Too Many Children Relying On Inheritance That They Will Never Get

[ts86net]

Anything I may or may not receive (I have no idea about my parents' will(s)), will go to charity. I'm really not interested in handouts at all.

[StainlessSteelCat]

I will inherit nothing beyond a small and increasingly eccentric collection of books and DVDs (many of which my Dad only holds onto because I bought them for him!)

Equally, the missus and I (with no kids) plan to spend it all and leave anything left to a well chosen charity of the surviving partner's choice.

No adult should rely on inheritance and parents to live their life. Quite the reverse, a child's role should be to help the parent as they get older. They did their job in getting you to adulthood. Obviously, none of this necessarily applies if your parents were utterly dysfunctional. And I draw the line at any parent with a bad case of old timer's disease.

Edited May 2, 2013 by StainlessSteelCat

[Dorkins]

I'd guess that those who are not interested in an inheritance have managed to secure a reasonable level of economic security without one. If they hadn't managed this, I wonder if they might feel differently.

[motch]

Yes it's horrid to think of someone wasting their life waiting. And the way olds are lasting it might be years and years.

Reminds me of the middle aged French Guy who bought a house on the cheap on the understanding the old dear received free rent and the place maintained (I think) for the rest of her days. She ended up being one of the oldest people in France dying into her 100's, meanwhile the guy died about a decade before she did.

[Self Employed Youth]

I've been told I'm to expect three lots. From grandparents, and my father. Have asked them to write me out, except for certain things for one grandparent that I bought.

I don't expect anything, nor want it. I keep telling my grandparents to spend it, and enjoy their remaining time.

I think passing wealth onto children is a bit daft. It would make more sense to pass it to grandchildren.

I've noticed my father will often say, "one day, all of this will be yours". I sometimes say, what about my younger sisters?

Inheritance is not really worth thinking about. There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

[Crashman Begins]

My house is mortgage free thanks to my inheritance. My parents are still alive and well too, double bonus (and sensible parents thankfully)

I know of many whose parents got them a house / mortgage as soon as they were old enought to work / had a stable job

A very wise move it turned out to be.

[Guest eight]

Inheritance is not really worth thinking about. There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

Apart from the people in receipt of the inheritance tax?

Does anybody have a total figure for how much is passed on in inheritance every year? Might be interesting to see what we would get if it was shared out equally

[fluffy666]

Inheritance is not really worth thinking about. There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

That's the libertarian dream - everyone pops into the world at the age of 18, well educated in a variety of useful subjects and with a decent pot of starting capital - and no one with disabilities or mental illness. Therefore all future progress can be assigned to merit.

Some seem to want to declare a person's wealth/position to be entirely due to his or her own efforts without the first step, but that is clearly mad..

[tomandlu]

There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

Agree in principle, but you'd be fighting an understandable and basic biological instinct, so no.

[Mrs Bear]

I've been told I'm to expect three lots. From grandparents, and my father. Have asked them to write me out, except for certain things for one grandparent that I bought.

I don't expect anything, nor want it. I keep telling my grandparents to spend it, and enjoy their remaining time.

I think passing wealth onto children is a bit daft. It would make more sense to pass it to grandchildren.

I've noticed my father will often say, "one day, all of this will be yours". I sometimes say, what about my younger sisters?

Inheritance is not really worth thinking about. There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

If parents don't need the money they can always make a deed of variation and pass it on to their kids. I know several people who've done this with all or part of a legacy, usually with the aim of helping children buy a house, or move to a bigger one. My own sister and BIL passed on all the money from his parents.

Edited May 3, 2013 by Mrs Bear

[fluffy666]

Agree in principle, but you'd be fighting an understandable and basic biological instinct, so no.

The thing about inheritance is that it's case of money going from a person with absolutely no use for it to a person who has done absolutely nothing to earn it. It's very hard to think of another tax where this applies. The fact that anyone complains about it - especially given the current thresholds - is a wonderful example of how the terms of debate are dictated by the old and wealthy.

[ShedDweller]

The thing about inheritance is that it's case of money going from a person with absolutely no use for it to a person who has done absolutely nothing to earn it. It's very hard to think of another tax where this applies. The fact that anyone complains about it - especially given the current thresholds - is a wonderful example of how the terms of debate are dictated by the old and wealthy.

And the exception that proves the rule! There is a lady I know who looked after her parents from her 20's (when her mother first became ill) until her mid 40's When her dad finally died after a long illness. She gave the best years of her life and had no career or other interests, which in truth has sent her a little batty (think of a 45 year old with the outlook of a teenager). So yep the fact that she was left the house without mortgage that she can live in in security for the rest of her days strikes me as fair, She has a sister with whom she was left the house 50-50 and sister (A lawyer who was busy building a career when the parents were ill) was scandalised and made a trust so that the house was 100% the other sisters but was left to her children when the first sister died ..

[tomandlu]

The thing about inheritance is that it's case of money going from a person with absolutely no use for it to a person who has done absolutely nothing to earn it. It's very hard to think of another tax where this applies. The fact that anyone complains about it - especially given the current thresholds - is a wonderful example of how the terms of debate are dictated by the old and wealthy.

It's pointless - humans have a natural instinct to try and leave something of value for their off-spring. 100% inheritance tax will just be side-stepped by the rich and would probably just hit middle-income earners.

[fluffy666]

And the exception that proves the rule! There is a lady I know who looked after her parents from her 20's (when her mother first became ill) until her mid 40's When her dad finally died after a long illness. She gave the best years of her life and had no career or other interests, which in truth has sent her a little batty (think of a 45 year old with the outlook of a teenager). So yep the fact that she was left the house without mortgage that she can live in in security for the rest of her days strikes me as fair, She has a sister with whom she was left the house 50-50 and sister (A lawyer who was busy building a career when the parents were ill) was scandalised and made a trust so that the house was 100% the other sisters but was left to her children when the first sister died ..

Actually, I think that this is a classic example where the inheritance was earnt, but the refusal to formally acknowledge it caused unfairness.

[fluffy666]

It's pointless - humans have a natural instinct to try and leave something of value for their off-spring. 100% inheritance tax will just be side-stepped by the rich and would probably just hit middle-income earners.

TBH I don't really advocate a 100% IHT. Although one of the perverse effects of not having much IHT is that the elderly are more incentivised to 'hang on to it' to the end.

[cybernoid]

I'd guess that those who are not interested in an inheritance have managed to secure a reasonable level of economic security without one. If they hadn't managed this, I wonder if they might feel differently.

It's an interesting time with relation to the inheritance question. I suspect those relying on inheritance would rather not have to rely on it, they would rather have 'made their own way' in the world. But don't forget why this site exists. The boomers offspring have to pay 3 times as much for the same house as the boomers did in real terms. One generation had it much easier than the other.

Free money does seem repugnant at first glance but the boomers got their money for free as well via the bubble. Some of them see their offspring struggle to live anything like the life they took for granted through no fault of their own and want to give some of the money they were given from the bubble to help their adult children with the unfair disparity that same bubble created.

Spoiling a child or righting a wrong? Old notions of inheritance in my view no longer apply due to the inequities bought about by the bubble.

[cybernoid]

Inheritance is not really worth thinking about. There should probably be a 100% inheritance tax for capitalism to work properly, so that all men start equal and are judged upon merit.

Laudable if each generation paid the same for housing, unfortunately we don't.

[Self Employed Youth]

Laudable if each generation paid the same for housing, unfortunately we don't.

I suppose it wouldn't matter so much how much we paid for housing. If we could drive the cost of it down to build cost, and the variation in price over the years would be then based upon varying build costs.

[Oliver Sutton]

The thing about inheritance is that it's case of money going from a person with absolutely no use for it to a person who has done absolutely nothing to earn it. It's very hard to think of another tax where this applies. The fact that anyone complains about it - especially given the current thresholds - is a wonderful example of how the terms of debate are dictated by the old and wealthy.

Unbelievably it's the most unpopular tax. Just shows how stupid people are.

http://metro.co.uk/2...popular-632230/

Over 3 times more unpopular than income tax.

People just want something for nothing.

Inheritance tax is the UK's most unpopular tax with 31% of people saying they would like to see it abolished, a survey shows.

Stamp duty comes in second place, with 23% of people saying consumers should not have to pay the tax when they buy a new home, according to Co-operative Financial Services.

Around 21% of the 3,000 people questioned said they would most like to see council tax abolished, while 15% felt the same way about fuel and road duty.

But just 9% of people said they most disliked income tax, despite the fact that the majority of people will hand over most money to HM Revenue & Customs through tax paid on their earnings.

[FedupTeddiBear]