Protect our assets

msb1234

boingy said:

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

I want my wife and children to control how my assets are spent not the local authority.

I have had some great advice in this forum in the past but I may have posted my question in the wrong place this time.

I'm afraid you've brought up a subject that always seems to trigger the mob. It's the ugly side of these forums. So many people quick to judge others. 

People who find it pretty annoying that someone who can easily afford to pay for their care in old age but want other tax payers to pay for it instead so that their offspring can have a nice little inheritance are not ‘the mob’. 

Marcon

km1500 said:

You are correct - that is exactly what some people would like to do.

Yes - the ones who have no idea what they're letting themselves in for. If the kiddies are that keen on an inheritance (although many would prefer to see their parents live out their days in comfort), they could always offer a home to the aged parents...

boingy

msb1234 said:

boingy said:

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

I want my wife and children to control how my assets are spent not the local authority.

I have had some great advice in this forum in the past but I may have posted my question in the wrong place this time.

I'm afraid you've brought up a subject that always seems to trigger the mob. It's the ugly side of these forums. So many people quick to judge others. 

People who find it pretty annoying that someone who can easily afford to pay for their care in old age but want other tax payers to pay for it instead so that their offspring can have a nice little inheritance are not ‘the mob’. 

It's like the kids in the playground, surrounding the kid you don't agree with. It's a form of bullying really. 

Pollycat

boingy said:

msb1234 said:

boingy said:

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

I want my wife and children to control how my assets are spent not the local authority.

I have had some great advice in this forum in the past but I may have posted my question in the wrong place this time.

I'm afraid you've brought up a subject that always seems to trigger the mob. It's the ugly side of these forums. So many people quick to judge others. 

People who find it pretty annoying that someone who can easily afford to pay for their care in old age but want other tax payers to pay for it instead so that their offspring can have a nice little inheritance are not ‘the mob’. 

It's like the kids in the playground, surrounding the kid you don't agree with. It's a form of bullying really. 

I thought it was a public forum where people express their opinions...

[Deleted User]

Pollycat said:

boingy said:

msb1234 said:

boingy said:

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

I want my wife and children to control how my assets are spent not the local authority.

I have had some great advice in this forum in the past but I may have posted my question in the wrong place this time.

I'm afraid you've brought up a subject that always seems to trigger the mob. It's the ugly side of these forums. So many people quick to judge others. 

People who find it pretty annoying that someone who can easily afford to pay for their care in old age but want other tax payers to pay for it instead so that their offspring can have a nice little inheritance are not ‘the mob’. 

It's like the kids in the playground, surrounding the kid you don't agree with. It's a form of bullying really. 

I thought it was a public forum where people express their opinions...

Indeed, plenty of good advice has been offered and people have been respectful.
I can only see one poster stirring things up and name calling.

bobster2

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

Tax and NI don't just pay for personal benefits. You've received "benefits" in a range of other ways. I assume you've had an education, received healthcare, had your refuse collected (government transfer tax to local councils), driven on a road, taken a train, lived in a community with a police force, and fire brigade, lived in a country defended by armed forces etc etc

And as an older person you will "getting something back" in the form of a state pension, free healthcare, free prescriptions, free eye tests, free bus travel, winter fuel payments, cold weather payments. And if you need help with personal care either at home or in a residential setting you'll get Attendance Allowance (about £70-100 per week). If you need some nursing care you may get NHS funding for this (about £220 per week) and if you unfortunately develop a very serious health problem that means you require highly complex medical care in a residential setting you may get NHS Continuing Health Care funding which could pay for everything.

When someone with substantial assets say they want to protect their assets from care home fee costs - what they're essentially saying is that, in addition to all this above, they would like their basic accommodation costs (room, heat, food) etc to be funded through general taxation.

RoseParker

Remember 80% of people never see inside a care home.  If you are worried about inheritance just move to a smaller place and bank the cash in joint accounts with beneficiary (easier for Executors).  Really most people will die not in care. My Dad was stressing about someone putting him in a care prison for 14 years, for no reason.  He died suddenly this year after treading on a nail, sadly we made him use the NHS, when he could have died at home in his garden. Stop worrying, spend the money. 

SVaz

The care burden and the State pension burden will only grow over the next decade and beyond,  it was only designed to provide for 5% of the population , over 70’s will soon be 20%,  it’s simply not sustainable.
I don’t want the younger generations to have to shoulder the huge tax burden of caring for those who think that because they’ve paid a pittance (in real terms) into the system, they get to keep their half million pound plus houses instead of funding their own care.  It’s a disgusting and entitled attitude.
I’ll be happy to fund my own care from my own modest house and pensions if I need to.   Of course I’d rather it go to my Daughter and Grandson but in my eyes it’s akin to fraud to put your assets in trusts instead of using them for your own benefit. 

The sooner such trusts and avoidance schemes are made illegal, the better in my opinion.

tooldle

chocolatekimmy said:

Following.  

Having seen a grandparent spend nine years in a care home after a stroke in his seventies I don't blame you for looking into this.  His wife joined him for about 18 months.  

After years of working hard (including serving in WW2), paying tax, living modestly and investing wisely virtually all their assets (house, car, caravan) and savings were wiped out by the time they died. 

Thats not what we sign up for, why should people in that position have to lose everything they've worked for all their lives?

Equally my parent spent just over 10 years in a care home (last few months nursing) as a self funder. Her assets were invested and she paid tax until the day she died. Her assets were not wiped out and did grow marginally over the ten years. 

tooldle

bobster2 said:

0779mike said:

I have worked all my life, paid NI and income tax for 50 years and claimed unemployment for just 4 weeks. That is the sum total of state benefits I have had.  We all have to make, I chose to live prudently and save my money.

Tax and NI don't just pay for personal benefits. You've received "benefits" in a range of other ways. I assume you've had an education, received healthcare, had your refuse collected (government transfer tax to local councils), driven on a road, taken a train, lived in a community with a police force, and fire brigade, lived in a country defended by armed forces etc etc

And as an older person you will "getting something back" in the form of a state pension, free healthcare, free prescriptions, free eye tests, free bus travel, winter fuel payments, cold weather payments. And if you need help with personal care either at home or in a residential setting you'll get Attendance Allowance (about £70-100 per week). If you need some nursing care you may get NHS funding for this (about £220 per week) and if you unfortunately develop a very serious health problem that means you require highly complex medical care in a residential setting you may get NHS Continuing Health Care funding which could pay for everything.

When someone with substantial assets say they want to protect their assets from care home fee costs - what they're essentially saying is that, in addition to all this above, they would like their basic accommodation costs (room, heat, food) etc to be funded through general taxation.

I’d add that roughly 2 in 10 taxpayers are net contributors, with the other 8 benefiting by more than they contribute.