Wish I hadn't seen

indiasign

“assuming the parents are including you in their will seems like you'll be receiving a lot of money that you have not earned”

That’s precisely the issue, A.T. - if you read some of the OP’s other posts, he’s spent all this time (possibly to the point of obsession) trying to ensure he has provided for his and his family’s future, and that it was all his own work, only to now find he may be looking at a substantial inheritance, rendering the previous X number of years work largely irrelevant 

Audaxer

As your parents buy what they want and holiday when they want, and have a £700k mortgage-free home, surely it couldn't have come as that much of a surprise that they would have a large pension pot, and therefore a significant estate?

As others have said, there is no guarantee you will inherit anything. As you can happily see them living into their 90s, I would just continue doing what you are doing, being careful with money and striving for a comfortable retirement for you and your family.

Pat38493

indiasign said:

“assuming the parents are including you in their will seems like you'll be receiving a lot of money that you have not earned”

That’s precisely the issue, A.T. - if you read some of the OP’s other posts, he’s spent all this time (possibly to the point of obsession) trying to ensure he has provided for his and his family’s future, and that it was all his own work, only to now find he may be looking at a substantial inheritance, rendering the previous X number of years work largely irrelevant 

Never mind - could have been the academic who spent 30 years researching links between various words in the dictionary and then computers were invented and his entire life's work could have been done in about half an hour....

Albermarle

Workerdrone said:

Albermarle said:

Workerdrone said:

Pat38493 said:

Also on a more practical level - when you say mid 70s are they over 75?  If they are not 75 yet and have LTA exposure are they aware of it - do they have an IFA?  

yes 75, yes IFA and yes keeping it just under year on year

Also on a practical level, have they got Lasting Powers of Attorney in place ? Normally for each other, and with you ( or your sibling )  as a back up ?

Nope. The whole set up is a black hole 

Maybe worth bringing the issue up. Could save your parents and you a LOT of hassle in future. Here is a recent thread on the subject.

Lasting Power of Attorney — MoneySavingExpert Forum

Devongardener

Plenty of good advice here, but I’d just like to emphasise the cost of care if needed by either the parents or the OP and his wife.   I see the intent is to provide care for parents themselves,  but that’s easily said when they are healthy and active but it’s a totally different consideration when infirmity and major nursing and personal needs arise.   Factoring the cost of care for parents alone (say £1000/week each) and at least double that for dementia care, quickly reduces wealth.    So instead of thinking about saving to building a pension, maybe look at it as allowing the parents and yourself and wife the best possible later life care.

Albermarle

Devongardener said:

Plenty of good advice here, but I’d just like to emphasise the cost of care if needed by either the parents or the OP and his wife.   I see the intent is to provide care for parents themselves,  but that’s easily said when they are healthy and active but it’s a totally different consideration when infirmity and major nursing and personal needs arise.   Factoring the cost of care for parents alone (say £1000/week each) and at least double that for dementia care, quickly reduces wealth.    So instead of thinking about saving to building a pension, maybe look at it as allowing the parents and yourself and wife the best possible later life care.

Fair point, but worth noting that most older people never go into care and the ones that do only are there for a couple of years on average.
The chance of both being in expensive care homes for an elongated period is pretty low. 

Yankee24

Ok.  I had exactly the same experience.  Same numbers.  Found out by accident.  Ended up with a considerable amount of inheritance age. 50.  I was quite angry.  Not because I had provided for myself, but because the lack of comms and awareness meant we hadn’t even figured that into the equation.  Also, sure didnt need the money at 50.  We ended up passing seeing our ifa and passed 70% on.  Let the kids have it when it can make a difference on the understanding that there may be no more.  Really happy with the impact it’s making.  Who needs a second house to clean?!

Grumpy_chap

Workerdrone said:

Nope. The whole set up is a black hole 

eskbanker said:

OP's parents are completely entitled to keep their financial affairs confidential - at some point in the future it may be pertinent to discuss wills, LPAs, etc, but if the parents are happy with keeping this to themselves for now, that's entirely their business and nobody else's....

It is, though, uncouth to discuss money and that definitely seems to be truer of the older generation.

It is helpful if the older generation find someone they can be sufficiently open with before the point is reached whereby they find managing their own finances overwhelming.

Universidad

Weird to think many of us spend a lifetime preparing to be able to pass something along to our families, and then end up having our bums wiped by someone earning barely above minimum wage for a few years, while a million or more is whittled down to nothing as you sit oblivious in a wipe-clean armchair.

It's not fair to have to give it all up. It's not fair to not have to pay for care. It's not fair how little carers are paid.

Ultimately, it's not fair what a lottery it all is.

Workerdrone

Audaxer said:

As your parents buy what they want and holiday when they want, and have a £700k mortgage-free home, surely it couldn't have come as that much of a surprise that they would have a large pension pot, and therefore a significant estate?

As others have said, there is no guarantee you will inherit anything. As you can happily see them living into their 90s, I would just continue doing what you are doing, being careful with money and striving for a comfortable retirement for you and your family.

Well. The house I knew about. The pension pot, I thought about half as much and always worked on the principle they would spend pretty much the lot enjoying retirement (hopefully not on care fees), with a care cap coming in 2025 and them seeming to bounce off the LTA and still buying what they want it seems there will be a lot left over. I just never figured for it in any plans. I’ve mulled it over a bit this afternoon. I don’t actually think I’ll need it. Probably better when the discussion comes to suggest it goes to the kids instead.