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Expecting An Inheritance? Your Parents Have Other Ideas

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http://www.telegraph.co.uk/finance/personalfinance/consumertips/8702757/Expecting-an-inheritance-Your-parents-have-other-ideas.html

Two thirds of adults aged under 35 expect to receive an inheritance but half of those aged over 50 are already spending the money, according to a survey of 2,000 people by Skipton Financial Services.

More than a third of the older group said leaving an inheritance would put a strain on their finances and more than a fifth said they did not expect to leave anything to anyone else when they die. That could lead to awkward scenes at the graveside – if not before – and leave many adult children bitterly disappointed.

Andrew Barker, managing director of Skipton Financial Services, said: "It is no surprise that with rising taxes, university debt growing by the year and mortgages much more unaffordable than before the credit crunch, young people are more and more desperate for a financial helping hand from their parents.

"It is particularly scary that, while almost two thirds of youngsters are expecting to receive an inheritance, for the vast majority of these it is purely an assumption as only one in four has had a conversation with their parents about the inheritance."

If you expect nothing you'll never be disappointed.

The boomers had it all and they'll leave nothing.

Although is a small survey and should be taken with a pinch of salt.

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"That could lead to awkward scenes at the graveside – if not before – and leave many adult children bitterly disappointed."

I am disturbed by these "adult children"!

Go and get you own stuff to die with! :huh: !

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I'm a boomer (well, depending on your definition) and I definitely haven't had it all.

I'm still keeping my kids. And soon I'll be keeping my spouse as well. I am royally skint.

Just for balance.

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I'm a boomer (well, depending on your definition) and I definitely haven't had it all.

I'm still keeping my kids. And soon I'll be keeping my spouse as well. I am royally skint.

Just for balance.

You, me, and a whole of a lot of others! :blink:

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I'm a boomer (well, depending on your definition) and I definitely haven't had it all.

I'm still keeping my kids. And soon I'll be keeping my spouse as well. I am royally skint.

Just for balance.

Indeed, grass is always greener. Plenty of impoverished boomers about, and there will beplenty more as time goes by.

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You, me, and a whole of a lot of others! :blink:

Well, if you hadn't wasted so much money on VHS video recorders and Dolby stereo systems when you were younger ;)

Seriously though - I have a huge respect for the Boomers who post on this site and really appreciate their perspective.

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Just to add my views on the Boomers.

It was the Boomers' parents who had it all. They had the big families which meant plenty of people to pay their pension and push the price of their houses up.

I am a boomer and my parents took early retirement and live better than I do. We had smaller families because it was seen as anti social to have a large family and over-populate the planet. But the rest of the world laughed at this and continued having large families and they are now flooding into the western countries to compete with Boomers for pensions.

Meanwhile, I am still working in my 60s with no prospect of retirement. I will work until I drop, which considering my fitness levels with my involvement in running, martial arts etc. is at least another 30 or more years away.

My pension is non existent due to banks and governments squandering all the taxes I have paid over the last 40 years of full time employment. Any savings have disappeared due to inflation and helping my kids out with cash handouts. I own a house which I view as a home, not an investment. And that is lucky for me, because its values drops steadily every day.

Consider this. If the western governments had not flooded us with immigrants, we would all be looking at a golden age now. Plenty of houses to go around, and plenty of jobs. No need to encroach on green belts, or destroy pristine villages. All our white collar jobs would be done in India and all our products would be made in China. The population of a country like Britain would be about 40 million with no ethnic ghettos. Everyone would have a job and social disorder and congestion of cities would be unheard of.

Its a shame that there is not a label for the Boomer's parents generation, because they are the ones who got the gold plated pensions for life. Here in Australia they call them the "Grey Nomads". They travel around Australia in expensive caravans and motor homes, living a life of leisure on generous pensions, after retiring in many cases in their early 50s' I can only dream of such a life of leisure.

Edited by UncleKev

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Well, if you hadn't wasted so much money on VHS video recorders and Dolby stereo systems when you were younger ;)

Seriously though - I have a huge respect for the Boomers who post on this site and really appreciate their perspective.

Not sure I'm quite old enough to be a "boomer", but I have "wasted" a lot of money on "arsehole sound systems"!

I'm pretty sure my dad will leave me "****** all" when he finally meets the Reaper"!

We all make our choices in life but I'm fairly sure we can't choose when we get born! :o

Edited by MrPin

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http://www.telegraph.co.uk/finance/personalfinance/consumertips/8702757/Expecting-an-inheritance-Your-parents-have-other-ideas.html

If you expect nothing you'll never be disappointed.

The boomers had it all and they'll leave nothing.

Although is a small survey and should be taken with a pinch of salt.

For my money here is what will happen:

- bad boomers spend the lot on holidays

- more conscientious boomers save some and plan to give it to their kids

- they hopelessly underestimate both care costs and their longevity

- they run out of cash and their kids have to pay to look after them for the last 5 to 10 years

Care is *prohibitively* expensive.

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Basically, when the books are closed on the Bank of Mum & Dad, it will be found that the all money has been lent to a younger generation to help get themselves expensive millstones to carry for decades, or pillaged by nursing home fees.

I pity the one sibling who is left with nothing, being the sensible one not purchasing a house, whilst he sees his brothers better off to the tune of tens of thousands courtesy of BoMAD, even though they are skint as well.

I'm a boomer. I didn't inherit Dick sh1t. In fact, my mothers death left me out of pocket.

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For my money here is what will happen:

- bad boomers spend the lot on holidays

- more conscientious boomers save some and plan to give it to their kids

- they hopelessly underestimate both care costs and their longevity

- they run out of cash and their kids have to pay to look after them for the last 5 to 10 years

Care is *prohibitively* expensive.

I am definately not getting any inheritance.

On the upside I'm doing my best to plan for this, so no nasty surprises when it all gets left to the Cats Home.

Agree above that these are some of the reasons people shouldn't plan one penny of inheritance into future plans. Add to that not being left anything due to falling out of favour or parents outliving you,which most people might not consider but it's likely these days. New spouses and additional unexpected family is another one.

My uncle has bought a beautiful coastal house which has a garden 100ft from the edge of a cliff, his words "I love this place and I'm living for the here and now, if it falls off the cliff then so does the kids inheritance".

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Im tale end boomer , my Dad is the generation above he is 78 today and looking at him he could last another 20 years his uncle did.

The money is split 3 ways between his kids and will be a nice windfall if and when it comes ( not yours untill the solicitor sends the cheque ) unless it all goes in health care. At one point he was thinking of also including his grandchildren in his will , he mentioned this to me as I was taking him out for the day . I nearly crashed the car ! Yes where there is a will there is a row and greed will come into it .

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Just to add my views on the Boomers.

It was the Boomers' parents who had it all. They had the big families which meant plenty of people to pay their pension and push the price of their houses up.

I am a boomer and my parents took early retirement and live better than I do. We had smaller families because it was seen as anti social to have a large family and over-populate the planet. But the rest of the world laughed at this and continued having large families and they are now flooding into the western countries to compete with Boomers for pensions.

Meanwhile, I am still working in my 60s with no prospect of retirement. I will work until I drop, which considering my fitness levels with my involvement in running, martial arts etc. is at least another 30 or more years away.

My pension is non existent due to banks and governments squandering all the taxes I have paid over the last 40 years of full time employment. Any savings have disappeared due to inflation and helping my kids out with cash handouts. I own a house which I view as a home, not an investment. And that is lucky for me, because its values drops steadily every day.

Consider this. If the western governments had not flooded us with immigrants, we would all be looking at a golden age now. Plenty of houses to go around, and plenty of jobs. No need to encroach on green belts, or destroy pristine villages. All our white collar jobs would be done in India and all our products would be made in China. The population of a country like Britain would be about 40 million with no ethnic ghettos. Everyone would have a job and social disorder and congestion of cities would be unheard of.

Its a shame that there is not a label for the Boomer's parents generation, because they are the ones who got the gold plated pensions for life. Here in Australia they call them the "Grey Nomads". They travel around Australia in expensive caravans and motor homes, living a life of leisure on generous pensions, after retiring in many cases in their early 50s' I can only dream of such a life of leisure.

My pension is non existent due to banks and governments squandering all the taxes I have paid over the last 40 years of full time employment.

- Translated – I did not save any money in to a pension.

Consider this. If the western governments had not flooded us with immigrants, we would all be looking at a golden age now. Plenty of houses to go around, and plenty of jobs.

- You seriously believe this? Maybe that is why you are poor.

Sorry, hearing a boomer bleat on about their lack of opportunity sucks a bit. Especially pensions. You lived through a period of massive stock market growth. It was your choice not to be invested.

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I'm a boomer (well, depending on your definition) and I definitely haven't had it all.

I'm still keeping my kids. And soon I'll be keeping my spouse as well. I am royally skint.

Just for balance.

Totally unrepresentative anecdote, but I've noticed in my own family the growing gap in the boomer generation between the haves and the have-nots. Between those whose main worry is whether the next holiday should be Peru or New Zealand, and those whose main worry is whether the neighbouring chavs will have damaged the front garden again tomorrow morning. And these are people who during their working years led lives that were certainly different, but where certain basics: food on the table, home ownership, free education for kids, were available to all.

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When I die (current age 33) I'll leave whatever is below inheritance tax threshold to family and the rest to chariy just to stop the taxman getting any of it.

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Sorry, hearing a boomer bleat on about their lack of opportunity sucks a bit. Especially pensions. You lived through a period of massive stock market growth. It was your choice not to be invested.

Coming to a town near you, real soon. Boomers with their hand out. To old to work, pissed all their money up a wall in Spain and thought their "pension" (house) would go up more and magically see them into a 35 year retirement.

We've already had pensioners "terrified" at having to cover their own care costs and the government proposing to cover 65%. And by government I of course mean the next generation (and the one after that). There's nothing like spending other people's money.

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My pension is non existent due to banks and governments squandering all the taxes I have paid over the last 40 years of full time employment.

Sorry, hearing a boomer bleat on about their lack of opportunity sucks a bit. Especially pensions. You lived through a period of massive stock market growth. It was your choice not to be invested.

My pension was worth LESS than the accumulated amount paid in, in spite of "massive stock market growth", and that's the only pension I have apart from the State pension. Furthermore, to get back that amount, I'd have to live to about 100. My wife similarly lost money with Equitable Life.

My peers who directly invested in shares almost to a man, lost money.

Those who had endowment mortgages all found that they still owed money at the end of the term, instead of receiving a modest gain.

If we have saved money, official BoE policy is to encourage us to spend it, not to keep it saved to avoid being a burden on our children later. In fact, policy seems to be to get us to withdraw "equity" from our HOMES to boost the economy.

It sucks. I'm going Japanese. I ain't spending. My kids will inherit what's left after generous BoMaD "loans", but they will probably be well over 50 if current life expectancies hold true, and usually, that's not a time of life when it does you any good.

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Just to add my views on the Boomers.

It was the Boomers' parents who had it all. They had the big families which meant plenty of people to pay their pension and push the price of their houses up.

Sort of sums it up for me. I'm a very late boomer (1963), with the added 'bonus' of having 'wasted' several years pursuing a career as an actor (now an IT programmer - don't ask). My father's dead, gawd bless him, mum living on in a house far too large, and slightly confused by her relative wealth compared to my sister and me.

I'm not counting on any inheritance - it just seems rather depressing and pointless 'waiting' for a parent to kick the bucket, but there's no doubt that I live in a world where things, in many respects, are tougher than they had it. Nevertheless, they went through a war, rationing, etc. My mum worked as a nightclub hostess and suffered on account of being a woman in a pre-wimins lib era (and to some extent being a relatively young woman in the '60s).

Each generation faces a different set of challenges, and looking at the previous generation and always seeing the greener grass will just make you bitter.

Each generation will get the chance to shape their age - they may have different raw material to work with, but bitterness will always make a poor companion.

IMHO we are about to enter a period where we will have to make do with less, and, if we approach it with the right spirit, we will benefit from it (hint - the right spirit won't be found in the daily mail and its ilk).

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"That could lead to awkward scenes at the graveside – if not before – and leave many adult children bitterly disappointed."

I am disturbed by these "adult children"!

Me too !

I'm not a boomer and I would be disgusted with myself if I was waiting for my parents to leave me stuff or give me handouts.

I find this boomer bashing a bit creepy and whiny myself to be honest

Who said life was going to be easy....

Well it isn't and never was (unless your parents are filthy rich), so get on yer bike ... and deal with it already

The boomers were lucky (despite being unable to add they still did OK), they didn't have the BRICS to compete with - we have, and no amount of whining is going to stop it

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I guess we can't complain if they leave nothing, even if they received an inheritance. What I object to to is the boomers using the government to borrow money and leaving the debt to their children.

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I'm a boomer, i haven't got any kids to leave it to, unless anyone wants me to adopt them :lol:

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My pension is non existent due to banks and governments squandering all the taxes I have paid over the last 40 years of full time employment.

- Translated – I did not save any money in to a pension.

Consider this. If the western governments had not flooded us with immigrants, we would all be looking at a golden age now. Plenty of houses to go around, and plenty of jobs.

- You seriously believe this? Maybe that is why you are poor.

Sorry, hearing a boomer bleat on about their lack of opportunity sucks a bit. Especially pensions. You lived through a period of massive stock market growth. It was your choice not to be invested.

in some fairness to boomers - stockmarket investment vehicles were terrible for them unless they had a company pension, the fees were obscene and will have eaten up stockmarket performance

this is why they are so heavily psychologically into BTL as far as I can tell

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  • 343 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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