Care homes (1 Viewer)

[Sky_Blue_Dreamer]

500K is a lot of money. That is about 10 years worth of care. There’s a fair chance there would be a bob or two left for inheritors without the 500k bottom limit. That’s where the system fails. Many start with far less and there is little to pass on/ the state picks up the tab earlier. The real hope is that all the elderly receive appropriate levels of care…thus overriding the intention of passing money . My MIL has dementia, they’d have loved to leave a nest egg and thinks she will be doing so, but our priority is her care.

I agree, but I'm including that as total assets. If you want to pass on a house then that probably takes up a fair chunk.

TBH I did just pick a nice round figure at random. I've not done some in depth analysis on what it should be.

 

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[Sky_Blue_Dreamer]

If we want people to have care then we need our wealth syphoned off by local authorities.

Of course the fairer way would be to tax everyone more for it, or bump inheritance tax up, so we all pay for one another.

That seems to be an alien concept nowadays however.

Anyway, just remembered what this thread actually started as, so perhaps it's time I bow out as my advice is becoming more polemic, and less useful as a result

I still think that money gained from inheritance should be classified as income and paid by the person receiving.

It then offers the opportunity to drip feed it via a trust etc and thus last longer and potentially help more of your descendants for longer, but also potentially takes a huge chunk for those with large fortunes that pass it on all at once (provided you could shut the numerous loopholes they use to avoid it)