3rd share of £1.8 million in compensation for a die that was injected in to his spine for a slip disc crumbled the bottom of his spine leaving him not able to walk very well and he also spent his whole working life working in oil in oman saudi arabia the only people in my family are me my son, sister and my 2 cousins and my grandads 3 daughters so all in all there is only 8 of us to share it with ...

i seriously dont have any idea what to do with it ?

anyway i cant decide weather to keep my s2 and make it 1 hell of a very nice car and get everything i want doing to it or buy an escos monte or lux model

either way which ever i choose will be getting built to my requirements by jacko at blue oval if he has time and space for it and im looking for ideas or suggestions on what to buy or do with the s2 cheers

 

I would rather have my grandad mate and im 39

Steve

 

I wouldnt get TOO excited just yet, he may only give you 500 quid!

 

he is still alive mate he just decided he would rather see everyone get what they want with it rather than give it out when he is gone

 

i would keep the s2 and make that good with your own money.. and put some a side plus your grandad's moeny for a escos, might as well get both lol

 

I think that's really nice and at least he will get to see it He can die a little happier this way if you all use it wisely

 

Don't mean to put a downer on it but be careful of tax issues

Steve

 

Get a cossie!

 

i thought it was a nice idea too

i dont want to have both a s i wouldnt have the room for 2 as we already have 2 cars now

i love escos but i really love my s2 at the mo too many choices

what would be the issues with tax from inheritance ?? i had no idea about that

 

Depending on the size of his estate, if he passes on within 7 years of making the gifts the taxman will want his inheritance tax from the beneficiaries.

If he dies without passing the money on, the taxman gets his cut before the estate is divided.

 

aw right never knew that as when he gets out of hospital he is selling his house and buying a bungalow so dont know what is happening with regards to that

 

good luck

but watch out for greedy members whom always surface when money is about

 

I would buy him a nice holiday.

 

he is going on a cruise round the world he said lol

 

is this just a boasting thread or are you genuinley interested in what people think you should do with it?

 

just dont tell the tax man!

 

And what does it matter if its either.

 

the conservatives will be in before then and it will get raised or even abolished by them.

I actually thought it was 5 years now but am probably wrong.

 

Although the Tories website still says they will raise the threshiold to £1m, they have backtracked and now say it is an "aspiration", rather than a policy or commitment. Politically, I doubt if the Tories will abolish this tax in their early years - A) it would play to too many prejudices, and B) I don't think they can afford it.
http://www.telegraph.co.uk/news/news...en-Clarke.html

For 2009/10 the IHT rate is 40% on any value above £325k, and the survival period is still 7 years.

Read more here:
http://www.direct.gov.uk/en/MoneyTax...usts/DG_179347

 

Thought it was something like they must live for 7 years after the gift or your liable for the tax.

Just don't spend it all and land yourself with a big tax bill if your Grandad does pass away in that time.

Steve

 

How the hell do they justify STEALING 40% of somebodys esate that could be 30 years worth of saving taken Must be ways to evade it??

 

If you get a decent inheritance then DONT spank it on a shitty old escort or sierra!

 

its not boasting at all i was genuinly asking what you guys thought about my thoughts towards a escos or keeping the s2 and making it a minter with big power i have no idea on the amount but im guessing it will be enough for me to sort out some debts pay a good whack of our house and maybe have enough left over to buy an escos monte which ive always wanted but i do love my s2 and would really like to make that really nice maybe a rare colour like magenta something a bit different and big power i just dont know what to do ive got all sorts of ideas floating about in my head part of me says buy an escos if i can find a good 1 but i really dont want to part with my s2 as the shell is solid and has never been welded and is genuine low 72,000 miles with all history from new im only the 4th owner and in that time it has had an engine rebuild still has all original glass and really is a good car for its age i just cant decide other idea is get something jap go that route what would you guys do in my shoes with regards to my ideas i never meant to come accross as boasting as once ive paid off my debt and some off the house i only wanted to leave enough to do 1 of the above anyway so i wouldnt be loaded or anything like that lol

 

id pay off all my debts, its always nice to have some left over, but if you manage to pay your mortgage, that could be 5-600quid a month in your back pocket.

rather than spend it on a old unreliable ford which you could crash and may not get back what you paid for it.

 

thats very true and a good way of looking at it lol

 

i'd pour all the money into anything that eats into my income.
so that's mortgage/credit cards etc.
once all that stuff is out the way you can budget more for lifes luxuaries.

 

Inheritance tax is disgusting another way of penalising the people that have done well in life, so fucking what if they want to save it and pass it on to there kids they have bloody well earnt it its there fucking choice, robbing bastards

Mike

 

Sorry to sound like a miserable bastard, but i think you need to take a breather and listen to yourself.

First of all, you don't even know how much your getting. It could be £50, or £50000. I don't know if i'm the only one, but the way you came across here saying things like "im not 100% sure how much exactly but im guessing it may be a fair whack as back in 1992 he got a 3rd share of £1.8 million" makes you sound like your expecting alot, and that in some ways, you are glad that your Grandad has decided to spunk all his dosh away early.

Like i said mate, i'm not trying to sound harsh. I just think it's silly how your thinking up all these crazy ideas about Escos's and whatnot, when you don't even know if your getting a substantial enough ammount to do such a thing.

Oh, and just to add. If you do end up getting a fairly significant whack of cash, i would spend a chunk of it paying off any debts or mortgages you have first, as you already have a pretty nice motor. Then spend some on a Holiday and/or car and save the rest for a rainy day.

 

i understand what your saying mate i now know my grandad is buying a bungalow outright and putting his house up for sale at an amount so it should sell then everything that is left he is going to take out enough for him to live comfertably on for the rest of his time and everything else is getting shared equally between our family

first thing im going to do is pay off all my debt inc cc bank loan car finance on our clio and obviously i still owe 97,000 odd on my house so i dont think i would have enough to pay that off too in full who knows but what i was going to do is take out some money to put in to an isa or other high interest savings account as a fall back for a rainy day and leave enough to do my car to my liking or buy an escos which i have always wanted either way i will know more when i find out the figure and im going to see my accountant that i use for my taxes with being a self employed plasterer and he has been very good with my finances over the last 7 years i have used him and make sure i dont fuck anything up all i wanted to know from this thread is would you lot keep the car i have now to make it to what i would like or buy the escos that ive always wanted since my first sighting of 1 thats all

 

On the topic of the car, then providing you have enough to do it, i would buy an Escos if that's what you want. The Escos isn't my cuppa tea, but if it's what you wan't, then go for it.

No disrespect intended mate, but no matter what you do to your RST, it will still just be a FWD Escort. A 4wd Escos will be in a totally different league, not to mention the fact they look much nicer and will hold there residuals well. Infact, now would probably be the best time to buy one, as it looks as if there going up again.

 

If you haven't already invest in bricks and mortar

 

If I was you sell the S2 can not stand them, would never own one again.
Buy a 2wd Saph. Escos is a car you should keep as a dream never enjoyed it from my experience.

 

Excellent Advice.

Apologies to Ian, i thought it was 5 years. I still believe tories will raise this and possibly abolish it though.

I agree its ridiculous to steal 40% of an estate that you have built up to pass on to your kids!

Disgusting.