Inheritance

sevenhills

Naomim said:

I can see why people view the Government as money grabbing through IHT.  

If the parents live to a good age, ie 70+, it's likely that the offspring don't need the house/inheritance.

I look after a relative who is 94, only in a small way, but I do much more than his children. A large inheritance can cause resentment, the best time to help your children is when they are younger.

I will be leaving some inheritance for a park bench and maybe other local things. Your house will be sold and most of us will not be remembered.

Perhaps leaving £xx for a Christmas tree for your local village or fund a school trip, for 10 years?

[Deleted User]

Silvertabby said:

Lover_of_Lycra said:

SJB77 said:

My parents have two houses and want to leave there houses to me and not for the government to take off them to pay for a care home if they need that. Is there anyway around this? Thanks 

Should your parents reach the stage of requiring care and you are unable/unwilling to provide the care yourself in exchange for two properties then your parents can avoid care home costs by booking one way flights to Switzerland.

Hopefully won't happen in this case.  That said, I've often thought that if euthanasia were to be made legal in this Country then there may well  be cases of families telling granny " if you really do want us to have the house/money you have worked so hard for, then just take this little pill......"

If granny had any sense she’d blow the lot enjoying her twilight years. That’s my plan. 

thorsoak

Still doing my best to Ski!  (spending the kids' inheritance) - but in actual fact, I'm skipping my children and dividing all £5.10s.0d between 10 grandchildren .....they can have whatever is left after I've spent as much as I can on Wine, Travel & Song!

Silvertabby

We don't have any children to leave our house to, just nieces and nephews with expectations.  Even though we haven't seen hide nor hair of them for over 20 years.

Intend to spend as much as we can on ourselves, including paying for a cleaner, gardener, etc.

Mojisola

Silvertabby said:

We don't have any children to leave our house to, just nieces and nephews with expectations.  Even though we haven't seen hide nor hair of them for over 20 years.

Intend to spend as much as we can on ourselves, including paying for a cleaner, gardener, etc.

And write wills leaving whatever is left to people who have been part of your lives. 

Silvertabby

Mojisola said:

Silvertabby said:

We don't have any children to leave our house to, just nieces and nephews with expectations.  Even though we haven't seen hide nor hair of them for over 20 years.

Intend to spend as much as we can on ourselves, including paying for a cleaner, gardener, etc.

And write wills leaving whatever is left to people who have been part of your lives. 

Absolutely.

sassyblue

43722 said:

I am not sure that the replies given so far are the ones that the OP wanted to receive.

'Why do you expect the state/other people to pay” responses never go down well - I’m not sure the people posting these dilemmas think about what they're asking, there’s money saving (which we're all here for) and then there’s downright cheeky…..

OP my father has not long passed and was in a care home (then nursing home) for the last three years. I will warn you now….. if it comes to having to find your parents a home there will never be a good enough one…. and you will visit loads that you wouldn’t dream of putting a dog in, let alone your parents.

the good ones cost a lot of money but it’s money well spent for peace of mind when you have your own family to raise and a job to do as well.  Your parents spent their lives earning and saving that money so it should pay for their comfort in old age. 

Personally I would never have slept at night if we’d put dad in the cheap nursing home, after a lifetime of hard work he was having the best and I don’t have any regrets, far from it, if I had to stump up towards his care I would have done too. 

It’s only right we pay our own way in life and death, the state don’t have endless money.

squirrelchops2

Silvertabby said:

We don't have any children to leave our house to, just nieces and nephews with expectations.  Even though we haven't seen hide nor hair of them for over 20 years.

Intend to spend as much as we can on ourselves, including paying for a cleaner, gardener, etc.

I am going to be in the same situation as yourselves. I therefore wondered if you had considered doing something like living our your years abroad - like the 'Real Marigold Hotel'? We won't have any relatives who would care for us and therefore no ties either. 

Silvertabby

squirrelchops2 said:

Silvertabby said:

We don't have any children to leave our house to, just nieces and nephews with expectations.  Even though we haven't seen hide nor hair of them for over 20 years.

Intend to spend as much as we can on ourselves, including paying for a cleaner, gardener, etc.

I am going to be in the same situation as yourselves. I therefore wondered if you had considered doing something like living our your years abroad - like the 'Real Marigold Hotel'? We won't have any relatives who would care for us and therefore no ties either. 

Doesn't really appeal to us, but I can see others doing this. 

We are happy where we are, and our house could take a stairlift and easy-access shower if needs be.  We both have good pensions, and whichever one of us is left (because death happens) they will be more than comfortable on pension income alone.  

Naomim

sevenhills said:

Naomim said:

I can see why people view the Government as money grabbing through IHT.  

If the parents live to a good age, ie 70+, it's likely that the offspring don't need the house/inheritance.

I look after a relative who is 94, only in a small way, but I do much more than his children. A large inheritance can cause resentment, the best time to help your children is when they are younger.

I will be leaving some inheritance for a park bench and maybe other local things. Your house will be sold and most of us will not be remembered.

Perhaps leaving £xx for a Christmas tree for your local village or fund a school trip, for 10 years?

I do agree with this and other posters. When my in-laws downsized they gifted MrM and his sister £30k each which we used for our house deposit.  We've had our inheritance early and are so lucky to have been in that position. 

I would rather their house sold for the best care should it come to that.