The Retirement Thread
176 watchers
May 2022
8:07pm, 11 May 2022
22,634 posts
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Bazoaxe
Jda, I don’t think we did have that conversation. It wasn’t in Scotland
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May 2022
8:32pm, 11 May 2022
35,772 posts
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Nick Cook
When my wife died, she left thousands of quids that I knew nothing about! I also get a third of her NHS pension.
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May 2022
9:45pm, 11 May 2022
25,179 posts
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Rosehip
I knew of someone who left a fortune in assets her husband knew nothing about - it turns out it was her escape fund, built up in the 80s when they were going through a rough patch and then pretty much forgotten about. She also left no will, bit of a mess.
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May 2022
9:49pm, 11 May 2022
69,628 posts
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Diogenes
My inheritance tax threshold was doubled (I think) because my mum died within 5 years of my dad, and everything was in joint names. I think I’ve had this argument before too, jda, while it might be ‘unearned income’, I don’t see why the taxman should benefit ahead of the deceased’s chosen beneficiaries.
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May 2022
9:54pm, 11 May 2022
25,181 posts
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Rosehip
If one spouse leaves everything to the other, then they also inherit the threshold or a the unused % of it if they had other beneficiaries. The inherited threshold is at whatever applies on the death of the 2nd person - I don’t think there’s any time limit which is how the 1000000 figure arises. |
May 2022
8:34am, 12 May 2022
12,509 posts
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jda
Dio, if it was (say) 40% with a more reasonable threshold of up to perhaps 100k, then the lion's share of 60% would still go to the beneficiaries, but the other 40% of large estates could perhaps help to reduce the huge inequality that inherited wealth reinforces. You can't spend money on just about anything without paying tax (eg VAT), it seems an anomaly that you can give a million quid to your children without any tax being paid, and it's almost exclusively the comfortably-off-to-very-rich that benefit from this tax break. |
May 2022
8:55am, 12 May 2022
42,296 posts
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HappyG(rrr)
No inheritances here. I probably shouldn't air my views on whether inheritance is right at all, because it seems like most people in this thread have either benefited from it or are planning on how to pass on to their own!  The bit about savings being used to pay for care seems fair to me, but the bit that is annoying is that has changed during people's lifetimes. So you think you are saving money to pass on to your children, but then care fees will use it all up. Whereas at my age and stage, I now feel like I am planning any savings I am able to build up to be to be able to pay for my care, if I need it. Not the other way round. The alternative, of universal free care, would only work if we paid *massive* taxes (which I would be delighted about, esp if it were from the super rich!) but no government seems to want to do that. This is politics isn't it? Sorry, wrong thread! G
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May 2022
9:24am, 12 May 2022
29,915 posts
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macca 53
Here’s something to do when you retire and have loads of time on your hands… theguardian.com |
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May 2022
9:26am, 12 May 2022
12,510 posts
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jda
Care home fees is a difficult one to be sure. Worth noting however that the typical stay is under 2 years and even with the eye watering weekly costs that really doesn’t make a big dent in any inheritance that includes a decent house and savings beyond. Doesn’t stop people squealing of course because greed knows no boundaries and they always think they “deserve” all of it. Who wouldn’t want a holiday home to visit infrequently while it slowly decays and kills the community where it’s located? Of course some do get wiped out with long stays that eat up every penny (ok there’s maybe 20k left over). No fairness in it. |
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May 2022
9:34am, 12 May 2022
29,917 posts
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macca 53
Some will definitely get wiped out, MiL had enough money in her current account to pay for two years care (don’t ask!!) was our rationale. Of course we had overlooked that a) her pensions would continue to be paid and b) her household expenses would fall to practically zero - which covered half of her care home costs. She lasted only four months 😢 |
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