The Retirement Thread
2 lurkers |
175 watchers
Aug 2022
12:11pm, 3 Aug 2022
25,654 posts
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TROSaracen
Thanks SD - use for me is more 'doing races where there is camping on site' so not 2 week holidays more weekends or just 1 nighters. Which does come back to the Ford Transit with a mattress in the back scaled down solution. But as noted the Right side devil saying 'pay your bloody mortgage off' is winning on points over the fantasy indulgence. |
Aug 2022
12:16pm, 3 Aug 2022
34,552 posts
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EvilPixie
if it's just for the odd race then TRO yes pay of mortgage and then get something to crash in for the odd weekend |
Aug 2022
12:32pm, 3 Aug 2022
43,172 posts
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HappyG(rrr)
Sorry JB, no insight, but wish you well on finding best solution for tricky situation. Makes my future planning worries feel simple and insignificant in comparison. Best, G
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Aug 2022
12:40pm, 3 Aug 2022
59,136 posts
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Velociraptor
I think it depends on whether Sam having additional money of his own will improve his options with regard to long term care, JB, or whether any money you leave to him will just be taken by social services as would be the case for an elderly person requiring full time care. It might be worth having a discussion with your older children regarding their views and expectations as well as with a solicitor.
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Aug 2022
12:42pm, 3 Aug 2022
23,929 posts
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Ness
I also don't know anything that might help, JB. I don't know if this website helps. It mentions things about different sorts of trust funds that can be set up to plan for a person's needs. advisingfamilies.org |
Aug 2022
12:49pm, 3 Aug 2022
28,080 posts
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Johnny Blaze
Any money he gets would go quite quickly in social care costs - I doubt it would last more than a couple of years. So we've put it in a discretionary trust which would, hopefully, last for his entire life. He doesn't really need much other than clothes, devices and holidays. He can't eat so he doesn't even need a grocery budget. But even then, it's a lump sum which would probably never be fully used. I'd rather his brothers got the benefit, if I am completely honest. It's a thorny one, but thanks for the thoughts.
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Aug 2022
1:06pm, 3 Aug 2022
59,139 posts
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Velociraptor
I would rather his brothers got the benefit if it won't impact Sam's care negatively, JB, and I don't even know any of you.
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Aug 2022
1:09pm, 3 Aug 2022
36,421 posts
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LazyDaisy
What V'rap said, JB, but only you and yours can really make the right decision for your family.
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Aug 2022
1:44pm, 3 Aug 2022
23,932 posts
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Ness
I would rather his brothers got the benefit if it won't impact Sam's care negatively, JB, and I don't even know any of you. I agree with that too. |
Aug 2022
12:52am, 4 Aug 2022
91,560 posts
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Hanneke
Having had to make decisions about care, I would agree. Unless Sam not having money/capital would impact negatively on his care, I would say his siblings would benefit most. I have a friend in a similar situation and current thinking is to put his share in trust, to be used by the sibling to pay for needs not catered for by the care system i.e. in case he needs private medical treatment or a private top up or something. |
Jigs Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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