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al007

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Posts posted by al007


  1. One thing in my plans I did not mention, is my wife knows the password to my computer and on it is a folder on the desk top called codes

     

    This has a password, same as my computer has on it is a list of all my user names passwords, and all those of my wife as well, in todays age we need to be able to pass all this on as well, it covers everything from banks cards to stores, lazarda, ebay etc etc, it is almost impossible to remember them all and in todays age also not sensible to have only one

     

    it also has other info like UK national insurance number, passport numbers and other important information, all bank account numbers brokers contacts etc etc

    • Like 1

  2. 1 hour ago, NancyL said:

    al007 -- you've done a heap of planning, but nowhere do I see a mention of a Final Will.   Is there some reason you're trying to avoid having a Final Will?

    Yes I have a Will in English and in Thai, covers assets globally, in the same document, have had it since I came here, my wife is my executor, a clause in there if I die without having seen a doctor for three months must be an autopsy for wife to inherit, also in the case of dispute the english language takes precedence, I sort of presume everyone would have this basic in place, and of course far too many don't

     

    I strongly urge those who have no will to do so, it is easy to do and not expensive, and very unkind to love ones not to have

     

    This was prepared by a Thai Lawyer, and witnessed by him, a copy in his office and one in my house

     

    My wife is under strict instructions to stay away from this lawyer he threatened me once with defamation, when I asked if something had been done correctly, I was very happy he exposed this bad side of himself, it served as a warning, he is neither executor nor anything so far as my will is concerned

     

    When I did this will, I was not certain my wife was trustworth, ten years on I feel very strongly she is

     

    Because the way assets held my wife also has will leaving everything to me, VERY important especially with the roads here in Thailand

     

    I am very much hoping to come out of this forthcoming surgery OK, and be around for a few more years in my home in Thailand which we love, but life is scary at the moment, there is a saying the mind is a dangerous place and should not be visited alone and without a good flashlight

     

    But you Nancy have to much experience of messes created because of bad planning and mistrust

     

    Some will say I am over the top, but other than time and thought it has cost little, and protects my loved one, it is the summation of two years research, and looking at many options including expensive trusts, I am comfortable today not rich, and so have to be conscious I do not want professionals taking a too large share of the cake

     

    My assets pass to my wife unfettered with no restrictions, but she and the broker have my wishes on how to proceed, in line with what Warren Buffet says

     

    I have told my wife trust no one not even the broker,  ( she will say to family she has not been well provided for) follow what I say and she should with a little luck be well set up for life, and able to continue our existing lifestyle, Four Alsations, Beautiful  couple of houses and gardens and three helpers in the house and gardens, and able to provide education for her teenage stepsons

     

    My wife knows everything, I trust her ! ! ! she has worked very hard and deserves to be looked after

     

    My children, 40 plus, in the UK know what is happening and as my daughter says my wife deserves what she might get, my son is mad, ( he owns four houses in London that I helped him get )and says why not his children, and my wife is under orders if he turns up threatening, as he has suggested, my wish is call the police and have him removed

     

    I must not forget to mention I say a very big thank you God as well, and will also visit the temple before going to hospital, I am non religious 

    • Like 2

  3. 1 hour ago, Oxx said:

     

    Assuming you're UK domiciled, there's the small matter of inheritance tax.  If your transfers to your wife fall outside the limited spouse exemption (currently GBP 325,000) there will be a tax return to be filed and IHT to be paid.

    As a retired Chartered Accountant I comment as follows

     

    Maybe not clear, transfers to a UK Domiciled wife are fully exempt no tax to pay

     

    If you transfer to a Thai  resident and non domiciled wife only overall exemption of approx. £300,000 ish will be available, and if your estate is split between many beneficiaries then the Thai wife will not get the full exemption

     

    Note you can be Non Resident for UK taxes, but still Domiciled and liable to IHT

     

    Residence and Domicile are complicated, and very separate issues if your assets are substantial you need expert advice, this applies even if you have a house worth say £400,000, you need advice from a properly qualified tax expert, who is likely to be a Chartered Accountant, or a UK lawyer, most Financial Advisers will tell you they know BUT they do not, when going for surgery I want the properly qualified person, same applies for tax

    Financial Advisers in the UK are risky but at least regulated, outside the UK they are maybe mostly only interested in lining their own properties, I also put lawyers and Accountants outside the UK and USA into the same category

     

    There are too many boiler house scammers around and even on TVF I have been approached by them, usually the question can you give me your UK FCA authorisation number so I can check, which is easy to do on their website; sends them packing

     

    I had an unsolicited email last week offering a guaranteed 8% return, I replied I was looking for a home for a spare £2.0M and I wanted it quickly, they quoted a UK London address as well, I asked for their FCA registration so we could proceed, they never came back to me, I wonder why !

     

    To release assets after death, in the UK probate has to be granted and to get this, tax clearance, including IHT must be obtained, some IHT can be due even before assets like house is sold, and if not paid penalties and interest may apply

     

    Remember IHT applies to world wide assets including things like condos that may be in your name in Thailand

     

    There is a lot to be said for not owning UK property, or assets as you get older say 65/70, and before that having life cover to cover the potential liability for IHT, written in trust so it does not get caught by IHT itself

     

    If when you die and there are no UK assets; no probate required and probably the question of IHT will never be raised, and the argument as to whether or not UK domiciled will never require discussion

     

    Investments and shares can also be transferred outside the UK net while still alive, if left with a UK broker again will be subject to probate

     

    I have used Interactive Brokers to hold shares outside the UK, at one stage I used Interactive Brokers in the UK, I had to close that account and open another one not in the UK using my Thai address, and was all done online and paperless, and easy to do, note if it is a joint account it may still get frozen on death, there are also Singapore and Hongkong options and many others

     

    Remember the  IHT tax office will hold all the cards without their agreement you can not get probate granted and release assets

     

    Plan ahead and you can maybe save a lot of potential tax totally legally, change things after death and you could get involved in evasion with nasty penalties including jail, for those involved, and professional trustees and advisers will not allow

     

    The tax people get more sophisticated every year

     

    Thailand is very tax friendly but again in time it may change, so also if your wife is resident here maybe keep assets outside Thailand, remember so long as income generated outside Thailand is not remitted in the year in which it is earnt there is no tax to pay either for Thais or Foreigners, this may change

    • Like 1
    • Thanks 1

  4. On 10/14/2017 at 2:38 PM, charliebadenhop said:

    So if someone has signing power on an account they are technically breaking the law if they take out any funds after the other party to the account dies?

     

    Do you know of anywhere I can read about this?

     

    When I asked my banker she said "mai pen rai"

     

    Definately breaking the law, when my bank suggested this and I said breaking the law they agreed and I said no

     

    Joint accounts can sometimes also require probate which is why the bulk of my assets are in wifes sole name

     

    The other joint accounts there are letters to be posted signed by both of us  giving instructions to transfer the balance to acc ******** at ********, and then close the account, if you ask them to close the account and  then transfer the balance this could also take 2/3 weeks, get the money out first then close


  5. All the problems above can be avoided with planning

     

    I go for surgery soon, I am a retired Chartered Accountant

     

    I have living will no life support, and no money wasted on lost cause, (now on my hospital file)

     

    Donor card for my body done ( also on my hospital file)

     

    All my investments in wifes  sole name and outside Thailand ( I have control and  irrevocable power of attorney)

     

    UK bank account in joint names minimal balance

     

    I put car into wife name ten days ago

     

    My pension advisers have approved her letter requesting payment of fund, just needs death cert attaching, they agree and understand what I am doing

     

    Houses here of course already in wife's name

     

    Isle of man Bank account joint names will be minimal balance temporarily

     

    Before surgery will clear Thai accounts to wife's account

     

    On some accounts will be setting up automatic transfers 28 days forward, and cancell when I recover

     

    In the event I do not survive all letters and envelopes, have been done just needs wife to date and sign and post, ( I have not put stamps on ! do not want to waste money ! ) and all then drops to her sole accounts

     

    When I recover will reverse some of this, I actually have full control of all, even my wifes accounts via internet with my cell phone

     

    No probate, no funeral, with planning and trust easy; also no costly trusts to set up, and maintain

     

    Otherwise, probate UK, , Thailand,  Gibraltar ,  Isle of Man and Singapore, and many lawyers fees, and maybe a long time to close down,  in the UK if a professional executor and trustee used, once probate and tax office clearance obtained,  executors will insist on waiting a year in case claims might come in, they did this on my mothers estate, she was 92 and the lawyers argued there could be an unknown child, legally they were correct morally no

     

    My wife no four has loved, looked after and cared for me for ten years, this is the least I can do, 

     

    The UK embassy have advised for my body to be released their consent is not required as I am legally married, also they have no register for UK nationals living here

     

    If I have missed anything any input appreciated


  6. 17 hours ago, jayceenik said:

    A great way to go !

    I went to that Chula uni hospital as soon as I retired in BKK years ago and carried that donor card with me at all times.

    But now my TGF wants nothing of it and she'll take of the cremation herself. 

    Note that the card is valid only for BKK and vicinity. Too expensive for them to go and get you in the provinces.

    Living in KhonKaen my wife would have to get my body to Chula ASAP having precleared their acceptance, there are things like Rabies and HIV that means they would not accept, however cancer is not a reason to be rejected

     

    No doubt father in law will take me on the moped and feed to the pigs !!

     

    Actually she has checked out with mini van driver and can be done, body must be delivered with 48 hrs of death


  7. 1 minute ago, darren1971 said:

    In the UK as in the majority of countries world wide,  a visa is really only good for getting on the plane, discretion is finally left with immigration officer, hopefully in the UK that official has to justify reasons if he refuses entry

     

     

    3 minutes ago, darren1971 said:

    Sorry that is wrong, it should be the officer that grants the visa that needs convincing she will not work, they have the time to consider ALL the evidence in front of them. There are no shortages of willing workers in the UK, to go through the tourist visa process and all its associated costs to fill a bar position makes no sense to me. How about detaining every visitor thats residing in London because theres a higher proportion of immigrants working manual low paid work there. What we need to do in this world is move away from this notion that wealthy equals innocent and poor equals guilty.

     

     

    Idealistically Darren you are  very correct, and it is understandable you were upset unfortunately that is not what the law says


  8. Yes difficult for your lady, but then we all know the problems of International travel, and maybe the two hours could have been a lot worse

     

    In the UK as in the majority of countries world wide,  a visa is really only good for getting on the plane, discretion is finally left with immigration officer, hopefully in the UK that official has to justify reasons if he refuses entry

     

    And lets be honest if you own a pub it is very difficult to convince someone that she will never serve someone a drink

     

    In Thailand a visitor is not allowed to work so why is it different in the UK


  9. 5 hours ago, thexit said:

     

    I went back to my home country and the entry stamp to Thailand is the latest stamp in my passport.

     

    As someone who's self employed I could write said letter myself. I doubt it will do anything for that reason. The check in confirmation and online ticket receipt are really the only pieces of evidence I could think of right now.

    Credit card statements, or ATMs on bank statements will verify where you were


  10. 1 hour ago, Fredrik95 said:

    What are you talking about? This is my first time visiting this forum, and this is my first and only account, so pretty obvious that I am a "newbie"

     

    Don't play police behind your computer, today I even called the embassy in my home country and asked the EXACT same thing I did on this forum, and I got the same response!

     

    First of all, I study, I study abroad and get an income from The National Board of Student Aid, additional to that I run my own company, but I don't withdraw any income from it!

     

    Secondly, trust me, money is not a problem for me, the problem I'm having is that the money needs to have been in my bank account for the past 3-6 months, this is very problematic for me since my business is very new and my profit goes to new investments!

     

    Thirdly, you shouldn't really worry about someone like me, I asked a question on this forum simply because i DO NOT want to violate any laws in Thailand, there's plenty of foreigners that you can worry about!

     

     

    To everyone else that helped me with this matter, Thank you!

     

     

     

     

    Thank you, you have helped me understand why you had problems at immigration

     

    I note you edited this out of your original post

     

    "Also, If you would've read my responses in this thread, you would've seen that I'm 21 years old, I used to live here with my family , and I used to go to an international school , before we moved back to my country, we have a house that needs to be sold asap, my mother can not go alone so that's the reason I'm going back to Thailand, not to do any illegal actions, but to help my mother to sell her house!"

     

    So you are using an educational visa to sell a house, does not make sense, to a simpleton like me

     

    I shall refrain from further comment

     

    God Bless and Good luck

    • Like 1

  11. 5 minutes ago, TallGuyJohninBKK said:

      People can't be expected to comply with a rule that either doesn't exist or routinely hasn't been enforced.

     

    Why I comment, not to be antagonistic, but the Immigration Officer does I understand have full authority to adjudicate

     

    I believe those of us who have been here for a while, understand the no logic thinking of Thailand Immigration on some occasions

     

    I was one time told when immigration put a wrong entry in my passport it was my fault for not correcting the immigration officer, and later when trying to correct the error simply smile Thai style, followed by thank you

     

    Yes it appears the under 50's are maybe being targeted, but this is why Thailand says retirement visa from 50, in itself pretty generous

     

    So if you are in the targeted group comply with the rules do not overstay and ensure your paper work is correct, even go to immigration before leaving and check

     

    OR choose another country, if non US citizen try USA !!

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