Transferring Home to Children

paddedjohn

Why do people feel the need to leave an inheritance for their children? Its a stupid idea in normal society. It is far better to give them a helping hand during their 20's when they need it rather than hold on to it till you die.
If you die aged 75 and leave your kids an estate worth £200k then when they die they leave to their kids and so on and so on, its madness.
By the way op i agree that its unfair that your parents may have to fund their own care when others get it free, but i also think its unfair to cheat the system (public purse) to feather your own nest.
What happened to familys looking after each other, no need for care homes then.

rumncoke

ladymarmalade1970 wrote: »

Why bother going without and saving??? Spend your money on yourself and don't be prudent. If you don't then others that have had holidays etc and not saved will be getting their care etc with the money you stashed whilst going without stuff.
Hardly fair is it....
Hardly giving a good reason to save either.
.

Have to agree totally with this. Going slightly off topic-my DH is currently ill & looks likely that he will not return to his very stressful senior management job. He has worked extremely hard all his life & we have been very fortunate to have been able to save a reasonable amount, as he has a good salary. Do not yet know what the limitations on work will be in the future. He is only 52 so early retirement is not an option. I work part time from home but my income is very small in comparision.

We are currently helping our DS through uni & have money set aside for DD if she chooses to go as well as other savings. I have investigated the benefits we may be able to claim when his sick pay runs out but due to savings it is vertually nil (other than WTC for me)

Now another family in similar circumstances who have CHOSEN to spend on a lavish lifestyle & have no savings would be able to claim much more.

Whilst I am extremely glad we do not have immediate financial worries whilst he is ill I can't help but feel a little aggreived.

Mojisola

paddedjohn wrote: »

Why do people feel the need to leave an inheritance for their children? Its a stupid idea in normal society. It is far better to give them a helping hand during their 20's when they need it rather than hold on to it till you die.

I suspect a lot of families are like mine - parents don't have spare money to give away while the offspring are in their 20s. It's only when people die and the house is sold that there is any money to be given away.

Flyboy152

Rainmaker_uk wrote: »

No one is asking for a rebate. You are confusing a rebate with not having your house taken off you to pay for care which you have been funding through NI and tax your whole life. I don't see why this is controversial.

If you had been doing that, you would have been paying a great deal more.

How would you feel if I came along and took your inheritance for your children and spent it on repaving the roads as this was needed in the local area? Concept is similar both things need doing and your children would have needed to use the roadsas well.

You quite obviously have never heard of inheritance tax.

Rainmaker_uk

rumncoke wrote: »

Have to agree totally with this. Going slightly off topic-my DH is currently ill & looks likely that he will not return to his very stressful senior management job. He has worked extremely hard all his life & we have been very fortunate to have been able to save a reasonable amount, as he has a good salary. Do not yet know what the limitations on work will be in the future. He is only 52 so early retirement is not an option. I work part time from home but my income is very small in comparision.

We are currently helping our DS through uni & have money set aside for DD if she chooses to go as well as other savings. I have investigated the benefits we may be able to claim when his sick pay runs out but due to savings it is vertually nil (other than WTC for me)

Now another family in similar circumstances who have CHOSEN to spend on a lavish lifestyle & have no savings would be able to claim much more.

Whilst I am extremely glad we do not have immediate financial worries whilst he is ill I can't help but feel a little aggreived.

I wouldn't bother posting on here - unless you are a benefit scrounger you will get short shrift. There is no quarter given to people who earn and pay their taxes.

le_loup

Rainmaker_uk wrote: »

I wouldn't bother posting on here - unless you are a benefit scrounger you will get short shrift. There is no quarter given to people who earn and pay their taxes.

Now, you're being really silly.
... and destroying your case.
If people can't disagree with you without being called a benefit scrounger, you just show that you are a polemicist rather than an intellectual.

Rainmaker_uk

Flyboy152 wrote: »

If you had been doing that, you would have been paying a great deal more.



You quite obviously have never heard of inheritance tax.

Yes I have and I have no problem with paying a fair proportion of inheritance tax just as I have no problem with paying any of the myriad of other taxes.

This is not a question of inheritance tax this is a case of potentially taking everything someone has worked for their whole life if they need help. My point - they have paid for this service already.

I am not commenting on this thread again.

noh

Rainmaker_uk wrote: »

Yes I have and I have no problem with paying a fair proportion of inheritance tax just as I have no problem with paying any of the myriad of other taxes.

This is not a question of inheritance tax this is a case of potentially taking everything someone has worked for their whole life if they need help. My point - they have paid for this service already.

I am not commenting on this thread again.

Your premise is incorrect.

You have not paid for care your whole life.

Nothing is taken from you if you need help.

You state that you have no problem paying your taxes but would you be happy if that tax money is used to benefit those who are capable of supporting themselves and therefore don't need it?

Saver-Rob

noh wrote: »

Are you serious?

People who have saved are able to pay for care.
People who have nothing are not able to pay therefore need help from taxpayers.

Are you suggesting that taxpayers should subsidise those that are capable of funding themselves?
In many cases all that will acheive is an increase in the amount left to their heirs.

Are you serious?! I was going to type a long argument out but it seems you're to far gone with your mad thought processes!

noh

Saver-Rob wrote: »

Are you serious?! I was going to type a long argument out but it seems you're to far gone with your mad thought processes!

I am serious.
I am stating facts.

If you think the facts are not as stated please explain.