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crashmonitor

Frugal Widow Leaves 769K To Tories

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Very typical of large estates in my experience, a surviving widow living frugally off husband's modest works pension (he was a factory shop steward) and having a massive funds portfolio.

If one area needs looking at for reducing the National debt it has to start with inheritance tax. This estate will make a modest contribution of 40k over the 650k tax free threshold. But it probably isn't nearly enough considering the aggregate years the couple worked (maybe only 40) and the aggregate years spent in retirement. Welfare for the working age may be a popular solution, but spiralling retirement cost are the main reason the Government is bankrupt.

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The neighbour who helped her in her final years deserved more than £2,000.

Does seem to be an issue with ageing that the concept of values is lost. Perhaps she believed that £2,000 was still a lot of money. She certainly felt 2p was,.

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Does seem to be an issue with ageing that the concept of values is lost. Perhaps she believed that £2,000 was still a lot of money. She certainly felt 2p was,.

Dinner money in my day.

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As much as anyone might think she should have distributed her money differently let's not forget it is her money and her decision as to who it is left to. Any suggestion that someone should be able to change her decision after her death is just another infringement on all our liberty.

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It's a great shame as she thought it was the party of thirty years ago, rather than the euro and HPI loving party of opportunists it has become.

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It's a great shame as she thought it was the party of thirty years ago, rather than the euro and HPI loving party of opportunists it has become.

She probably kept her Tory leanings from her shop steward husband at the time. She even looked like Margaret Thatcher.

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As much as anyone might think she should have distributed her money differently let's not forget it is her money and her decision as to who it is left to. Any suggestion that someone should be able to change her decision after her death is just another infringement on all our liberty.

1. She's dead and therefore has no liberty.

2. It isn't her money, not if it comes from house price inflation.

Not that they you're wrong in practice, just in principle. No one should change her will, just that there's no moral, ethical or economic reason not to tax HPI from dead people.

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1. She's dead and therefore has no liberty.

2. It isn't her money, not if it comes from house price inflation.

Not that they you're wrong in practice, just in principle. No one should change her will, just that there's no moral, ethical or economic reason not to tax HPI from dead people.

I'm very much for the inheritance tax route to solve our Nation's debt problems as in my OP. A 40k contribution on this enormous estate given the longevity of retirement on what was probably a single nic contribution from the husband ( and it had to cover his retirement to) is inequitable on the unborn. They will have to service the debt created by the dead, yet their beneficiaries enjoy the interest on the gilts that they could for example buy and which they haven't worked for.. It is all nonsense.

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Very typical of large estates in my experience, a surviving widow living frugally off husband's modest works pension (he was a factory shop steward) and having a massive funds portfolio.

Know of a similar case, with a slightly smaller estate. Old lady dies intestate, having lived on virtually nothing. Relatives she hated and hadn't seen /spoken to for many years turned up and shared the spoils.

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Know of a similar case, with a slightly smaller estate. Old lady dies intestate, having lived on virtually nothing. Relatives she hated and hadn't seen /spoken to for many years turned up and shared the spoils.

My parents were always careful and now they've started spending on massive holidays and cruises while they can still enjoy it. Part of the motivation for this it that they don't see the point in continuing to accumulate by living frugally when they know that my siblings would just fritter it all away, and whilst they know that I wouldn't they also know that I don't need it (I lent them the money to buy a house 15 years ago).

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My parents were always careful and now they've started spending on massive holidays and cruises while they can still enjoy it. Part of the motivation for this it that they don't see the point in continuing to accumulate by living frugally when they know that my siblings would just fritter it all away, and whilst they know that I wouldn't they also know that I don't need it (I lent them the money to buy a house 15 years ago).

Very unusual attitude. 9/10 will have been puritanical with their spending and will have been unable to shake it off in retirement so the money just accumulates.

Family personal loans would make a good topic, because they are rarely repaid. It is an awkward dilemma for the lender if the proposer is the debtor, though in your case it might have been offered which is obviously different.

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Very unusual attitude. 9/10 will have been puritanical with their spending and will have been unable to shake it off in retirement so the money just accumulates.

Family personal loans would make a good topic, because they are rarely repaid. It is an awkward dilemma for the lender, though in your case it might have been offered which is obviously different.

They remain puritanical in most things but will happily drop £10k on a holiday, it has helped that I have always encouraged them to do this as I don't covet my inheritance. They have loaned to my siblings but this gets automatically repaid because they give an equal annual cash gift to all of us and where there is a loan the loan gets reduced rather than writing a cheque.

Neat solution IMO. Whereas an elderly acquaintance mentions from time to time that he has loaned one or other of his children (in their 50s) £40k to buy a machine for his business, £30k because another was in danger of losing their house etc. He rarely sees any of them except when they want something but a few years ago he became seriosuly ill whereupon his drive was packed with cars of his children turing up to stake their claim help out.

Edit: yes I did offer the house loan, they were asking me for advice on lenders for a bridging loan and when I asked how much and what the rates were I said I can give you that, just match the rates I'm currently getting.

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They remain puritanical in most things but will happily drop £10k on a holiday, it has helped that I have always encouraged them to do this as I don't covet my inheritance. They have loaned to my siblings but this gets automatically repaid because they give an equal annual cash gift to all of us and where there is a loan the loan gets reduced rather than writing a cheque.

Neat solution IMO. Whereas an elderly acquaintance mentions from time to time that he has loaned one or other of his children (in their 50s) £40k to buy a machine for his business, £30k because another was in danger of losing their house etc. He rarely sees any of them except when they want something but a few years ago he became seriosuly ill whereupon his drive was packed with cars of his children turing up to stake their claim help out.

As you say the other way around and children rarely repay their parents. I know of an elderly lady that has been cleaned out by her nephew via ''loans'' as well.

I lent a relative a couple of grand in the autumn on the promise of a direct debit that hasn't materialised.

I am also the owner of a family loan that my father foolishly made to a cousin, I bailed him out when no interest materialised by transferring the debt to me.

http://www.washingtonpost.com/lifestyle/style/ask-amy-family-loans-morph-into-family-gifts/2013/07/02/f3dd98f0-daae-11e2-9df4-895344c13c30_story.html

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They remain puritanical in most things but will happily drop £10k on a holiday, it has helped that I have always encouraged them to do this as I don't covet my inheritance. They have loaned to my siblings but this gets automatically repaid because they give an equal annual cash gift to all of us and where there is a loan the loan gets reduced rather than writing a cheque.

Neat solution IMO. Whereas an elderly acquaintance mentions from time to time that he has loaned one or other of his children (in their 50s) £40k to buy a machine for his business, £30k because another was in danger of losing their house etc. He rarely sees any of them except when they want something but a few years ago he became seriosuly ill whereupon his drive was packed with cars of his children turing up to stake their claim help out.

Edit: yes I did offer the house loan, they were asking me for advice on lenders for a bridging loan and when I asked how much and what the rates were I said I can give you that, just match the rates I'm currently getting.

Good Lord! What does it do? :blink:

I'm afraid my parents don't take cruises, although I am sure they are not too bothered. They are pretty frugal, because I think they have to be.

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As you say the other way around and children rarely repay their parents. I know of an elderly lady that has been cleaned out by her nephew via ''loans'' as well.

I lent a relative a couple of grand in the autumn on the promise of a direct debit that hasn't materialised.

I am also the owner of a family loan that my father foolishly made to a cousin, I bailed him out when no interest materialised by transferring the debt to me.

http://www.washingtonpost.com/lifestyle/style/ask-amy-family-loans-morph-into-family-gifts/2013/07/02/f3dd98f0-daae-11e2-9df4-895344c13c30_story.html

Well done on the bail-out, but like you suggest there may not be much coming back.

Unfortunately with family often the ones who need the loans are those without the money to repay.

Good Lord! What does it do? :blink:

I'm afraid my parents don't take cruises, although I am sure they are not too bothered. They are pretty frugal, because I think they have to be.

Cutting metal to make trophies, specialist field.

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Well done on the bail-out, but like you suggest there may not be much coming back.

Unfortunately with family often the ones who need the loans are those without the money to repay.

Cutting metal to make trophies, specialist field.

My ex-niece just uses a 10 kW "cooking" laser! :blink:

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A loan made to friends or family has to be treated as a gift or money lost I reckon. Even then it may cause resentment.

As for rich dead people, I'm very much torn.

I've never benefitted by more than £100 in total from inheritance (and it was highly appreciated at the time) - and I don't expect to have any descendants to leave anything to either. The missus and I plan to donate anything remaining to our favourite charities or some other public good the remaining half believes in.

I think I do believe that a more level playing inheritance wise would be considerably fairer. If you start with nothing, you have a real mountain to climb. A bit of financial security, but perhaps not too much - would help a lot more people achieve their best in life earlier. Growing up poor clouded many of my choices in early adult life.

This old lady's solution of donating it to something she apparently believed in seems perhaps one of the fairer ideas.

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