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Through our mutual friend I understand my wife has disclosed to the CMS that I have £40,000 in my account. This money is inheritance from my mother to our two children. What is likely to happen?
hi,
CMS may take 8% of that amount into account and add to your maintenance payments.
see: https://www.dad.info/forum/child-maintenance/inheritance-child-maintenance/
I don't know, but I recommend you join this support group for paying parents:
https://www.facebook.com/groups/239699060076601/?ref=share
If the money was specified in the will as being for the children, then I suggest you open accounts in their name and transfer the money into those. Not so easy if the money was left to you.
I agree with DadMod3. If the money was left for your kids then get it invested in their names ASAP. You can contribute £9k each child to a Junior Stocks & Shares ISA each tax year. I’d select a global index tracker fund.
Doing that will push the value of the asset (bank account) from £40k to £22k immediately and no longer a consideration for CMS as below the £31,250 threshold.
Let receiving parent know what you’re doing and provide them evidence that it’s happened. I would hope your ex is just freaked out that you’re “taking the kids inheritance” so wants to force you to pay it over so the kids don’t lose out? This way you can prove this is not the case.
Then from 6th April 2025 I would have a monthly direct debit set up for each account for £750 into the S&S Junior ISA until the savings account is empty.
(That’s not financial advice, just what I would do).
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