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Older people due to pass on property ‘wealth mountain’ worth £400bn

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8 minutes ago, zugzwang said:

Let's see how much 'wealth' there's left to pass on after a 50% nominal hpc and death taxes.

+1

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All this extra money to repay existing debt and provide pensions......How do you intend to repay your interest only mortgage?.....my inheritance! How do you intend to live after work from age 60 to state retirement age?.....my inheritance! World cruise anyone.;)

 

Edit to say......Much will be used to pay rents....How else can the rents continue to be paid?......Both other people's work and then inheritance.

Edited by winkie

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Think of all the chintz in spare rooms. I'm going to take some to an antiques fair for a laugh. Origin: Daily Mail Sunday supplement circa 1989.

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It isn't net wealth, it's a change in ownership of the same old set of houses, and so a massive redistribution of existing wealth.  Mostly a concentration of existing wealth into the hands of fewer people, although chance will play a big role.

The housing bubble has actually reduced net real wealth due to frictions, deadweight loss to the real economy and because many of the houses have been sold abroad. 

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2 hours ago, Craig_ said:

Assuming they don't die a slow, lingering death in a care home...

Both my parents receiving 24 / 7 care costing 75k + pa. No government help Doubtful if I will be left anything.

 

2 hours ago, Craig_ said:

Assuming they don't die a slow, lingering death in a care home...

 

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The cost of care is the killer (no pun intended) in this as chicker says above.  Also if there is more than one child anything left will be split between them.  And as people live longer it's a mighty long wait for the inheritance.:(

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59 minutes ago, janch said:

The cost of care is the killer (no pun intended) in this as chicker says above.  Also if there is more than one child anything left will be split between them.  And as people live longer it's a mighty long wait for the inheritance.:(

There are 4 of us . The oldest early 60s , rest 50s My father has dementia but is as fit as a butchers dog. The care home events organisers love him because he can still dance and sign. Melody and lyrics get mixed up get who cares if hes having fun ! Most residents can barely rise from their chairs.

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6 hours ago, chicker said:

Both my parents receiving 24 / 7 care costing 75k + pa. No government help Doubtful if I will be left anything.

205 pounds a DAY? Is that figure 75K each?

Edited by Errol

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7 hours ago, chicker said:

Both my parents receiving 24 / 7 care costing 75k + pa. No government help Doubtful if I will be left anything.

 

 

I know a family who are now in this position.

The expected inheritance will not exist in 5 years time and they can keep these people alive for years now.

 

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5 minutes ago, Errol said:

205 pounds a DAY? Is that figure 75K each?

No combined . £700 - 800 per week each. Its brutal. The way I see it most of their money was created with government assistance (miras, good pension schemes and right to buy) and now they want it back . It looks like they will succeed. Can't have the working classes  comfortable.and moving money through the generations.

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15 minutes ago, chicker said:

No combined . £700 - 800 per week each. Its brutal. The way I see it most of their money was created with government assistance (miras, good pension schemes and right to buy) and now they want it back . It looks like they will succeed. Can't have the working classes  comfortable.and moving money through the generations.

But they will still vote Tory in their droves; I despair of the choices my fellow citizens make.

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Is this more propaganda to get people borrowing insane amounts of money, look borrow this crazy sum now, but look when granny coaks it you'll be able to pay most of it off.

What could possible go wrong....

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10 hours ago, zugzwang said:

Let's see how much 'wealth' there's left to pass on after a 50% nominal hpc and death taxes.

Yep. Counting chickens.

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1 hour ago, dougless said:

But they will still vote Tory in their droves; I despair of the choices my fellow citizens make.

Btw dad old fashioned labour voter , mum old skool liberal. Also cant see how the state can fund the care bills at the level required. . Rationing for years left this generation born 20 and 30s physically fit and the war made them frugal to the point of stupidity . If you spent your formative years being told your freedom was at stake and your effort could save your family this sets your mindset for life.

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2 hours ago, chicker said:

No combined . £700 - 800 per week each. Its brutal. The way I see it most of their money was created with government assistance (miras, good pension schemes and right to buy) and now they want it back . It looks like they will succeed. Can't have the working classes  comfortable.and moving money through the generations.

The Government aren't actually getting anything back and are still providing attendance allowance and State pension. Principal beneficiary will be the care home management on 50k+ pa, followed by the highly paid medical staff.  Bottom of the pecking order will be the Eastern European care workers who probably earn every penny of their cut of your parents 75k....and you will be lucky to get many indigenous workers willing to do it.

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Mum works in a care home.

She strongly of yhe opinion that majotity would be beter off being put down.

The ones who have the odd cognitive moment hate it and want to die.

The nuts one dont know fckall.

The only people who benefit are the people earning from it.

Edited by spyguy

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26 minutes ago, crashmonitor said:

The Government aren't actually getting anything back and are still providing attendance allowance and State pension. Principal beneficiary will be the care home management on 50k+ pa, followed by the highly paid medical staff.  Bottom of the pecking order will be the Eastern European care workers who probably earn every penny of their cut of your parents 75k....and you will be lucky to get many indigenous workers willing to do it.

Understand yr general point re government but both my parents are still tax payers. They pay tax on private pension and investments. Used to pay tax on savings but  long gone and the investments nearly gone.

Care workers are all local people , a mixture of white and west Indian and mostly very good at their job. Yes they are paid a pittance.

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27 minutes ago, spyguy said:

Mum works in a care home.

She strongly of yhe opinion that majotity would be beter off being put down.

The ones who have the odd cognitive moment hate it and want to die.

The nuts one dont know fckall.

The only people who benefit are the people earning from it.

Cruel but unfortunately spot on. 

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9 minutes ago, chicker said:

Cruel but unfortunately spot on. 

Not cruel, just pragmatic.

Over the years shes seen 100s of old people come in. Noone has ever got better.

Dementia is worse. Its never a case of a nice old person slowly slipping away. They go nuts and their inner fight instinct kicks in. SIL dad had to have his teeth removed. He bit people and he but himself. This was a bloke who was a research head, behaving like an animal. If hed had the choice when he was compus hed have shot himself.

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