LPA

Floss

Personally, in your situation I would depend time with my IFA & a tax advisor (not necessarily the same thing) and draw up a plan. 

You also need to put LPA for both finances & health in place, as the majority of accidents, strokes, heart attacks or brain aneurysms don't give you plenty of notice when compromising your capacity to make decisions.

Keep_pedalling

Kirkmain said:

Savvy_Sue said:

Kirkmain said:

So I want to find a way to spend or pass on my assets on in such a way that means i don't have to pay IHT or care and get it on the state like those who never worked as hard as ai did. sunak has floated abolishing IHT altogether which will make my life much less stressful, BUT the chances of the Torys still being in power in a few years is slim to zero. And Comrade Starmar and Raynor believe working hard and having money makes me evil and I should have my money taken from me and distributed by the state.

Please, before you pursue this more seriously, take a look at the options for residential care which will accept what your local authority is willing to pay without any further contribution. There may be a residential home on every street where you live, but many of them will require residents to pay more. 

Also consider how likely it is that you will need such care, and whether there is anything you can do to mitigate those risks - keeping healthy in mind and body. 

Then speak to your loved ones and check what they would want for you. If they want to keep as many pennies as they can for themselves, at the risk of you being in an inconvenient location, with limited activities, frankly they don't deserve to inherit a penny from you. 

Or maybe they'll take you in themselves, and sacrifice health and livelihood to ensure you are properly cared for when you are unable to look after yourself. 

Between us, DH and I have lost 3 of our 4 parents. Until now, no-one's needed residential care, but we would gladly have seen them spend every penny of 'our inheritance' to be comfortable and safe had that been necessary. The final survivor is currently in a care home and we're waiting for the financial assessment now: I don't want a penny of what they scrimped and saved over the years if it reduces their levels of comfort and care. 

No-one seizes your assets. With an estate that size, you'd have to live in a very expensive care home for a very long time (most don't live more than 2 years) to be expected to use all your assets. 

I don't think you're evil for having money, or even for wanting to pass it on to your survivors. Having money while you're in good health gives you options: those options remain open to you if you eventually need help, either with home or residential care. 

Thank you. But like you point out, my chances of needing residential care are relatively small. The chance of my children having to pay IHT is 100% if I do nothing now

I trust that if I pass my children their inheritance now. If in the event I need care, AND they don't like the look of what the LA are offering they will dip into their gifts from me to put me somewhere nicer. But theres a also a chance I get a nice home without having to pay. If I have assets that the LA can take, the chances of me getting this nice place on the state is 0%. If i have nothing, I might still get it on the state, and if private money is needed for somewhere nicer then my chldren can choose to pay. But it will be their choice.

But you just can’t pass everything to them now, that would mean a hefty CGT bill which to you, not they, would be responsible for, you would also have to give up all the revenue from your rental properties otherwise it would be considered a gift with reservation so never drop out of your estate, likewise your home which would also be a gift with reservation unless you also paid them full market rent to be able to continue to live their. 

Make substantial gifts by all means to potentially reduce your IHT liability but to give it all away would be an utterly stupid thing to do.The chances of you getting a nice care home at an appropriate without paying for it are slim at best, and your care should be your choice not your children’s. I find it hard to believe someone with your wealth would really want to take such risks with your own well being.

Kirkmain

The chances of you getting a nice care home at an appropriate without paying for it are slim at best, and your care should be your choice not your children’s. I find it hard to believe someone with your wealth would really want to take such risks with your own well being.

If I leave my children cash rich, and they really can't persuade the LA to give me somewhere nice for free, they will either 1) have the financial resilience to work less and use their free time to provide the care and company I will need or 2) bring over a live in carer to look after in an annex or house close to them. I trust them and I believe I raised them well with a sense of respect

If I need any kind of specialist medical or nursing care then they will fight tooth and nail for CHC

Keep_pedalling

Kirkmain said:

The chances of you getting a nice care home at an appropriate without paying for it are slim at best, and your care should be your choice not your children’s. I find it hard to believe someone with your wealth would really want to take such risks with your own well being.

If I leave my children cash rich, and they really can't persuade the LA to give me somewhere nice for free, they will either 1) have the financial resilience to work less and use their free time to provide the care and company I will need or 2) bring over a live in carer to look after in an annex or house close to them. I trust them and I believe I raised them well with a sense of respect

If I need any kind of specialist medical or nursing care then they will fight tooth and nail for CHC

This has to be a wind up, so I will leave you to your fantasies. 

Brie

Kirkmain said:

The chances of you getting a nice care home at an appropriate without paying for it are slim at best, and your care should be your choice not your children’s. I find it hard to believe someone with your wealth would really want to take such risks with your own well being.

If I leave my children cash rich, and they really can't persuade the LA to give me somewhere nice for free, they will either 1) have the financial resilience to work less and use their free time to provide the care and company I will need or 2) bring over a live in carer to look after in an annex or house close to them. I trust them and I believe I raised them well with a sense of respect

If I need any kind of specialist medical or nursing care then they will fight tooth and nail for CHC

There will be no persuading.  The LA will put a lien on all the properties you have passed along and your children will have no say in the matter.  Or simply they will be forced to hand them over to the LA to sell.  

Albermarle

 But theres a also a chance I get a nice home without having to pay. 

£1.8 Million and you want a cash strapped council to divert funds from areas of real need, so you can get a free place.
I think there is a name for such behaviour.

Kirkmain

Albermarle said:

 But theres a also a chance I get a nice home without having to pay. 

£1.8 Million and you want a cash strapped council to divert funds from areas of real need, so you can get a free place.
I think there is a name for such behaviour.

I've paid more tax; income, dividends, inheritence, council etc... than anyone who might get it on the LA for free. I have never taken a penny in benefits (apart from child benefit), my children went to private school so I saved the LA money that way.

How is that fair that I/ my family  would have to pay wheras those who have never worked and been supported on benefits with my taxes would get it for free?

Farway

Kirkmain said:

Albermarle said:

 But theres a also a chance I get a nice home without having to pay. 

£1.8 Million and you want a cash strapped council to divert funds from areas of real need, so you can get a free place.
I think there is a name for such behaviour.

I've paid more tax; income, dividends, inheritence, council etc... than anyone who might get it on the LA for free. I have never taken a penny in benefits (apart from child benefit), my children went to private school so I saved the LA money that way.

How is that fair that I/ my family  would have to pay wheras those who have never worked and been supported on benefits with my taxes would get it for free?

I'm out, no more troll feeding

[Deleted User]

I find your threads rather disturbing. They all seem concerned with trying to cheat the system and telling everyone how wealthy you are. Very strange. 

Floss

Kirkmain said:

Albermarle said:

 But theres a also a chance I get a nice home without having to pay. 

£1.8 Million and you want a cash strapped council to divert funds from areas of real need, so you can get a free place.
I think there is a name for such behaviour.

I've paid more tax; income, dividends, inheritence, council etc... than anyone who might get it on the LA for free. I have never taken a penny in benefits (apart from child benefit), my children went to private school so I saved the LA money that way.

How is that fair that I/ my family  would have to pay wheras those who have never worked and been supported on benefits with my taxes would get it for free?

If you are intent on not spending your money on care fees and avoiding IHT, what DO you plan to do with your wealth? 

Oh, and if you don't like the thought of someone like me getting my care for free because I have no savings & only a small pension, then find yourself a nice expensive home somewhere out of the UK, coz nobody is making you stay here.