Transferring Home to Children

Torry_Quine

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.

You have not paid for this service already! Everything will not be taken away and surely if we are fortunate enough to have accumulated savings and property for our old age then if you need a care home it is being used appropriately.

noh wrote: »

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?

Exactly right. If rainmaker wants everyone to get full care whatever their personal circumstances he will have to pay an awful lot more tax now.

Flyboy152

I don't understand this concept that because someone has bought their own home, they believe the taxpayer owes them another.

JJ2734

dzug1 wrote: »

So are you saying that those who don't have the money should be denied care? Sounds very much like it.

Yes - that is exactly what I am saying. Survival of the fittest. It will stop people from making a lifestyle choice of living off the hard working tax payers of this country.

JJ2734

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.

If you have not made the effort to save for old age then why should the people who have paid tax all of their life help them out again? Typical take, take, take mentality of so many people in this country.

JJ2734

noh wrote: »

Who do you think would be paying the care home fees if your parents aren't able to pay?

They would be paying for the care themselves because of their tax payments during their working life. Is that really so hard to understand?

JJ2734

Flyboy152 wrote: »

What an arrogant and selfish post. How dare you insult hard working people who cleaned your mess up, emptied your bins, cared for you when you were sick, taught you in school, drove your bus and your train and served you in the shop. What choice did they have?

They should have got an education and worked harder. The cream always rises to the top. Life is what you make of it. If you have the right attitude and work hard you will earn a good living. Mix that with a sensible lifestyle and anyone should be able to manage a good financially secure lifestyle. The poeple who cry hard up are always the ones with too many kids, who smoke and drink too much and have all the latest gadgets that they can't afford - then they wonder why they can't support themselves.

moggylover

Adams1 wrote: »

By the way you make things sound... You don't have much of an idea of what a will or inheritance is. What is the point of paying tax all your life, if you'll never see a penny of it? Why is it the people, according to the OP, who have paid tax all their lives, are all of a sudden not included in the "we, the taxpayers" club? Hmm...

Anyone paying tax is also "seeing something for it" every day of their lives in the infrastructure of the society we live in, i.e. roads, schools, hospitals, etc.

For many of those that cannot afford to pay in old age it is not that they have not worked and contributed but simply that the amounts they have earned have not been sufficient to leave excess for saving: indeed for many of these people they will not even have been in a position to buy their own home. It doesn't mean that all of them have been workless or lazy or fe ckless all their lives, just that their earning potential has not been particularly wonderful.

You could, of course, always consider sharing the care needs of your parents between yourself and your sister when they reach that point in time. This would protect your inheritance, and provide loving familiale care for your folks. By far the best option imo;)

JJ2734

knack wrote: »

You cannot see the wood for the trees. I feel that your concern is over your inheritance, not the care that your parents may need in old age. Maybe you could care for them - this would therefore help you earn a little of the money your parents worked so hard for. This is the true meaning of family. They are not just there to sponge off, dead or alive, in good health or bad.
Hard work doesnt mean you will earn lots of money - sometimes it only keeps life ticking over for ones family.
You are part of a family, not a money making enterprise. Concentrate on loving and caring for your parents - not their money.
Do it now before its too late. Please dont take offence, you will truly discover there is more to life than cash. If they need you be there, even if you have to take a career break. Its too late when their gone. All you will have then is money - which doesnt bring happiness or love - only financial gain.
Embrace this time as a family. Money comes and goes very easy. People who love you dont.
Surely, by signing their home to their children in order to gain "free" care would be "sponging". Pot, kettle, black. Lets hope that they live long, in good health & never need to be "cared" for by a stranger. Dont let it happen. Be there for them - money doesnt buy lost time either. Let them give up their equity and enjoy their hard earned cash now, in this life - its the only one you get. Life is for living, they have worked hard enough for it. Enjoy now, while they can. You will be ok - if you work your money "hard" enough you too will have enough money to enjoy old age. You wont need their money, Just the wonderful memories of you parents golden years, that they enjoyed with their hard earned dosh.

How is it sponging when they have already paid for the care with the taxes they have paid during their working life?
You talk a lot of romantic nonsense - this is real life and I'm sure if you actaully had anything to leave your kids you would want to look after their financial future.

moggylover

bogof_babe wrote: »

this is a common misconception. In most areas council run care homes have been closed down and people being funded are placed in the same homes as the self-funding. My mum is a prime example - she shares a table with folk who are being paid for by the taxpayer, while she pays her own fees (from the proceeds of the marital home after dad died). It never occurred to us to try to "get round" the system. It's her money and it's right that she uses it to pay for her own care. It has never crossed any of our minds that she is "being robbed".

:t:t:t:t:t:t

moggylover

jimmo wrote: »

When I posted that link to Age UK my motive was to point out that CRAG, nothing I have heard of before, seems to formalise matters a little.
From a personal point of view, if my 89 y o mother, who unfortunately has breast cancer, gifted me her mortgage free home but continued to live there for another year and then moves into a care home, would her local authority view her gift to me as deprivation of assets? I think so but do not know.
If I, as a relatively healthy 63 y o gifted my mortgage free home to my children now and 10 years down the line had to be placed in a care home I reckon that my local authority would struggle, under CRAG, to establish my deliberate deprivation of assets.
If my mother has to go into care I, and my siblings all agree that we would far sooner see her going into real quality care.
If our inheritance goes, so be it. If we, as her children, have to pay over the odds to keep her in better quality care than local authority standards we will do it.
My mum has looked after us for 60 + years. If it is our time to look after her then , by God, we will do it.

What a very refreshing change to hear! That was my feeling with my own parents. My choices were that I could either care for them as long as possible, or I could assist them in mortgaging their home and using that money to make their end years more pleasant, or their home could be sold and used to keep them in the best care I could possibly find when they needed this.

As it was, and as it is for most people, my father died quite suddenly, and my mother was ill for just 4 years and needed only minimal assistance during that time and so I got to inherit their home.

Op - that was 5 years ago: there isn't a single day in all of that time when the money I inherited has felt like even a tiny recompense for the loss of my parents and I think your priorities are sadly screwed up.:(