Inheritance.

[Mottie]

So yeah, our mum would like to leave it to us. Her attitude is why should she pay £1k - £2k per week for care costs (should this ever happen) and the person in the room next door is maybe getting the costs largely met by the taxpayer.

That is what is happening at mrs Motties mum care home but it is just luck that they were placed there - I think they may have been paying until the funds run out but I don’t know if you can go straight in there by choice with no funds.

 

[pete01]

I read that you can do that but you must pay a fair market rent to live there on which they will be liable for tax.

All very confusing, but people shouldn't have to worry about this, you should be able to leave your kids your hard earned money.

 

[Mottie]

It is a minefield and I find people are either in one camp or the other. I think if I was that far out of it, I wouldn’t know or care where I was. Mind you, that’s easy to say…..

 

[carmanmemoranda]

But you're ok with paying for peoples care if they didnt buy a house or save any money.

2 answers there.

If they worked on low wages and tried, or they couldn't afford to buy a house, or have major illness or similar, yes, its why I like living in a good society.

If they were well off and disposed of their assets to avoid paying there own way, then no.

 

[Murdochcat]

If you deliberately divest yourself of your assets leaving the state to pay, the state will go after the people that the money was given too.

My mums care fees were £6k per month in 2012

 

[pete01]

If you deliberately divest yourself of your assets leaving the state to pay, the state will go after the people that the money was given too.

My mums care fees were £6k per month in 2012

Does it happen? What if they've spent it?

 

[pete01]

2 answers there.

If they worked on low wages and tried, or they couldn't afford to buy a house, or have major illness or similar, yes, its why I like living in a good society.

If they were well off and disposed of their assets to avoid paying there own way, then no.

Fair enough, its wrong that some people get it for free and some people have to pay.

 

[mattylad]

IF assets have just been signed over to a child then they still get stuffed with the tax bill.

AIUI if instead a trust is setup and the assets put into the trust and the children made beneficiaries of that trust then they do not get stuffed with a large tax bill. (Or so the guy I once watched a FB video of says )

 

[carmanmemoranda]

Fair enough, its wrong that some people get it for free and some people have to pay.

Life isn't fair, I know.

The people getting free care don't generally get access to the same quality care homes as those paying . And yes I know some do, but it's not the usual.

I've seen a few care homes. Given the choice ( and enough money) between being free and paying for it directly, I'd choose the paying option choice.

With my parents, they'd worked for their assets, why shouldn't they use them for better care. It wasn't my money, it was theirs.

 

[pete01]

Life isn't fair, I know.

The people getting free care don't generally get access to the same quality care homes as those paying . And yes I know some do, but it's not the usual.

I've seen a few care homes. Given the choice ( and enough money) between being free and paying for it directly, I'd choose the paying option choice.

With my parents, they'd worked for their assets, why shouldn't they use them for better care. It wasn't my money, it was theirs.

Yes of course I wouldn't begrudge my parents a good home but I'm thinking of it as me passing to my kids I'd hate to leave them with nothing.

 

[carmanmemoranda]

Yes of course I wouldn't begrudge my parents a good home but I'm thinking of it as me passing to my kids I'd hate to leave them with nothing.

Ask your kids for their opinion.

If they say they want the inheritance more than your care, what would you think.

 

[pete01]

Ask your kids for their opinion.

If they say they want the inheritance more than your care, what would you think.

They wouldnt say that, but I want them to have it and I'll have an all expenses paid home (shame you don't get a choice)

 

[carmanmemoranda]

They wouldnt say that, but I want them to have it and I'll have an all expenses paid home (shame you don't get a choice)

So they'd prefer you to have decent care, rather than your money? Good.

Thats exactly what mottie asked.

 

[pete01]

So they'd prefer you to have decent care, rather than your money? Good.

Thats exactly what mottie asked.

I'd prefer to have free care and the kids get the money.

 

[carmanmemoranda]

I'd prefer to have free care and the kids get the money.

Yep. Life isn't fair.

And I don't think I and others should be paying for your care, to allow that.