what to do with dollars ?!

A friend is due to inherit a large volume of dollars, spread over the in the next few weeks (~£300k or thereabouts worth). He is seeking professional advice, but I am interested to know what people here would do with it.... He is retiring tomorrow (perfect timing!), and has sufficient savings etc and a second income from his wife. As a result, he is not in desperate need to get his hands on the money. However, he is keen to share his new wealth amongst the family (2 daughters). What would you do ? Open a uk based dollar account, keeping most in there and converting some to ££ to share about ? How would you go about converting >£30k of dollars - high street would be a waste of time ?

Comments most welcome.

Reply to
ginger_neil
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He needs to get advice from people who do not make commission out of recommendation, thereby adding a potential source of bias and he needs advice from suitably qualified IHT specialist.

The procedure is relatively simple and has been discussed before. Inheritance tax (IHT) will be the big issue.

See -

Yes, see

A good thing to consider would be ensuring that all younger members of their family have pensions set up. The effect of compounding mean that the longer the investment term, the smaller amount need be invested, the trouble is that most parents/offspring do not have the money at that stage in life. Pensions are not accessible until age 55, after

2010.

The respective tax advantages of pensions vs. ISAs are almost the same, so for any other type of investing, the freedom given by ISAs is better.

Daytona

Reply to
Daytona

Thanks for the tips and links - very useful

Reply to
ginger_neil

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