Inheritance.

[Brigadier]

I don't care what anyone says. It can't be right that two folk end up in care, both earned decent money, but only one has to pay cause they've been careful with their money, whereas the other one doesn't cause they chose to fritter all their money away.

I work on the assumption that c. 10% of people are scroungers, criminals, tossers, or tnucs.

No matter what you do, the sector in which you work , or the society in which you live, it usually isn't far off the mark.

They're will always be those who pay, and those who take.

But at least with a decent society, more people feel they have more worth and, therefore, contribute more and take less.
So everyone ends up being better off.

 

[carmanmemoranda]

That's insurance this is a "care tax"

Why not put that amount you'd be happy to pay in extra tax, into a savings " care" account.

See how long it provides for your care.

 

[motorbiking]

It’s a tricky situation, on the one hand the tax payer should not be picking up the bill for people who have means to pay. On the other people who are asked to pay should be able to expect better than those who have no means to pay. Otherwise we incentivise the elderly to dispose of their wealth to avoid it going on care and we encourage people not to build reserves to pay.

But to the OP earlier point. Inheritance is what is left in the estate after all the bills are paid. Nobody should have the view that their inheritance is being dwindled by their elderly relative. It would certainly help if essential care was an income tax deductible.

There is no 7 year rule on wealth disposal for assessing means to pay for care.

 

[pete01]

Why not put that amount you'd be happy to pay in extra tax, into a savings " care" account.

See how long it provides for your care.

Na I'll just blow the lot when I get to say 70

 

[Brigadier]

Na I'll just blow the lot when I get to say 70

No, you won't.

 

[motorbiking]

Exactly why we need a two tier system like we do for NHS, school etc.

If you want a private room with an en suite and a tv. Then you pay.

If you cant afford that. No problem the state will care for you. But you won’t get the same as mrs x down the corridor forking out 1500 a week.

It’s nonsense to expect the tax payer to cover luxury care homes.

 

[pete01]

No, you won't.

Haha I know.

 

[Deluks]

Exactly why we need a two tier system like we do for NHS, school etc.

If you want a private room with an en suite and a tv. Then you pay.

If you cant afford that. No problem the state will care for you. But you won’t get the same as mrs x down the corridor forking out 1500 a week.

It’s nonsense to expect the tax payer to cover luxury care homes.

Well at isn't that expensive if you want to bring your own TV in.

And all the care homes I've visited have an ensuite or loo just down the corridor.
It makes sense for there to be facilities close to every room so the staff can wash their hands after they've just wiped your airse.

 

[Deluks]

Isn't that a myth

Maybe I was thinking of inheritance tax for property ownership.

In any case, the system encourages us to spunnk all our money on beer and fags and partying, which ironically will probably land you in a care home much quicker.

 

[Notch7]

Mrs Mottie and I are of the opinion that it’s the parents money to spend or leave it to whoever they want. Her mum is much better off now in a care home and it’s costing a reasonable (we think) £6k a month. One of her siblings is fretting over the money draining away.

Other people we know are of the opinion that it’s their right to it and are badgering their parents to give it to them now so they can see them enjoying it while they’re alive.

What’s your views?

I assume your MIL gets attendance allowance or NHS funded nursing care?

I guess she has had a continuing care assessment. It’s impossible to get CC as they make the bar so high, almost nobody qualifies….luckily my Mum was granted CC and the NHS primary care trust paid for the care home fees.

 

[Notch7]

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.

Lots of care homes seem to take some places funded by the state, either NHS via continuing care or via social services if savings under means tested threshold.

The problem is social services only pay about £700 a week, so privately funded places subsidise those places funded by the local authority.

if relatives want to choose their care home they can pay a top up fee to make up the difference, if you want the local authority option, it might not be very local or not terribly nice

 

[Notch7]

Other people we know are of the opinion that it’s their right to it and are badgering their parents to give it to them now so they can see them enjoying it while they’re alive

I think elderly parents should live out their twilight years without the stress of offspring badgering for money.

It is wise for parents to make financial arrangements giving due consideration for care home fees, funeral costs and tax planning, but that doesn’t mean handing it over.

 

[Murdochcat]

If you go back a generation or 2 most people left almost nothing

 

[diy_fun_uk]

Most people who have earned decent money will have saved a bit.

It's generally those on poor money that have none left.

And yes I know there are other examples, but it's not a majority

That, to me, is the moral of the story.

Don't (save that is)

 

[Deluks]

That, to me, is the moral of the story.

Don't (save that is)

Don't die with any fun left in the bank.