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It is a shame but it also lends weight to the old clichΓ© you can't escape death and taxes.  She really should have hired an accountant to deal with her taxes as this seems to be biggest debt she had.  I also find it strange that her mortgage hadn't been paid for a good few months.

 

In monetary terms she didn't leave them all that much and in a depressed housing market, the three houses she did leave them could either devalue or increase in profit.  Those are assets that are probably best left until the children are adults but if there are mortgages on them then mebbe not!!  She did put a lot of work into giving them money but all of it seems a little bit like it was too little far too late 

FM

Jade was desperate to leave plenty of money to ensure her sons would have a better life than she did. It's a shame so much of her earnings have been eaten up by debts, but debts do have to be paid.

There are still 2 or 3 houses which can be sold and the money from those can go into the fund for her boys - and they still have their dad to look after them, so I'm sure they'll be fine.

Yogi19
Originally Posted by longcat:

It says she was 1.8 mill in debt when she died because she hadn't paid her taxes or mortgages for a long time.

Her advisers can't have been very good.

If she had any 'advisers' by the sounds of it she had lots of leeches and hangers.  Finding a good accountant is a must if you've got some money - that's a hell of a lot to have been in debt for and I'm surprised HM Taxes let her get away without paying for 4 years 

FM
Originally Posted by Pengy:
Originally Posted by longcat:

It says she was 1.8 mill in debt when she died because she hadn't paid her taxes or mortgages for a long time.

Her advisers can't have been very good.

If she had any 'advisers' by the sounds of it she had lots of leeches and hangers.  Finding a good accountant is a must if you've got some money - that's a hell of a lot to have been in debt for and I'm surprised HM Taxes let her get away without paying for 4 years 

4 years is a hell of a long time to get away without paying. Β£400k is plenty to give the kids a good education. It's a better start than most people get.

longcat

when I was working and bought my house and also  arranged mortgages for others too you always had to take a life policy out for the mortgage amount ..it was compulsory and was either a reducing one for a repayment mortgage or one for the full amount borrowed on an endowment. .it was security in case of death of the mortgage holder to ensure it was paid off at death.. is that not the case anymore..? 

 

also part of my job  involved bouncing cheques and Direct debits etc the one thing you never bounced was the mortgage life policy payment as well as the payment for buildings insurance too, which was also compulsory when taking out a mortgage.. . .  it's been a long time since I bought a house after selling my last one, or indeed worked, so am out of the loop as far as requirements nowadays.. .  

 

anyway the kids have a good enough pot. .Clifford probably made a load off her in commissions from her earnings. . so all's good..  everybody got a piece of the pie..

Mount Olympus *Olly*

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