Inheritance

So what are you saying? That people who have worked and saved should be taxed more to support those that haven’t!
you haven’t answered my point of the unfairness of the current system!

@Thistlewoman I’m in a similar mindset

have had to make my own way, with lots of hard work, saving, investing and generally not having any hopes about inheriting anything ..

I've inherited from an aunt and uncle. I'm fairly poor myself (or I was pre-inheritance), but family have done quite well in the boomer generation. But I know one person who is running up debt in the expectation they will clear it with their inheritance, which could be decades away and may not happen. I don't understand that kind of logic.

Grandparents all long gone, rented homes, didn’t leave a penny. My mother left her house to my brother for his lifetime, as he had been living back there for 20 years since my father died, and he couldn’t possibly be expected to find his own home. He’ll probably outlive my sister and me, so our shares of mum’s house will eventually be divided between our AC (brother is single and no kids). We did split mum’s investments, about £10k each, I opted for cash but the others kept theirs in shares, as I wish I’d done too.

My children have inherited from their grandmother, as their father died before his mother - not fortunate...

’I don't agree that people with nothing get the same care as those who can afford to pay. Private care homes are much nicer and more comfortable but even they should only be a last resort imo.‘

the reality is that the division between ‘private’ and council funded places is not that clear. Someone posted succinctly on this upthread but I will recap as best I can. Homes can take both council and self funded residents. You may find you have more choice self funding however You may find that a home is identified not based on ‘niceness’ but on your need and where will accept you. You can end up not only in a room next to a council funded person but also paying for their place as well as your own as the council fees don’t cover the whole cost and self funders make up the difference.

so, whilst I support funding your OWN care I don’t support 1) being expected to subsidise the care of council funded places 2) treating a couple as a unit so that when person 1 dies all their money/assets are considered in scope to pay for person 2. I think that splitting assets (as per tenants in common) is proportionate, fair and should be respected - I believe tenant in common splits are generally sound however councils can challenge them.

No one contributed enough though.

That's why some people have loads of money in the bank, the country is 2 trillion in debt and Reeves is about to rinse everyone with another huge taxation rise in the next budget.

No one has paid for their care out of taxation. There is no pot that they have contributed to. They might claim they have, but they haven't.

Neither of my parents had much money.

I was left a few hundred from each of them, that's all.

@LBFseBrom It doesn’t matter whether you agree or not that the state funded residents are receiving the same level of care in the same home as the self funders. Because you’re wrong.

You misunderstood my comments, I don’t ‘envy’ anyone and especially people who don’t work and do nothing with their lives. I’ve travelled the world, lived in different countries and generally had a good life. I was using myself as an example, not meaning that is what was going to happen to me. Like you, I have no intention of ever going into a care home.

Just get photo I d then..apply for a passport

That sounds like a really great way to do things fairly. 👍

You may not need paid care, Lyraloo, many people just get old and die still living in their own homes. Try to think positively.

I'm certainly going to do my best to stay at home, I'm happy to pay for a cleaner and to be driven anywhere I need to go but quite determined not to go to a care home. If I need personal care I can hire someone to come in and help me. I do get there are conditions where there's no choice, dementia for example if the person needs 24/7 supervision, other than that most can manage with a bit of help at home.

My parents, in laws and grandparents didn't go into homes.

I don't agree that people with nothing get the same care as those who can afford to pay. Private care homes are much nicer and more comfortable but even they should only be a last resort imo.

Do your best to keep yourself healthy for as long as you can, enjoy your money while you have it and stop worrying about what may never happen. Most of all don't envy others whose lives may well have been far less interesting and fulfilled than yours.

I agree on this. I said up thread already but I’m in Ireland where there’s a cap on care home fees and (while there’s a lot we do very wrong in this country) this I think we do in the right way. Most people in a position to leave a property behind when they die will have have worked throughout their life to enable them to purchase it in the first place. They will have paid tax and government contributions throughout their working life. You pay approx 7% of the property value yearly up to a max of three years. When the fair deal scheme was brought it it was stated a large majority of the people eligible for care would have passed within that 3 year period anyway (I think approx 20% would pass within the first 3 months) so their care is paid but for the minority who survive beyond that the government supplement their care

I don’t expect anything really , my grandparents left me nothing at all .
My dad died and there was an arrangement with his will but had to relinquish any rights to funds because mum needed to be in a care home and she would not have the place without confirmation that we could cover at least 2 years fees.

All savings gone now and the funds from the sale of the low value home are running down very quickly indeed .
I took a number of nice decorative items and clothing etc to mum’s room in the home to make it as homely as possible .
So I will have something to remember her by but only a few ornaments really

Actually I’m torn on this subject. Why should I have to pay for my care when I’ve worked, paid tax and generally contributed to society for over fifty years, and yet, my neighbours have never worked, been on benefits, now have children on benefits and get care homes free of charge?
We currently live in a culture of people not wanting to work! Very different from not being able to. They get everything paid for them, no council tax etc etc and yet people who have worked have to sell everything they have worked for to get the same level of care. Do you consider that fair?

Well said and Well done you 👏

Not me but my mum didn’t receive anything her dad died while he was in his 30’s and her mum was widowed with zero support (there wasn’t much to claim back then I don’t think) and 2 under 10s in the early 60’s. Her mum struggled and they lived in council housing growing up and then my nan stayed in council housing till she died. She died in her early 60’s and didn’t even have enough to cover her funeral expenses. It makes me so sad thinking about how they struggled growing up. So no she didn’t receive anything or her grandchildren. She didn’t have a lot but she gave us what she could

I think your mum Is blowing her own inheritance from her own parents and kindly sharing it with you.

I could not agree more. Well said.

That’s the key. Make different choices. We all know the rules. DH and will be spending and drip feeding our monies away much much earlier when our DC need it and if we get to a ripe old age with little left will take our chances. I’ve been in and out of care homes all my working life and the better care is often in those you would least expect.

I think it's awful how people 'expect' money to drop into their lap when their relatives pass. Maybe it's because I lost both parents suddenly in my 20s, and I would rather they were still alive now than their money ending up in mine & my sibling's bank accounts & them gone forever. An uncle left everything to me in his will because he didn't have a close relationship with his grown up kids. It was the most uncomfortable feeling and I felt like he was buying my affection, it gave me a complete ick and I stayed away from him afterwards. Thankfully he changed his will and left it all to his youngest son.

People are money mad, it's awful.

I won't get anything. My ex was always banging on about what inheritance he was going to get when his parents and uncles carked it, and I thought it was unpleasant, and assumed I'd be getting some from my parents too! But he's been ignoring me and our joint DS because I went through the CMS to get child maintenance, and resents paying it. Weird money obsession he's got going on.

I was supposed to of inherited money when my grandad passed away. My grandmother left everything to my grandad when she passed but it was set out that when it was my grandads time to pass, funeral costs were already paid for by them and that they were buried together. Set amount was to be passed to grandchildren including me. ( 9 grandchildren in total) My toxic mother was named as main beneficiary along with one of my uncles. Mother, 2 uncles and aunt.
Sale of grandads house, joint savings of grandparents, possessions in my grandads house were sold and money was divided between them. It was set out that each grand child should have received 1.5k each, I should of inherited my grans ruby engagement ring but my mother sold it and also didn’t give myself , my one brother and my older sister our inheritance she kept it and spent it all along with the money she gained from her share.
I never found out until about 9 years ago hence why I am NC as she is the most toxic and vile person and always has been, but that was just the final straw for me to cut all ties with her. My children will not inherit from any of their grandparents but I will definitely make sure that is not the case when I die , everything will be shared equally between my three children

My parents are boomers and my DB and I are so much better off financially than our parents are/were. They had very modest incomes, homes
all their lives and then really tiny private pensions (£80 per month each).