A generation waiting to inherit

[Okaydoklay]

With house prices being so high, are we creating a generation of people who home ownership is out of their grasp, and those who have wealthier parents , they are all waiting for their parents to pass to ever be able to afford their own home.

@MyOpinionIsValid

I’m very surprised that your friend’s husband does not meet NHS Continuing Care criteria given your description of his very high care needs.

I’m at a loss though to know what to think, having read this thread. Shocked, mainly, at the level of entitlement shown regarding what is, after all, someone else’s money. How very sad and mean spirited some are, towards those whose only crime is ageing.

If Corbyn gets in he is likely to introduce lifetime gifts for children so less children likely to inherit as a lot of parents will decide to spend money on themselves if can't leave to children

If this commie hypocrite gets in and introduces a way of stealing from my children what I have earned I would seriously get it all together and set fire to it rather than see it wasted by him and his kind.

Interesting thread.

I do know people of my age (Gen X) who are openly "waiting to inherit" and I do find it a bit disgusting.

I will not inherit anything worth mentioning from DPs.

I am perfectly happy to fund my own care needs as they arise and have no idea why some people think you shouldn't have to pay for this ?????

However, I do know several people who have HEFTY life insurance policies that will pay out (even if cause of death is suicide) in mid/late eighties. They say they are happy to plan around this, and it makes life easier to make it finite.

Obviously, as PP have pointed out, none of us knows what is around the corner, and a stroke or other debilitating illness could mean they are stuck aging with no means of ending their own lives ( a fate worse than death)

@MyOpinionIsValid I'm in my thirties home owner, South east, my parents and grandparents as well as DHs are also home owners and we will inherit at some point, if Corbyn doesn't take it all, similar position to lots of people I know. But no one I know is waiting to inherit to buy property or get on with their life and it's not cheap here! I see any inheritance we receive as being for DS really as we're already halfway through a mortgage and comfortable, I hope I'll be quite old before I inherit anything.

My DM and her sister (babyboomers) counted on inheriting. My DGM is 99 and fighting fit! Things have definitely not gone to plan for those girls. They didn’t work/earn enough, have hit retirement fairly penniless. And grumpy about it too.

Waiting to inherit, with longevity pushing out to 100, is a pretty poor financial plan for anyone. Looks like we’ll need some tighter Elder Abuse laws soon, it’s an ugly reality.

Londonmummy66
Glad to see that @SilverySurfer is here to tell us that if they all jettisoned their expensive lifestyles they could all afford to buy a property. Where I live you wouldn't get much change from £350k to buy a 1 bed flat on a 70+ year lease.

I'm not 'telling' you anything, just sharing my opinion like everyone else. Just pointing out that different priorities have different outcomes. A 1 bed flat where you live may well be £350k so some people may choose to move to a cheaper part of the country. All about priorities again.

Aaargh! My post on page 5 I said (in response to a question from MyOpinionisValid) :-

"Probably but am unlikely to live another forty years, I will be seventy at the end of this one."

I meant to say, "Probably NOT"! Left off the "not". Of course not, that would be £4m and we're not multimillionaires. Is senility settling in already I wonder? Think I'll go off to bed now, I obviously need a rest.

If anyone is waiting for an inheretance: 1. They may wait a bloody long time. Many people live to be 90+ 2 It will be down to chance whether their relatives need to spend nearly everything on care. 3. Not everyone's relatives have much to leave anyway.. Some people from advantaged backgrounds may think they'll be fine but who knows.

Shocked, mainly, at the level of entitlement shown regarding what is, after all, someone else’s money. How very sad and mean spirited some are, towards those whose only crime is ageing

I have reread the whole thread and tbh this is not the impression I have taken away from it. A few posts maybe, not more.

People are (naturally and inevitably because one impacts the other) conflating two different issues: inherited housing and elder care costs. To my mind, this reflects massive failures in both areas of public policy making. I don't believe that many people really want to feel like some kind of vulture, perching expectantly, knowing that their loved ones have to die to cement any chance they might have of winning some security and stability.

Quite a few posters have mentioned owning second properties. Clearly, individuals can't be held personally responsible for the state of things but this does illuminate the problem that housing wealth is becoming more and more concentrated in fewer and fewer hands and inheritance will only exacerbate the trend.

it seems the baby boomers are all coming up to age of dying and will leave lots of homes

I'm a baby boomer and not planning on dying quite yet. I also don't have any of these mythical " multiple homes" that people speak of - just the one.

When my parents died and I inherited their home, I sold it and gave both my children enough to purchase their first homes - more than anyone ever did for me. My parents inherited from theirs,
and spent it all on world travel. To each their own I guess.

@Rachelover40. Mine won't be spent funding a care home, I'll be cared for at home as will my husband if we need it. We've both decided on that and there will be sufficient money to facilitate professional care.

Well I hope there will be many millions to enable you to do this. I funded 24/7 care for just two and a half months last year when my father was dying and the cost for that was £22.5k. I don’t think many people have the slightest idea of how expensive 24/7 care is.

Being a carer is a very very low paid job, yet the cost of care is huge.... somewhere, some people, are making huge amounts of money (care homes? care managers?)

Well if you are talking care homes Solitude then you need a bit more than a few carers to run one. First of all purpose built premises, then a whole range of staff inc usually a duty nurse - and the whole thing has to run 24 hours 7 days a week not just 40 hours like most businesses. Heating and water bills are huge also.

They go bust a lot - even the big chains- so I don't think there is as much profit to be made as people think. Certainly not if properly run.

At home 24 hour care equates to employing a minimum of 3 people so not cheap either.

DH's father died two years ago and left us a deposit in his will. We just bought with it this summer. We wouldn't have been able to do so without it.

Tbh I think my dad always thought he would inherit a decent chunk (£100k ish) when his DM died. What has actually happened is that she has been in a dementia home for over 5 years and they had to sell her £500k house to pay for her fees - which are over £1000 a week.

She is 94 and has health scares now and then but doesn't show any signs of significant physical decline. It's looking very likely that her care will use up all the inheritance money.

He is 66 and if he dies I get practically nothing btw.

At forty I could see a hefty inheritance on the horizon.

At fifty my parents downsized and started spending (and good on them for doing so).

At sixty both parents had developed dementia but were otherwise in good health. Both went into care, one is still alive today.

There is nothing left to inherit.

This is the reality that people should be expecting.

The pil lived into their 90s. Both had dementia. They were in a very basic home - people may think they have a choice, but mil was doubly incontinent and a screamer their term) so no naice home would take her. Ten years between them in a care home took everything.

People who trumpet, "Oh, I'd care for my parents". Yep. A: would you care for your in-laws? And B: dementia isn't a bit of dottiness. It is losing the 24-hour clock and random waking/sleeping, it is double incontinence, the person can be nasty and if someone is still physically able - violent behaviour. Plus the difficulty of lifting someone heavier than you are (and you may be old yourself by this time). And, of course, you may well still have a job.

People who trumpet, "Oh, I'd care for my parents". Yep. A: would you care for your in-laws? And B: dementia isn't a bit of dottiness. It is losing the 24-hour clock and random waking/sleeping, it is double incontinence, the person can be nasty and if someone is still physically able - violent behaviour. Plus the difficulty of lifting someone heavier than you are (and you may be old yourself by this time). And, of course, you may well still have a job.

This about sums it up. I know very few people who could cope with the reality, however vehemently they insisted they would be providing care.

The worst people are the ones with fit and active parents who show disgust for anyone putting their parents into care.

Speaking for someone who is caring for a father w dementia (along w my mother who does the bulk of care) you are spot on *@IrmaFayLear
The worst thing is, its not even my dad any more. It's an echo of the person he was.

I am filling in this form for myself. You can refuse treatment in a lot of scenarios if you do it in advance. I don't want to go through what my mum is going through, and I don't with years and years of caring responsibilities on my DC.

NChg "None of the babyboomers I know would help the younger generation. They took all the houses and all the wealth and kept them."

WTF?

I sincerely hope that euthanasia/assisted suicide has been legalised before I need to start thinking about funding my own care.

Really? But what if you're not particularly ill, but "just" with limited mobility/ability to cope alone? That doesn't mean you're ready to pop your clogs? My dad went into a home when he couldn't manage alone (even with privately-funded carers), but he still had a great quality of life in the first few months there. No WAY would he have been signing up for euthanasia - and it's more than likely that you won't either, when it comes to it. My mum used to say she didn't want to live past 75 - until she got to 70, when suddenly 75 didn't seem that old. Ditto 80. And even when she got a terminal diagnosis of a couple of months, she said she wanted every minute of her last days to "count."
You have NO IDEA how you will feel in later years, and I think anyone who gives large proportions of their wealth away to their children when they don't know what their own future holds, is very foolish.

I think the people waiting for inheritance could be quite disappointed. They don't want to care for elderly relatives so the old people go into Homes which cost a lot of money.
Those Baby Boomers lived through a lot of things young people don't understand. Anti Biotics were barely available during their childhoods. There were decent houses which only had one electric socket in each room. There were also some very difficult housing back in the day with whole families with 6+DCs possibly including grandparents all in one room or maybe two at the most with outside toilet and no bath not even a bathroom basin. They survived all that, do you really think they dont know that they are viewed as the cash supplier for the future.
Currently many grandparents are providing child care, they are to leave DCs money to buy houses and if they step out of line for one minute they are on the receiving end of NC.
The older generation are not as daft as the younger generation would like them to be.

Currently many grandparents are providing child care, they are to leave DCs money to buy houses and if they step out of line for one minute they are on the receiving end of NC.
Very true. I suspect that those who brag about going NC with parents will still expect to get an inheritance. I also suspect they will be disappointed.

I am just at the tail end of being a baby boomer and I have inherited zero and even though my mum is still alive there is nothing to inherit there either. In fact my mums came to live with me a few years ago as she is too disabled to live alone.
I have a paid for house and some investments plus a small pension from my late husband. I don’t have a pension of my own and in my middle 50s it is too late now so it will be state pension and late husbands that will fund my retirement.

Once my mum is gone I plan to sell up and Buy a smaller property to see out my days in and give the rest to my children.
I have no plans to ever go into a home or be dependant on others for care and should I ever get near that stage then a bottle of gin and pile of pills will see me on my way.

If Corbin ever got his way to stop me from giving to my children I would send all my money abroad even if I took in cash in a suitcase.