To think the Uk will move to an iheritocracy

[nappyvalley1992]

In the UK (especially the south east) PAYE earnings seem to increasingly play little part in overall wealth and what matters more of background/family wealth and increasingly the only path to a comfortable middle class life is via inheritance.

I am a late millennial of the south east whose parents own a very average home worth £1 million which under current rules I should inherit tax free. It's a similar story for almost all of my friends (amount almost equivalent of a lottery win). My parents were not even very middle class and had average jobs, they have just got lucky through house price inflation. Its not often spoken about, but I can foresee a wave of very wealthy millennials emerging in the next 15-20 years, and increasingly it wont really matter what someone earns in their day job, the biggest determinant of wealth will be those who are lucky enough to inherit.

Some millennials might even inherit large sums 2 or 3 times via grandparents, and inheriting from parents on both sides of the couple.

Will the government eventually start taxing inheritance more or what will the future look like in this area?

Nope, we are an hour from London but not in Greater London or Home Counties. A commutable distance. The current asking price of a 4 bed, modernised Victorian terrace is around 900 thou

I also find it unfair that a single parent who’s brought up children alone can’t leave as much as a two parent family tax free ( if it’s their home we’re talking about )

Almost all the boomers in my family and their friends rent. It's quite normal in London.

I have some friends whose boomer parents were able to buy homes in the 80s when it was possible for teachers, librarians, etc. in some areas.

@Printedword Winchester maybe?

Dementia doesn’t care about wealth. It’s the main reason people need residential care and the biggest cause of death in the UK now.

Not everyone with dementia has to pay for their own care do they?

Only if they haven’t got any money.

Does a 2nd property count as no money?

Dont some cases of dementia come under the continuing healthcare package?

No. Nor does a single property. If your house can’t be sold because it’s co-owned with a partner the local authority pays for care and recoups the money when the partner dies via a charge on the property.

Barely any, the bar’s extremely high.

So as I said not everyone with dementia has to fund their own care….My relative didn’t and my colleague has just been told her dad will have his package funded.

In which case they’re extremely fortunate or were broke. I fully expect we’ll have to fund our care if we need it just as my parents did. It was £1k a week nine years ago.

I haven’t said otherwise, I was just saying not everyone does have to fund it.
I think in both cases they were physically very strong which made them a danger. My colleagues dad was sectioned.

Why would they have to be broke? They weren’t/aren’t, CHC isn’t means tested..

Some other relatives paid approx 80k to have care in the home as they approached their end. They were very lucky though, lived till late 90s with no real health issues until the last yr, had plenty of savings & refused to consider a home.

CHC is virtually impossible to get. Obviously if someone’s sectioned that means they’re hospitalised so receive NHS care which isn’t available for straightforward dementia. If someone’s dangerous it’s different, most people with dementia aren’t dangerous to anyone but themselves.

No. Only around 15pc of over 85s ever need residential care.

@BIossomtoes

I haven’t said everyone can get CHC, or that it’s easy to get or that no one has to pay for their own care if they have dementia.
I simply said “Not everyone with dementia has to pay for their own care do they?” to which you replied “Only if they haven’t got any money.” which simply isn’t true.
I’m not sure which bit you are struggling with?!

They do if they’ve got any money

Dementia itself doesn’t qualify a person for CHC other nursing needs might do

Extremely difficult to access CHC, dementia not covered, generally.

Continuing Health Care, which is basically short term end of life care provided by nursing team attached to a GP practice (free), is a different thing to the carer visits, up to multiple times a day, that can be long term, funded and provided by the local authority's adult social care budget (means tested including income and savings, not including value of the property where the individual lives). Unless I'm getting confused?

I was confused by that because my Grandma got dementia and never went to a care home, they said she needed to go to a mental health ward somewhere and it was funded by the NHS. She appeared to deteriorate very fast after my Granddad died but I think they may have been hiding it for a while.

That impacts up to 30% of couples though, which is a quite a high proportion.

Nope