Mum wants to give us money from house sale

margaretclare

diddlyidi wrote: »

My mum has no intention of claiming benefits and as far as I am aware never has claimed any.
Having been a manager of a Nursing Home and then discussing things through with both my Mum and Dad they didn't feel it was fair to have to fund themselves if ever either of them required nursing care when they were older.

But if they didn't feel they should fund themselves who did they imagine was going to fund them, assuming that such an eventuality actually arrived? Someone would have to! If they didn't fund themselves then it is the same as claiming means-tested benefits.

kennyboy66_2

Mum_of_3 wrote: »

There is a limit on the amnount of cash someone can gift you each year before you have ot pay tax on it, so be careful you don;t fall into that trap.

No there isn't.

vinuela13

I would have thought that the state should fund them.Isn't that what we pay our NI contributions for?

Both myself and my husband both work hard and constantly try to save by being careful /frugal with our money so that we can in turn pass this on to our children/grandchildren to hopefully give them a better life.
Surely this isn't the wrong thing to do.Is it?

margaretclare wrote: »

But if they didn't feel they should fund themselves who did they imagine was going to fund them, assuming that such an eventuality actually arrived? Someone would have to! If they didn't fund themselves then it is the same as claiming means-tested benefits.

vinuela13

kennyboy66 wrote: »

No there isn't.

hi Kennyboy
When you say there isn't a limit on what amount can be gifted before you have to account for tax can you elaborate on that.
My mum is currently gifting £3000 each year to myself and my sister which I believe is free of IHT

SouthCoast

Current IHT level is £312k:

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/InheritanceTaxEstatesAndTrusts/index.htm

Debt_Free_Chick

diddlyidi wrote: »

I would have thought that the state should fund them.Isn't that what we pay our NI contributions for?

Do you mean you pay your NI for the NHS? If so, then that covers medical care - [STRIKE]not [/STRIKE]care for those who are in need of medical attention.

Necessary medical care is provided by the NHS/Local Authority - but depending on the condition, it can be a battle.

Other "general" care is means-tested. As I said earlier, you have to "pay to live" so why give all your money away and then live for free, expecting the taxpayers (including your children and grandchildren) to pick up the bill?

vinuela13

Debt_Free_Chick wrote: »

Other "general" care is means-tested. As I said earlier, you have to "pay to live" so why give all your money away and then live for free, expecting the taxpayers (including your children and grandchildren) to pick up the bill?

Well aren't we picking the bill up now in a hefty way by paying tax on many things.
I think that this will continue and yes my children/grand/great grandchildren will probably have to continue to pay many taxes in the future and I hope that they will not begrudge paying taxes for healthcare for UK residents.

lostinrates

This whole thread has made me [STRIKE]angry frustrated[/STRIKE] sad.

Debt_Free_Chick

diddlyidi wrote: »

Well aren't we picking the bill up now in a hefty way by paying tax on many things.
I think that this will continue and yes my children/grand/great grandchildren will probably have to continue to pay many taxes in the future and I hope that they will not begrudge paying taxes for healthcare for UK residents.

We're not talking about healthcare - this is to do with "general care" for the elderly. Those who are not ill, or suffering from a medical condition, but those that just need a housekeeper ... someone to help.

If we extend State funded care to those, then we really are leaving an expensive (tax) legacy to our children.

neverdespairgirl

diddlyidi wrote: »

I would have thought that the state should fund them.Isn't that what we pay our NI contributions for?

Both myself and my husband both work hard and constantly try to save by being careful /frugal with our money so that we can in turn pass this on to our children/grandchildren to hopefully give them a better life.
Surely this isn't the wrong thing to do.Is it?

It's not wrong, no. But it's not easy to see why the taxpayer should, in effect, fund inheritance.

The trouble is that means-tested benefits (of whatever kind) tend to deter people from saving. It's one of the conceptual problems.

With a rapidly-aging population, though, it's hard to see how all care for the elderly can (or should) be funded from tax.