Transfer Money Inherited from Husband to Separated Wife

[ganlyb]

Hello,

Can anyone help me?
Background:
My Parents Separated amicably over 30 years ago.
They both live in Ireland and I live in England.
My father has inherited some money and wants to give 20,000 euros to my mother. He is happy to give it straight to her or for me to administer it to her. My mother lives on a state pension and has very little money. She also has a medical card and her health is below average.

Question:
1) Can I put the money into a trust to ensure she gets the money as required without being able to waste it.
Is this the best way to do this, where do you go to to set up a trust.

2) How do I minimise any admin or tax charges on this fund. Solicitors and taxmen have already taken large slices of the money over its lifetime

3) If the money is held in a trust, what are the best options to invest it.

any advice welcome.

 

[MOB]

money for mother

1. Is your mother's pension non contributory(i.e. means tested ) or contributory? If it is non contrib., the money might have the adverse consequence of reducing her state pension.

2. Are you worried that your mother might not be able to manage the money/might blow it? The sum involved is barely large enough to justify the cost of a formal trust, but you might just take the money and disburse it to her as and when needed, if your father is happy with this arrangement. In such a scenario, you would be liable for tax on the income arising on the money - but this will not be substantial anyway.

 

[ganlyb]

Re: money for mother

Mob, thanks for reply, good advice

State Pension, is means tested as is medical card.

I definitely think she would blow the money and it should be given to her as required, e.g. She could do with a stair lift now.