Inheritance

For anyone who is bereaved or no longer providing care.
115 posts
To finance care home fees nobody should be allowed to inherit more than £50,000 in their lifetime.
If anybody has more than that amount left to them it should be taken to finance care for people who do not have the money to pay for it.


Sandra
THe nation needs more people to save, not less!
Sandra - you seem to have a real bee in your bonnet about this one subject that you hold a really extreme view on. I am not sure why.
In your previous posts you said that your caree never needed to go into a care home and that you inherited very little from him. If this is true then I must say that the words "dog" and "manger" spring to mind, though I hope I am wrong.
Under the very clever German Inheritance Tax code, the larger the individual sum, the greater the tax that is applied. The rate paid varies from 7% for small amounts to 50% for large ones. This is aimed to break up the massive accumulation of wealth, and encourage people to leave lots of smaller sums in their wills. I recently benefited from this when a Great Uncle died without issue, splitting his considerable wealth between 20 plus relatives. It paid for a new car - but only by the time the lawyers had worked out where they all lived and deciphered his hand-written and rather vague intentions! Image

The main problem of having a very large inheritance tax is that it simply leads to avoidance schemes, such as people making large gifts years before they die.
In my case , this doesn't apply , my caree hasn't got a lot, no property to sell & not a lot of savings , do i begrudge others Image well i have never given it any thought really till now , & you know what No i dont , if our caree's were lucky enough to have saving & big houses , good luck to them i say , so im afraid i would have to disagree
In my case , this doesn't apply , my caree hasn't got a lot, no property to sell & not a lot of savings , do i begrudge others Image well i have never given it any thought really till now , & you know what No i dont , if our caree's were lucky enough to have saving & big houses , good luck to them i say , so im afraid i would have to disagree
It's not all luck, Juneo: for most people it takes a lifetime of studying and work to build up a house and pension savings, and I still have a rather large mortgage gap and will continue working until it is paid off - but in the end as my son will never be able to earn a proper wage he will need all the financial help we can give him.
My D & M , worked all their adult life Scally till retirement , never believed in debt if they couldnt pay cash they didnt buy it , we had decent meals on the table & were well looked after, thats all i know .
Regardless the reasons why I disagree with Sandra's suggestion, the main thing is, it would be hard to administer and keep track of for every person.
Hello Sandra and a belated welcome to the forum. Image

Your views are as important as anyone else's views and I thank you for starting an interesting, if controversial, discussion. Now you have listened to other responses maybe you are changing your stance and ........ maybe you are not.

It will be interesting, speaking for myself anyway, if you will post again and expand on your hypothesis or proposal.Perhaps you can explain how you think your suggestion would work in practice and what advantages would be gained and exactly who would benefit.

At the moment I cannot see any logic or practical application of your proposal BUT maybe you can make me change my mind? Simply assume that I am open minded, ok?

In any case, never worry about going against the flow in my opinion it is Just Fine being Individual.

DR
With regards to carers being unaware of benefit entitlements, I too am saddened at the poor take up by those who need the money. Likewise the poor take up on Pension Credit etc etc etc. It is not always about being unaware of entitlements, other factors kick in making many reluctant to ask for State help.Or deliberately making that decision to manage without for a variety of reasons, remaining independent being an obvious one.

For instance in our case, whilst being aware that my caree and I were entitled to financial help from the State we did not actually apply until I gave up my job and reasonably decent salary to care full time. Saved you taxpayers a few bob for a good few years in the process!

Just screws the stats slightly.
115 posts