Inheritance

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Inspired by a currently active thread, surely there must be some MNetters out there who haven't inherited anything from grandparents or parents? DF is still alive - I'm pretty sure DM, who passed away a couple of years ago, left everything to him, and I'm not holding out for any inheritance from DF as I feel it is safer to assume any assets could well be eaten up by care home fees or any unexpected events. I inherited nothing from any grandparents. Yes, you bet I am jealous of those who have been more fortunate than I in this area! Is it just a Mumsnet thing where people expect to, or have received, an inheritance?

My mum gave me, my sister and grandchildren her half of the savings when she died . Mostly in case dad remarried , dad has his half and the house. We may get it, we may not there’s no way to know.

Or the poster could spend the lot right now on fine wine and fast living and end up on a par with those who are council paid not self funding? Or she could split her assets so that only her money funds her care? Or the UK could come up with an equitable system that minimum, stops self funding patients subsidising council funded places as happens now, and/or caps care costs as per other countries, one mentioned already upthread.
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Yes oh Bridget!
Depends on age group you're talking about but im in my sixties and received no financial inheritance from my parents. And knew lots of people who didn't. Because home ownership has increased, its more likely that people will inherit something but also because of longer life dpans, more money will be needed for care. But of course, not everyone is a homeowner.

My mother died about 20 years ago. She and my father organised their wills so that us children would split the inheritance tax free amount between us and my dad just kept the rest. The devastation of everything aside - she was too young and much loved -, that money was fundamental to me being able to buy a property.

We all have a very good relationship with our father and he hasn’t remarried so at some point, unless there are care fees, we could receive a substantial amount. But I certainly don’t have any expectation of it. By contrast one sibling is actively angered by the fact he hasn’t done more to estate plan and distribute funds as living gifts. But then they have always been grasping as hell

Same here

Totally agree with you.

Yet I know quite a few people who are racking their brains trying to think of ways to avoid paying for their care.

Yes all very true. And there are ways of handing property on way before you are likely to need care. But some people like to dangle an inheritance like a carrot.
My grandparent's house paid for my grans care very little was left for my mum and aunt but hey that's life they had years to plan for it . They both received over 25 years of state pension gran over 30 years so it's swings and roundabouts really.
Lack of proper planning is the real problem .

By contrast one sibling is actively angered by the fact he hasn’t done more to estate plan and distribute funds as living gifts. But then they have always been grasping as hell

tbh this winds me up with my mother (dad died when I was a teenager) because it’s one of her favourite topics of conversation but she won’t do anything about it. She is probably just under the threshold now, but that may change after the budget and her income is about £3k/month more than her expenditure so her estate is increasing by £36k a year plus the capital gain on her properties and share portfolios etc. She is in robust health and could easily passively gain £500k more before she dies. Fine - it’s all fair enough - there will be an inheritance tax bill and it will be paid, but stop wittering about it and stop telling us you are going to give us money when you aren’t. She said she was going to start giving money every month to the dgc in savings/junior ISA explicitly to “get money out of my estate” when my eldest niece was born - she’s 26 and there has been nothing. She brings it up every few weeks but nothing. “I’m allowed to give away £3000 a year so I could give you (2 siblings and I) £1000 each every year!” - yes you could but you aren’t going to. She buys us all bday and Christmas gifts of around £50 and always gives whoever hosts Christmas £100 to help cover the cost of that which is all very lovely but stop telling us you could give us money when you won’t. She also can’t spend money on herself (which is one of the reasons why she has so much).

I am getting sick of the lefties who live in their leafy areas demanding that the rich pay more and more. Without any understanding that the very rich are highly mobile. They will just see out this ridiculous Labour government in another country.

So, I wonder who else is left to tax and tax? You CANNOT tax your way to growth. Its one of the rules of economics.

Its the same group of people who want 'others' to pay for the NHS whilst probably having private medical insurance for themselves just in case. No way will they wait their turn for an operation.

Farage isnt the answer to this btw but you ignore his popularity at your peril. Name call all you like and shout your mouth off but the reality is he is very appealing to people who are keeping their powder dry to the next election.

If Reform and Conservatives merge they will catpault this terrible Labour government who are clueless as to what they doing.

My friend’s parents are in their mid 80’s and not in great health. They’ve done no inheritance planning and probably have £5m in assets including about a dozen properties that the kids only just found out about. Still won’t pass any of it on! Maybe paying all that inheritance tax is their way of being charitable, but it’s driving the kids bananas.

We have to listen to similar plus a hefty dose of hard times - chocolate rationing, electricity four day week

Sadly a rainy day has actually arrived but because they are in a mess with shares not in ISAs, houses split in weird ways and tight fisted ness, tax will be paid in multiple ways.
I suspect they owe on uncleared income, there will be capital gains plus inheritance tax plus claw back from what could have been a gift. Mostly it's all about having nicer stuff than the following generations. Heaven forbid someone younger should have a new kitchen or a new dress when they used to buy in charity shops.

In fairness, I suppose it doesn’t really wind me up because it won’t be as life changing for me - selfishly - PLUS we’ve had the best part of 40 years of my father saying he’ll do proper estate planning to minimise IHT (gifts etc) but he never does. He’s now in his late 80s and he was talking the other day about what he can do to accumulate capital. I said to him he shouldn’t be accumulating anything right now.

Just so you all know, while gifts are limited to £3000 per annum, if parents / grandparents have fat pensions they can give as much as they want from excess income after their bills are paid as long as it’s a regular amount. E.g. £1000 per month, every month. This then does not count as a gift

It is shocking that due to house prices especially in the SE and London that a number of older people have huge amounts in assets/savings and just seem to be hoarding it. Its for them! They dont want to give out anything very much because they might just need it.

My DF had a large amount of assets but he never said. He didnt want anyone to know. It was only when as POA when I went into what he had and literally took a deep breath and said 'you have how much??'

In the end the care home took the majority of it as he lived for far longer than expected but hey ho. It was his money.

Same with pil. They had £400k in their current account! I can’t imagine how they accumulated so much as fil had a very modest job.

They were generous to themselves but really mean to their dcs and families. When they came for Christmas one year their sole contribution was a box of crackers - with two extracted for their own use at New Year.

As I previously detailed all their ill gotten gains went to Mr Care Home - so be it - but dh and siblings were rather cheesed off that they had been pleading poverty for 30 years and never once putting their short arms in their very long pockets.

I am giving a wry smile here. DF brought round a box of out of date biscuits and wanted them shared around at Xmas. They wanted the tin back because it would be useful for storage.

Gosh, yes, fil would have so done that!

Nothing. And not expecting anything. My DF doesn't even own his home, renting. No others alive.

A doctor can sign it for you.

H got about £20 from his parents - now both dead). I have had nothing so far - elderly parent who may have to go into a care home, so probably sweet FA for me too!

Every one of my friends have inherited substantial amounts though. One got £150K from an aunt she had never heard of!

I find the sense of entitlement in some of these posts quite astonishing.

It's not your inheritance until they are gone. Until then it's their savings and assets to do with as they please and there's no need for anyone else to know your financial details. Further, if they want to give it all to the local cats home on their death, that's their right.

My adult and older teen DC have no idea what i have in the bank or not because it's frankly none of their business, just as I don't know what my adult DC has in their account.

Some people are talking on here as though others have had a lottery win FFS. Have some sensitivity!

I too will inherit nothing and I am bitter. DH and I both have fairly feckless parents who have squandered houses and also remarried so their wealth has passed to step-families.

Well, them's the breaks but I think it would take a SAINT not to be bitter. It means we both have to work until retirement age and beyond, which is a shit quality of life in comparison to retiring early and having financial security.

Yes I get these posts that say "I'd rather have my parents alive" but that's not the deal. Our parents still die! We just get months of admin instead.

I feel entitled to my possible future inheritance as payback for my crappy childhood and having a useless mother who has inadvertently caused a lot of damage. Sure she can do what the hell she wants with her money but I can and will feel what I feel. If it doesn’t happen then I’ll get over it.

Hear !hear!

I do feel for the people who see their parents' wealth go to step-siblings. That must be a bitter pill to swallow.

I have used my first support emoji!

I think that you'll find that older generations have effectively stolen from younger generations. Gold plated final salary pensions, public sector pensions, triple lock, house prices going from 3x to 7/8x earnings, all whilst increasing the national debt, ie. not paying enough in the system themselves compared to what they are taking out.
So I'd be a bit pissed off if they decided to take that money to Vegas and blow it, or gave it to the cats home. At least with inheritance some of it goes back into the system via IHT and the rest gets passed to the generation that are paying for their pensions, etc.