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Who's Not In Line To Inherit A Property?


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What makes you think the majority on here are well paid middle class?

Well, I am. I stand to inherit a huge amount from my parents. But they will hopefully not die for a good 20-30 years yet. If they live past 100 it will be 40-50 years before I see anything. And if they go slowly, all of it may be spent on their medical and nursing care. I do not expect to gain a penny from them, and do not wish to use their bank to buy a house.

I aim to be able to afford a house with my partner only working part-time or not working at all, ala boomer times. The fact that I am highly paid for my age and still unable to do so speaks volumes about the state of thie country.

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Well, I am. I stand to inherit a huge amount from my parents. But they will hopefully not die for a good 20-30 years yet. If they live past 100 it will be 40-50 years before I see anything. And if they go slowly, all of it may be spent on their medical and nursing care. I do not expect to gain a penny from them, and do not wish to use their bank to buy a house.

I aim to be able to afford a house with my partner only working part-time or not working at all, ala boomer times. The fact that I am highly paid for my age and still unable to do so speaks volumes about the state of thie country.

If you could miss out the boomer rubbish in this post I really could make more sense of it.

I actually have some sympathy for you and everybody else dragged into this mess (wouldn't be here otherwise)

BUT, working on the assumption that your parents live to over 100 (which is highly unlikely) You then will be retired and could look after them yourself ... couldn't you?

What is it with people on here that seems to want them stuffed in care homes!!!!!

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Unless you are a very desperate to get your hands on a house, you will probably wish your parents a long and happy life. If we look at 80ish as being a typical time for a woman to die, you are unlikely to get your hands on a property much before you are 50 anyway, the sort of age when your own children might be knocking on the door of the bank of mum and dad.

If i get left a third of my parents house when they are no longer here , the first thing i will do is give it all to my daughter , it will be more use to her in her thirties than me in my fifties/sixties.

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Well, I am. I stand to inherit a huge amount from my parents. But they will hopefully not die for a good 20-30 years yet. If they live past 100 it will be 40-50 years before I see anything. And if they go slowly, all of it may be spent on their medical and nursing care. I do not expect to gain a penny from them, and do not wish to use their bank to buy a house.

I aim to be able to afford a house with my partner only working part-time or not working at all, ala boomer times. The fact that I am highly paid for my age and still unable to do so speaks volumes about the state of thie country.

Can I just ask, how old are your parents now?

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I've thought about this before but after reading a couple of threads where people are, yet again, spitting their dummies out about the 'greedy' boomers, wondered who out there, is not in line to inherit a property?

I'm not, incidentally.

We talk constantly about the down sides to the property boom (well deserved in most cases) but hasn't this, for many people, actually brought a benefit?

Massive HPI has meant many can't even afford to buy modest properties without putting themselves at financial risk. Even if they are in line to inherit property that might not be for decades and even then it might have to be shared with siblings.

In short, massive HPI has prevented many people from getting on with buying their own properties and getting on with their own lives and instead left them waiting around for mom & pop to pop their clogs.

When I was a kid most people had council houses, in fact I bet I'd have trouble counting the number of people on one hand who were going to be lucky enough to 'inherit.' Yet now, when I look around I can't think of one single person who won't. Not one.

For me this has sort of become the elephant in the room. It's there, millions will benefit, yet it's never brought up.

And what about those who won't? Do you give a flying f*ck for those poor souls?

I now know (didn't originally) that most people on this forum are well paid middle-class and so it's probably a bit skewed, but was wondering out of us lot who wasn't in line to inherit a property and get a fair old boost to their lifestyle?

You've obviously lead a very sheltered life and you think everyone lives in the world you see through rose tinted specs. This world is a cold, callous place; woe-betide you if you were ever the victim of misfortune because with such privileged pampered entrenched views you couldn't cope.

I feel I owe you an apology. We have a rule. We never free a mind once it reaches a certain age. It's dangerous, and the mind has trouble letting go. I've seen it before, and I'm sorry.
Edited by Dave Spart
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But at what age?

E.g. a friend of mine lost his mother about 18 months ago (his father passed away 2 years before that). He's 56 years old.

Another example. A friend of mine is 37. Here parents are in their 50s. When they die, she should share their estate with her sister (including a house).

But her parents could easily live another 20, 25 or 30 years.

In 30 years time my friend will be 67 and her daughter 46.

Maybe her as-yet-unborn grandchildren might be able to use the money to get on the housing ladder, everyone else will have already done so.

That is the truth, had a conversation with my folks a while back. They were saying oh you'll inherit and so on. Told them it wouldn't be overly useful to us kids at 60+. So I live one day at a time and leave them to it. I wouldn't even except any money from them now as it comes with strings and parental meddling.

Edited by Ipodjunky
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Massive HPI has meant many can't even afford to buy modest properties without putting themselves at financial risk. Even if they are in line to inherit property that might not be for decades and even then it might have to be shared with siblings.

In short, massive HPI has prevented many people from getting on with buying their own properties and getting on with their own lives and instead left them waiting around for mom & pop to pop their clogs.

Not arguing with you, but still amazed at the number of people who are inheriting and then insist it isn't going to make a jot of difference to them and theirs (keeps popping up that the next generation will be taking a good bit)

And I'm not arguing with you that HPI hasn't stopped a great number of people getting on the ladder.

BUT, the one thing that has transpired is that most people are going to inherit, and this does (no matter what people say) have an influence on our attitudes towards security and risk.

What happens if that is suddenly taken away when house prices plummet?

Will we have a small section of the population in the middle that has been given the leg up and the rest that haven't?

I'm not, by the way, interested in Inheritance Tax - it wasn't the reason I started the thread.

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There were a series of sketches on the 2 Ronnies in 1980 where women ruled the country. I remember Diana Dors played the PM. An excuse for them to 'drag up' really.

I expect it was some more serious programme being referred to, wasn't it? B)

The sketch series was called The Worm That Turned.

Preferred The Phantom Raspberry Blower, who terrified Victorian sensibilities with his nocturnal habit of blowing raspberries at unsuspecting members of elite society.

ROTFLAO when I was a kid.

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I am one of 5 children and I hope (honestly) that I do not inherit anything at all.

My mum's apartment just outside Lisbon is probably worth about 120,000 Euros ???

My husbands father & step-mothers house probably worth about 200k - would be split between 5 children

My husbands mother & step-fathers house worth about 400k - would be split between 4 children

Even as a young girl I knew that my parents owned quite alot of valuable gold pieces and my mother would occassionaly explain who would inherit whiich pieces when they passed away. I would advise my parents to sell it all when they were older and go on a world cruise or something....people should enjoy what they have worked for! My father passed away a few years ago, he never did go on that spending spree that I thought he should have gone on and now it's too late for him. I often tell my mum that she should cash it all in and spend it!! Life is to be enjoyed ad prefebably not at someone else's expense.

I know a number of people who often talk about the money they stand to inherit and it honestly makes me feel sick. The irony is that those that do this are always the ones who don't appear to like their parents very much. Talk about twisted.

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There is no disputing the fact that inheritance has increased substantially in the last decade, mainly as a result of the property boom. As one poster has stated, a significant inheritance could be equal to the lifetime earnings of an average earner.

This is the ownership of land and why un-mitigated, such ownership systems always become an unstable mountain of unearned privilege. You can collect entire life-time's incomes without effort or imagination, if you own land. I shpoul point out here that you are actually and in reality collecting the entire life-times incomes of other people; other people will really have to go without their production so you can collect it without producing yourself. Not owning land means that you get the other half of that implied relationship; that you will face costs which will take away most of the surpluses you create in your lifetime and give them to landowners.

Of course people like the labour party try to solve the wrong problem by taxing inheritance itself

Edited by Stars
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The sketch series was called The Worm That Turned.

Preferred The Phantom Raspberry Blower, who terrified Victorian sensibilities with his nocturnal habit of blowing raspberries at unsuspecting members of elite society.

ROTFLAO when I was a kid.

Written by Spike Milligan.

I liked when he presented his card at the door with just a picture of a raspberry on it.

There's no name.

I travel incognito.

There's no address.

I'm never at home.

:D

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Well, I'm not going to inherit anything that I know about. Loads of people inherit something, but often sharing with brothers and sisters.

The fact is their families paid off a mortgage on a house and should be allowed to leave it to their family. IHT allows married persons or civl partners to leave £650k without tax kicking in, upon the death of the last of them. That is enough in my view.

If you don't inherit, well that's the unfairness of life. It never will be fair precisesly in every way. Loads of people still rent or live in council houses. It has not changed that much over 40 years. The price of houses is totally mad though and that is all about to change.

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Ditto. If my parents have enough to cover themselves I will be happy. Anything more than that will be an unexpected bonus. I am certainly not planning for it. I also come from a large family - 7 kids though. :P

Maybe there is something in this ? Most people from big families don't even consider/plan getting a huge wad of cash in their pocket some decades in the future.

In fact - this has got me thinking - do more entrepreneurs come from big families ? And if so could this be a reason why ?

Same here one of 6 kids....they each have their own house, they knew and expected to make there own way in life and it never even entered their head that they would be given anything. ;)

Edit to add: What we were given and what we have is worth far more than money.

Edited by winkie
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Technically I won't. I will be buying my parents' house so they can more easily dispose of their assets to me and my siblings and avoid IHT or paying for care home fees.

I wouldn't otherwise be buying it as I see a 20+ year property bear market coming.

They are doing the world crusies, loads of holidays anyway out of existing income so aren't pressuring me to write them a cheque tomorrow.

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Because I've seen the surveys on here before relating to income and occupations ...

Doesn't tell you about a person's inheritance.

I'm one of those people here in a well-paid professional occupation. I inherited about £3k from the granny, who was much richer than the parents. I expect to be of pensionable age myself before I find out whether I'm due an inheritance from the parents. The only thing I know for sure is that it won't be more than a one-third share of a small 3-bed terraced house.

Yes I do resent HMRC helping itself to half my hard-earned so that far richer folks can enjoy their unearned.

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I am one of 5 children and I hope (honestly) that I do not inherit anything at all.

My mum's apartment just outside Lisbon is probably worth about 120,000 Euros ???

My husbands father & step-mothers house probably worth about 200k - would be split between 5 children

My husbands mother & step-fathers house worth about 400k - would be split between 4 children

Even as a young girl I knew that my parents owned quite alot of valuable gold pieces and my mother would occassionaly explain who would inherit whiich pieces when they passed away. I would advise my parents to sell it all when they were older and go on a world cruise or something....people should enjoy what they have worked for! My father passed away a few years ago, he never did go on that spending spree that I thought he should have gone on and now it's too late for him. I often tell my mum that she should cash it all in and spend it!! Life is to be enjoyed ad prefebably not at someone else's expense.

I know a number of people who often talk about the money they stand to inherit and it honestly makes me feel sick. The irony is that those that do this are always the ones who don't appear to like their parents very much. Talk about twisted.

Honestly couldnt agree, more, I am also one of five, and housespider, if you hadnt have put about apartment in Lisbon, I would have thought you were one of my sisters!! I also dont expect or want anything from my family, I saw how hard it was for my family to raise 5 children, I was the oldest,

but i think its a discusting mentality to even speak with parents about who gets what! FFS they earned the money and should be able to spend it how they want, mabye downsize to a smaller house and use the money gained to have a fantastic retirement, not hand it out to their kids who couldnt find ways to make it in the real world without requiring handouts.

Personally i think that anyone who has even thought, mabye salivated, at the money to come through via inheritance, please go and take a long hard look at yourselves because in my opinion you are nothing but parasites.

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Maybe i am in a minority of one, but i have inherited before and am likely to inherit a substantial sum in the future, but i still think the IHT is the farest tax going, After all if you are going to tax anyone then taxing the dead should be about the least painful way going. The problem as usual is the sense of entitlement people have.

my situation is perhaps one of the more bizarre, wifes family as sfa, my dad has a small house and some small investments. However a few years ago a former neighbour of our family died. They had no kids, distant relatives and two large houses. They decided (20 years ago) to write a will dividing their estate up amongste various people they cared about. Result was in 2007 I enherited a crazily large sum from family friends after the sale of these two houses at peak market values.

Of course i kept the money, but really if the govt had taxed the lot at 80% i would have said fare enough. Folk on here must not forget the reason that so much property is out of reach, even to those who have excellent jobs and contribute enormously to society, is because these properties are being passed between generations of families whose members might be complete wastes of space.

Good post.

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I am one of 5 children and I hope (honestly) that I do not inherit anything at all.

My mum's apartment just outside Lisbon is probably worth about 120,000 Euros ???

My husbands father & step-mothers house probably worth about 200k - would be split between 5 children

My husbands mother & step-fathers house worth about 400k - would be split between 4 children

Even as a young girl I knew that my parents owned quite alot of valuable gold pieces and my mother would occassionaly explain who would inherit whiich pieces when they passed away. I would advise my parents to sell it all when they were older and go on a world cruise or something....people should enjoy what they have worked for! My father passed away a few years ago, he never did go on that spending spree that I thought he should have gone on and now it's too late for him. I often tell my mum that she should cash it all in and spend it!! Life is to be enjoyed ad prefebably not at someone else's expense.

I know a number of people who often talk about the money they stand to inherit and it honestly makes me feel sick. The irony is that those that do this are always the ones who don't appear to like their parents very much. Talk about twisted.

leaving it to the grandkids in trust saves a lot of agro all round

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The wife is likely to inherit cash from Japanese parents and her brother should get their two houses.

None for my wife (2nd daughter) nor her younger sister (3rd daughter). Years ago, when the oldest daughter had a son, ojii-chan adopted his son-in-law (oldest daughter's husband) to carry on the family name (he had 3 daughters, see). The old man lingered in hospital for 2 years and burnt through all his cash. Son-in-law (now legal son) inherited the house and several small car parks in the neighbourhood. Of course, he has to look after obaa-chan, but she's actually running a profit for them as she gets the pension and never spends any money. That's the old Japanese way. Eldest son gets all. End of story.

Still, I never married my wife for her money, and freedom is worth a lot.

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I am middleclass by upbringinging but working class by life choice. If things go a certain way myself and my wife stand to gain a portion of SIX properties, let me explain

My Mum & Dad - Own House worth £350k split two ways = £175k

Uncle & Aunt - Own house worth £600k plus £150k holiday home split between nephews & nieces (they had no kids) five ways = £125k

Uncle & Aunt - Own house worth £500k split between nephews & nieces (they had no kids) seven ways = £75k

Wifes Mum - Own House worth £180k split two ways = £90k

Wifes Dad - Own House worth £120k split two ways = £60k

Total = £525k HALF A MILLION POUNDS

I have just added this up and blown my own mind, all this due to baby boomers/divorce/and not having kids

Mark

Invite them all around for tea...with a nice "almond" flavoured cake.

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Personally i think that anyone who has even thought, mabye salivated, at the money to come through via inheritance, please go and take a long hard look at yourselves because in my opinion you are nothing but parasites.

So what does that say about any number of BTLers who pop up in newspaper articles and television programmes to say that their kids will be priced out of housing so they are buying them property in advance to let out so it'll be some way to being paid off for them? The fact is that anyone who wants to make money out of property becomes a parasite, on this measure. Equally anyone who wants to hand money on to their kids is guilty of turning them into parasites; or is it OK if the kids never ever have that thought? It's OK to inherit megabucks, Little Lord Fauntleroy, just so long as the thought never crosses your mind that one day, all this will be yours.

There are no good answers to this because we are dealing with deep, fundamental aspects of human nature; any political response will be labelled by some as misguided social engineering and meddling, by others as theft by previous generations that gets perpetuated if it isn't modified by the state. We are all landed (!) with this situation one way or another and as individuals there is precious little we can do about it.

What is manifestly unfair is a system in which previous generations make themselves massive unfunded promises on the basis that someone else in the future will pay. That's taxation without representation. We live in a world where the monies promised to themselves by previous generations, most of whom happen to be boomers, are coming up for payment and the kitty is empty. So we have a society in which those holding the promises are demanding redemption and their kids are being impoverished in order to pay them. Cameron and Clegg are both Generation Xers and are no doubt well aware of this. I suspect they might turn out to do more interesting things than people expect, the change to CGT (which has been met with howls of outrage from those who want to live off past promises) being one of the first.

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Oh and it was announced on Yahoo by 2015 life extention drugs will become common place, only boomers will be able to afford them, such they will live till 2095+ at which there will be even greater technological advancement so your parents effectively become immortal by 2029.

Dream on. That stuff is just a myth. It's only purpose is to sell newspapers and get web hits. A time frame of at least 100 years for these meds is more realistic, if even that.

Anyhoo, I do stand to inherit two houses (shared with my sister). But neither of us give this much thought, since we know nursing home fees and tax will decimate it. Nursing homes are ridiculously expensive, and the coming austerity will only add to IHT.

Goodbye inheritance. Hello self sufficiency. But at least there's some dignity in that.

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