Frankly I have been quite upset about farmers kicking up a fuss about IHT when they can transfer 3 million pounds of wealth IHT free and after that it only costs 20% which can be paid over a decade interest free.
As a parent of a disabled adult child I can only transfer one million pounds like anyone else and any unpaid IHT has to be paid over 10 years with 7% interest due.
We have other kids and can’t exclude them from our wills so that eats into the IHT allowance.
My son will struggle to work in any form of paid job.
I was discussing his placement in supported living with a social worker yesterday as a pretty likely destination
His life will inevitably be one of benefits eg universal credit and PIP
We have left % more to him due to his profound needs.
Our combined estate will face IHT charges especially with the fiscal drag.
So through no fault of my son he will live in relative poverty except for what is left after IHT into a vulnerable persons trust.
My son is used to nicer things eg holidays/ clothes etc and has some awareness of his current nicer life style even if he is not that driven by material things.
We would have to deprive ourselves of a decent retirement to ensure he is decently provided for,
I am heart broken to have given birth to someone who will live in relative poverty assuming he has a long life and the monies inherited have to cover say 45/50 years.
I am not the only parent waking up at 3am in fear of their kid’s future it’s a well known thing about parents of kids with disability.
AIBU to think that the Government should allow an IHT allowance for dependants who are classed as high needs eg PIP high or mid levels eg not really able to live independently etc? I can’t believe that they make no allowance in IHT terms for the disabled. As it is his care and needs have been an additional expense to us throughout his life eg 1:1 swimming lessons ,Ed Psych reports, SALT, private OT , personal trainers etc. This always exceeds disability benefits.