No inheritance because of pilot training

[Poily]

My brother is a pilot for a major airline in the UK. My parents were not able to borrow against their house to fund it so had to use pretty much all their savings. £150k was roughly what was spent.

Due to their failed business (folded just after Covid) they racked up massive loans trying to save their hospitality-related business. When they sell their house they won’t end up with much.

So I don’t know exactly how it works but some of that £150k ends up in a bond which the airline then pays out to my brother every month in his pay packet. But if my brother walks away from the airline he walks away from this bond also. It’s a lot of money. Gets paid over 7 years I think.

AIBU to think my brother should not quit his job and move to the Middle East (stupid salary) as he plans to do? He way paying that bond money to my parents.

Brother has said he will cover my parents bills. Great. Thats the right thing to do. But that cuts me out. As my parents were transferring the bond
money into a savings account for my kids.

AIBU?

So basically your parents, when they were better off, supported their kids = your brother & you & now their poor they can't also support your kids ???

I agree it's unfair given how you's have been raised (no judgement as id love it myself) but realistically you'll have to find the money to support your own kids from now on .

How much of the bond has been repaid already and is sitting in your children’s savings accounts?
Are you suggesting that your brother remains on a lower salary for x more years in order to ensure that your parents continue to pay money into your children’s savings accounts, even if they might not be able to cover their own rent?
Do you think that he should not take this opportunity to earn a much higher salary, cover your parents’ rent and bills, and then accommodate them with him when they retire?

It's irrelevant where it goes as long as it is being repaid. You are stuck on semantics. He gives it to them and they pay rent or he keys it directly to the landlord. No difference. He is still 700 down and they are still 700 up.

But now that it's going directly to a landlord, OP(s kids, yeah right) won't get anything, greedy mare

OP when your parents gave them the 700 directly and they then paid 700 rent, where did the money come from to put towards your dc?

Because if now he pays direct to the landlord then they don't have to so they will still have 700 more than they would have had. Why are they stopping putting money aside for your dcs? Not that they need to but the maths doesn't add up.

This!

Plus on top of the brother paying back the loan, he is offering to house then for the rest of their days which must be a massive weight off their shoulders.

You are being super unreasonable OP. If anything, you should be offering the money your parents have given your children back. They clearly cannot afford to be passing inheritance on before their deaths.

If the deal was to pay your parents back then yes he should do this. It sounds like he will be paying it in the form of rent and bills which is still paying it back. It also sounds like your parents need this money to live so it’s unreasonable to expect it to go straight to your kids. Your only option is to speak to all of them and ask for some of it to be paid to you like the original plan. However, your parents’ money is theirs to do what they want with, it’s only inheritance if they have passed away. So if they need it to live because of their failed business it’s tough luck and you will have to see if anything is left after they pass away

You have really screwed this up in your mind. Your brother was repaying your parents £700 a month that your parents were putting into a savings fund for your children. He is now paying their landlord £700 a month for your parent's rent and your parents have stopped putting in savings for your children - BECAUSE THEY CAN'T AFFORD TO. If your brother had not moved jobs and was still paying them £700 - its likely they would be having a conversation with you saying they can not longer afford to save this money as they need it to live on.

I hope this is one of those troll posts because you sound like a very selfish person and your poor parents deserve so much better after trying to help your brother and saving for your kids.

Not necessarily. £150k is £75k between two. At £700 a month, it would take 9 years to pay back what OP believes is her share. Assuming he’s been paying back for a couple of years already seeing as he trained during Covid, that’s only 7 years left.

But in all honesty, my parents did buy my brother a £300k flat, but then couldn’t do the same for me after their circumstances changed. The flat is now worth £500k, but I don’t hold it against my parents at all. It simply is what it is. In fact, after their change of circumstances, I’m the one who supports them monthly each month whilst my brother, who has gained the most, barely helps. I’m more bitter about that than the gift to my brother!

This. OPs brother got £150k 'gift' when they were well off. He started paying it back. At that point the belief was they would remain well off and both kids would prob get an inheritance of some sort unless care home fees took it all.

Now parents are broke and could really do with that money continuing to be repaid for security in retirement. But brother wants to walk away from current job and lose the £100k or whatever is left to be repaid by the airline. That's not a good son move.

He says will still take care of them financially but they will essentially now be relying on his charity. They will likely get no say in the location, design, build etc of the house and if they don't play by son's rules might not get to live there and find themselves financially cut off by him before the house is even built.

The parents' mistake was not properly drawing the £150k up as a contractual loan with repayment terms by the son. They now don't have a leg to stand on if he does nothing to help them. And they are not now in a position to treat both their children equally. If he had fully paid back the £150k and they still had it on death the kids would get £75k each.

OP I hope they realise you have been treated unequally compared to him and try to right that via their wills leaving you more than 50% of what is left if anything is.

OP, I don't think your brother is doing right by your parents - I think he's doing right by himself.

Have I read somewhere that he plans to move back and build a house with room for your parents?

He's a CF! He'll end up with a massive house, worth far more than he's going to pay for it, funded by basically ripping off your parents.

He'll be saving a fortune, I imagine by not having to pay the cost of gaining his pilot's license back to your parents. On top of that, he'll be saving a fortune in income tax.

For the love of God, please tell me that he won't be charging your parents rent when they move into his new house?

If I were your brother, I might hypothetically change jobs, but I would make damn sure that every single penny that I had agreed to pay back, was paid back. I wouldn't try and wriggle out of that responsibility.

Your parents are going to be financially dependent on him, and this shouldn't be the case when they've done him such a huge favour.

There is no difference. The airline wasn’t paying the £700 a month back to the parents. They were paying it to the brother, who paid the parents. It was therefore dependent on the brother honouring the loan.

Now by moving to the ME, the new airline won’t pay that money, but he will earn a lot more. The monthly payments will therefore still be dependent on the brother honouring the loan.

Op said the airline bond of £150k was being paid back to brother over 7 years so just over £21k a year. And he was giving that to his parents to repay the debt.

Now he wants to pay £700 a month rent for them. That is only £8,400 a year. So he is giving them nearly £13k less a year!

He has decided to stop paying the £21k and just give them what he decides they need. That's shameful behaviour towards his parents who have recently lost almost everything they spent a lifetime building up.

Can't imagine the parents care if they've raised their kids right & at least 1 has a High earning job & is willing to help support them OP upset they can't fund her kids aswell (as shes made 'sacrifices' to go without herself)

Or was he only paying £700 a month when working for the airline? I am not sure it's clear from the OPs posts.

Think from the info given the airline were paying around £1700 to the brother.
Seems to be 2 years worth so far. From op all that money was being paid into an account for the dc. So around £40k gift/ inheritance.

Instead the brother will now pay £700 direct for rent / bills. Outstanding loan still to pay is approx £110k. So I guess it depends on ho long parents live if that turns into a gift. But op dc has had approx £40k from info given.

Ah sorry, I missed where its been confirmed op would get the 75k.

What's your problem then op?

Maybe the brother’s pissed off he was repaying the loan and the parents were just passing it to OP’s kids rather than using it for their own living expenses!

Yes, I'm also confused.
On the surface, it looks like OP is U. As the brother's 150K was a loan, not a gift.
However, it looks like OP might be annoyed at the effort. Rather than the money itself.
OP's parents only gave her 1K when she went to uni and made her do a gap year to save.
Unclear whether brother did this also.

So sometime after uni, they supported their son's dreams to the extent of using up ALL of their savings, leaving them in the shit when their business failed? But they also put aside money for the OP's kids.. OK, why can't they use this money now? Where is it?

OP's expectations aside, their son isn't doing anything 'good' by paying all their expenses IMO it's his moral obligation. If he hadn't taken that 150K would they have gotten CCJ's and a ruined credit rating?

I also highly doubt that he's going to house his parents for the rest of their lives. Easy to say when he's young, single and childfree. Wait till he gets a wife who doesn't want to be an unpaid carer for her in-laws!

Of course OP is U for expecting money when her parents have nothing but they have nothing because of brother. She shouldn't be making it worse but equally it's him that should clean his mess up. Not her.

Basically, yes. Half hoping my daughter will opt for the RAF instead.

You can train to be a pilot direct with sone airlines via GCSE route now @OneMoreTime23

I don't think OP is necessarily bothered about how much is left to her. It's about the inequality of what she has received compared to her brother and how he thinks he can just unilaterally change the terms of what was initially a loan to be paid back over 7 years.

Because of the failed business and the proceeds from a house sale paying off debt without much left over and the dad retiring - and they are fit and healthy - how are they going to pay their living expenses for years to come?

I'm not seeing potential inheritance. I am seeing probable insolvent estate.

You sound horribly selfish. Your parents sound in a dire situation and all you are worried about is them not paying money into your children's account, even though you yourself are financially secure.
You do not have an inheritance. Your parents are having to sell their property to pay their debt. They do not work. It sounds like your brother has found a way to support them in their retirement, paying all bills snd some spending money and then, once he has made some money in the ME, building a home for them. The money they lent him is likely to be more than repaid so he doesn't have any inheritance either. Maybe just be thankful your parents aren't homeless. Im glad for them that both of their children arent as entitled and selfish as you are