Inheritance again, sort of

Erm, wait til mortgage rates are 15%.

15% of a lower value is the same as a lower % of a higher value though.

And if they miscalculate and give away too much and find themselves short? Or something unexpected happens? Then you'll see their kids posting here about their elderly parents needing help, how much they resent having to do it, don't have the time for it, can't cope - to a chorus of, "Your parents should have planned for their retirement, their responsibility, you don't owe your parents help or care."

In some cultures, there is a multigenerational understanding that all generations help each other. That is a given and it provides security for all. Our culture is more individualistic and it's not such a given often.

Why exactly do they “deserve” it?

CoL crisis? Erm, wait til mortgage rates are 15%.

Presumably these ‘boomers’ had the audacity to have children and bring them up to the point where you were able to fly the nest and create your own family?

Unearned income….. So let me get this straight, you consider investments profits unearned? You aren’t aware that most likely the seed money was taken from regular income, possibly post tax, that a bit of luck may have been involved, and your boomers didn’t spend it all on tat…. By living within their means, putting money aside, not touching it, putting up with possibly 3 recessions where employment was far more of an issue than it is now…. And finally, if somehow a magic fairy just gave them the seed money, and they got same luck with every investment they made, and still they never touched it because it’s probably going to be their rainy day fund and keep them in comfort Til their 80’s or 90’s….

I guess my point is….

Most incredibly wealthy people tend to forsee this type of behaviour from kids and the damage wealth can do to them. Middle class people tend to see wealth as inter generational via inheritance, but the reality is 90% of inheritances is gone by the third generation, as are most companies which are handed down through the generations. But ultimately, this is not YOUR money. You didn’t earn it, you didn’t save it, you didn’t pay tax on it, you just want to spend it for them to make your life easier.

If I had children like you, I’d be upfront, and let you know, that your attitude automatically disinherits you from getting it. However, given what you’ve stated already, I think your parents are probably seeing your entitlement and have already decided that they shouldn’t subsidise you on a regular basis.

I don’t know why you think you are entitled to a single penny.

YABU totally. Those "selfish baby boomers" worked for their incomes.

So quit with the envy and ageism.

No one has any idea if they’re going to spend the last 10+ years of their life needing help to live independently, which is very expensive. Or require assisted living etc in a nursing home.

I've heard it all now. Wow

however, a friend who is a wealth manager says all the time that Boomers he deals (reasonably well off but not real wealth) with are sitting on loads of cash & shares & property theyll never spend whilst their 25-40 year old kids are working incredibly hard to make ends meet. He wishes people did better work out what their planned retirement looks like and gift away the rest.

This

I would but would be irked if I sensed there was expectation.

I would

So basically you are saying parents should work hard, forgo all luxuries to allow their kids the chance to use the money? So work hard don’t play hard give the money away?

why shouldn’t parents have fun with their own money, take the chance to see the world, buy a holiday home, which no doubt they would have family use

get away with you

Good grief. It's their money, if they want to blow it all travelling and leave their kids nothing, good for them. They earned it, they get to decide what to do with it.

Their wealth is also their security for what they might need for old age, because no-one knows how long they will live or what needs will arise.

The mega rich might be able to help their kids more over the years without risking their own financial security, but that's not most people.

And people call Boomers greedy.

So a married couple can pass on 1m of their estate to their dc before triggering tax. I had no idea people didn't know this.

"If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,0000_.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused thresholdd_ can be added to your partner’s threshold when you die."

@Newmumatlast it's all explained on your link....

I agree. The people I know who haven't gotten on the ladder didn't save income or got into debt with credit cards etc back when they were giving them left right and centre (I got letters enticing me to get one on my 18th birthday even). Its been a bit tougher for us than maybe our parents but we have also had more opportunities in other ways. The generations after me and my kids I feel sorry for and actually will be trying to save and invest to help them out.

Wow that is one of the most entitled posts I've read on MN for a while now! Short of cash? Take another job and stop expecting everyone else to bail you out.

Where did you get 1mil from as this seems to suggest different

https://www.gov.uk/inheritance-tax

Every other thread is a wind up - just looked down my 'Watching' threads and so many of them have been pulled.

Op you sound very entitled and grabby. Earn your own money instead of trying to get your hands on someone else's hard earned financial security.

Feels like peak selfish boomer behaviour to me. Surely if you have spare unearned cash from investment etc your Millennial or Gen x kids deserve it more, what with COL crisis, high mortgage rates and all?

Alright, who’s got the cash in your family that you think you should get your grabby mitts on? 😆

Jesus wept OP. I’ve worked my arse off to have the modest but good life I have now. I’m 58 and have perhaps 20-30 years of life left so I want to enjoy the rest of it on my terms funded by my money.
My SIL is like you and when my DF died, she was out with her hand out within a week of him dying. She was 45 and by then there was no reason she and my DB shouldn’t have had everything they needed. Disgusting entitled behaviour.

we hadn’t had the massive cost of living crisis that is happening now

My siblings are millennials, they have defo been impacted by COL & wage stagnation over the yrs.

I recently viewed 11 care and nursing homes for my DM and the standard of care and facilities varied so much. I don’t blame the older generation for holding onto their wealth.

I know of a sixty something man who taps his 90 year old father for money regularly, because he can't manage. I think it's disgusting, he coasted doing anything substantial during his working life because his dad was comfortable and is expecting a sizeable inheritance but dad could possibly go into care and that would be scuppered.

This ^^

And a lot of so-called boomers had a pretty hard start in life - postwar Britain wasn't a land of milk and honey. I don't begrudge them enjoying the money they've worked hard for, or planning to leave money to their children.