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May 2022
2:52pm, 11 May 2022
32,536 posts
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EvilPixie
I'm almost embarrassed to think of how much I will inherit when mum goes
large house in Berkshire ... I will also be paying lots of inheritance tax too I expect
Mr Pix's gran was intending to have a large inheritance to her grandchildren but is spending it on care instead and at 101 her health is fine even if she can't see/hear
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May 2022
3:06pm, 11 May 2022
57,971 posts
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Velociraptor
I'm not counting on anything much. My dad is in good shape at 83, my mum has fought the Grim Reaper and come out on top so many times that I think she's genetically half cockroach [which explains a lot about YOU, Dr Raptor - FE] and it's quite possible that they'll both eventually need to spend their savings on care. And a large part of anything that remains will go directly to their grandchildren, which, given the ages and situations of everyone involved, seems sensible.
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May 2022
3:13pm, 11 May 2022
4,181 posts
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jabberknit
My Mum has always been really keen to leave me something, a result of a poverty-stricken upbringing in the 1930s, I think. The idea that she'd ever have enough to leave anyone anything is still miraculous to her. She also didn't think she'd live as long as she has - my Dad died in 1998, and she honestly believed she couldn't live without him. Almost 24 years later, it would appear she was mistaken!
Unfortunately, her need for care has meant we've had to sell her little semi in Yorks and the small amount that brought in will disappear over the next couple of years in Home fees. This bothers her far more than me. Mr JK has always been very good with money stuff, and has sorted out our retirement well.
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May 2022
3:16pm, 11 May 2022
10,228 posts
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cathrobinson
Hang on… V’rap, is imminent retirement back on the cards again?
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May 2022
3:20pm, 11 May 2022
57,972 posts
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Velociraptor
I wouldn't be starting to take my NHS pension until my next birthday, in March 2023, so technically at the moment I'm just unemployed.
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May 2022
3:44pm, 11 May 2022
21,518 posts
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Ness
I was technically unemployed between January 2021 and March of this year. I counted it as being retired even though I had to wait til my 55th birthday before I could properly retire! Fortunately I’d accumulated enough savings to bolster our income from Mr Ness’ pensions. Now my pension is coming in too we’re back to having a more comfortable income. 
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May 2022
3:54pm, 11 May 2022
4,183 posts
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jabberknit
I got made redundant in 2014 when my university binned the course I taught on and it would seem I failed to find another job. At 58, I thought of myself as retired then anyway. I claimed my uni pension a couple of years ago, and have made up the missing NI payments for the last few years in lump sums. Just a few weeks to go before I'm an official state pensioner!
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May 2022
3:59pm, 11 May 2022
12,506 posts
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jda
EP, the first million is (normally) free of IHT, so you might not pay as much as you think. Anything over that is taxed at 40% (but that only applies to the excess, not the total).
Overwhelming majority of inherited wealth is paid TO (not BY!) comfortably off people in their 50s and 60s, who already have their own home etc. And are probably just about retired (to bring it back to the thread).
Ie, many of us, I imagine. Not all, of course.
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May 2022
4:05pm, 11 May 2022
32,539 posts
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EvilPixie
JDA I thought it was 750K so that's good news
It will make us retired and give son a deposit on a house (I assume the will is me (and hubby) and him) I know they did the pay charity X to get X% off too
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May 2022
4:09pm, 11 May 2022
35,777 posts
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LazyDaisy
Inheritance is an interesting issue. My Mum, who knew real, dirt-poor poverty in her childhood and teens in South Wales, was very keen to leave me and my sisters 'something', even though we were far more comfortably off than she'd ever been. To her it was a symbol that she had saved and worked her way out of the poverty she was born into, and that she had made sure her girls wouldn't have to experience the same. We tried and tried to encourage her to spend more on herself but she wouldn't imperil the (small) nest-egg she'd built up.
Then of course dementia took hold and her care home fees swallowed most of that and all of the sale proceeds of her ex-council house. I'm glad that she wasn't aware that the amount we eventually inherited was limited to the basic capital amount you're allowed to have before the local authority will pick up care home fees. She would have been devastated.
That said, my share was enough for me to buy a nice bracelet to remember her by, and I get as much pleasure from wearing that as I would have done from a much larger amount of cash.
As regards OH and me, in the next few years we will try and legitimately minimise any IHT our estates would have to pay. We've said to our IFA we'll think about it when we hit 70.
Of course, care home fees could mean we'll drop below any threshhold anyway!
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McGoohan