Expecting an inheritance? Your parents have other ideas

Many adults hoping to receive an inheritance from their parents could be in for a shock as rising numbers of baby boomers are making ends meet by "spending the kids' inheritance".

Two thirds of adults aged under 35 expect to receive an inheritance but half of those aged over 50 are already spending the money, according to a survey of 2,000 people by Skipton Financial Services.

Quinx: Wake up, Middle England!  Socialism has looted your wealth.  For 60 years governments, both Red and Blue, have stolen your hard-earned assets to buy votes from the fickle underclass - the most worthless dregs of humanity.   See the result: a country saddled with insupportable debt, impoverished retirees, streets full of arrogant thugs, and greater social divisions than a half-century ago.   You sold your future for this mad experiment, and now you know the outcome.  You are serfs of the state in the land you once owned.   So, how much longer will you tolerate the treasonous lies of the politics that beggared you?

barbarafrances: Can you blame then? If they save for old age and have a property that they've slaved to get over the years they have it taken off them if they need care. If they need care they sit beside those who may have drunk theirs away, taken drugs, taken regualar holidays, been workshy, but still have the same benefits the system offers. Why should they pay while they have it free? Perhaps like myself we have paid taxes never shyed away from work, paid our dues to society, paid to educate our children so they work and do the same, but we are expected to fund our care. Sell our home we worked for, while the man or woman who have done nothing get the same treatment. Its unfair, unjust, and make me feel sick. So, before I lose my marbles I'll, desperse my assets to my children to make sure the state does not rob me, and then if I need care I'll sit with all the freebies and smile. Why not, if they can do it so can I.

Guest: What sickens me the most is that the really rich people get to avoid almost all IHT. Suppose you're worth £1bn and you're pretty old. All you have to do is give away £990million to you children and live off the £10m you keep. As long as you live for a further 7 years then there is no IHT to pay on the £990m you gave away. That's the 7 year rule from the Inland Revenue. Madness!

rogerdandy: Be sure to make that dispersal well before you need to. Local Authorities have the power to slap a charge on the asset anyway, should they determine that the disposal was to avoid liability for care-costs. And our parents thought a lifetime's National Insurance payments would provide…

Lazy Bloke: Did you keep quiet when our education system was dumbed down and poisoned with Political Correctness? Did you vote for the people who gave our country to the foreign dogs? If the answer is yes to any of these questions you don't deserve to live to old age, otherwise my heart is with you.

mrtortoise: umm so you mean if you voted you dont deserve to live to old age? All i see is a bunch of lying politicians who would sell their own mothers. no matter what party. What i also see is a lot of people 'supporting their team' blaming the toher guy when its precisley that blaming the other guy that is causing the problems. Politicians do it, you do it. Stop being a righteous bum hole unless you actually went out and changed something.

ooopiop: Good points.  Saving used to be regarded as a virtue and was seen as being good for the economy - balanced with investment taxation and government expenditure. Savers are now ridiculed by the system -it pays them no interest but charges  high rates if they wish to borrow. inflation at 5% means that all saver are losing money anyway. The recent crash in the stock markty has wiped thousands off small saver investements.  If the elderly need care they are forced to sell their house to pay greedy uncaring Care Home owners who are allowed to become millionaires.Government has set the examle of selling off our  gold at rock bottom and then borrowing  heavily against the future to waste on the present. All in all saving has been debunked under 13 years of state welfare  socialism -if you have no money the state will pay everything for  you -it will even rent you a millionaire mansion to live in ! Saving, thrift building for tye future, self-reliance like the rest of the Old English virtues  -is out of fashion as the young 'gangstas' said loudly on TV  -if you want it just smash a window and take it -they don't save for their trainers, they nick them! So spend your  kids' inheritance -they can always go nicking if they need anything!Nu Britain 2011  - after 13 years of Labour in power.
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dee7: Saving used to be regarded as a virtue and was seen as being good for the economy - balanced with investment taxation and government expenditure. Savers are now ridiculed by the system -it pays them no interest but charges high rates if they wish to borrow. inflation at 5% means that all saver are losing money anyway. Well said… savers are now regarded as some sort of freak… 

mistert: Come on please give the Tories some recognition for the shyt the country is in. It didnt just happen in the last 14 years. Keep voting Tory though, you know the difference and all that!

bigimpact: Actually, most of the problems have come under the years of the labour government. Kids who were 4 when Bliar got in are now 18 and crap at life. At least the poll tax riots were political, nobody back then would have stooped as low as the current generation. Oh, and your profanity needs an 'e' on the end of it. See what education under labour has done to the country? Lol :-)

Guest: But surely… the 'children' pay tax on their employment income. They pay interest or dividend tax on their investments. In fact, they pay tax on just about any 'income' they receive. Why should IHT be different. We have a country to run and it can't be run without tax income. If you brought up your children well then they should be able to earn and save enough for themselves. They shouldn't have to rely on mummy and daddy.

manofthepeepl: IHT is different because you already paid tax on the money when you earned it. Why should it be taxed twice?

bassetedge: If adults are spending their own money, in what way can that be considered an 'inheritance'? An inheritance is whatever is left over at the end of the spending.

immigrant: of course they can keep their money, and spend it cruising the world.  now can they also take back the damn deficits they have passed on to us? and a little less nimbyism so that we can all have enough space to live in? thought not - the most selfish generation in history

pmitchell13: I'm quite frankly stunned at how many people have recommended your comment. Is it a bot?

bassetedge: No, it's simply a statement of fact.

bassetedge: I'm amazed that some are reading so much negativity into a simple statement of fact. Until the owner dies, there is no inheritance, only his possessions. Reading some of the envious comments here, I'm supposedly spendthrift, apparently, squandering my savings on trips around the world to deny my children (both men) their inheritance. Some facts for the idiots. 1. I was broght up in a council house until I married and moved out to live with my father in law until we could afford a home of our own. My father worked all his life as a miner. His bequest to my mother was a small life insurance. When my mother died there was a small sum from her insurance to share amongst her children - no house - no fat inheritance. I was able to replace my clapped-out 10 year old car with another second hand one. 2. My wife and I live on income. We have savings that we've built up and which (markets permitting) are currently increasing, despite our modest holidays a couple of times a year. (Holidays we could never afford while our sons were growing up and at university). Our house will be paid off in a few months, so at the moment the 'inheritance' is looking secure. 3. Our sons will receive whatever is left at the end of our lives.   That is the definition of inheritance.  I intend it to be as large as it can be, but I'm not going to make myself a miser and avoid a bit of fun on the way. The greatest risk to this comes not from our budget airline self-catering trips away but from imponderables, such as the lottery of health. If we die from a nice clean heart attack or massive stroke the boys will do OK. If we manage to hang on to health until we are forced to pay to be incarcerated in a home with dingy, smelly furniture until we die from boredom and medication, then the boys are onto a hiding. As I said in my original post, while we are still around there is no inheritance, whether we spend it or not. When we die, what is left after we've spent what we wish is the inheritance. May our sons look after it well. It will probably be the first one ever passed on in my family in the whole of its history. Government permitting.

bastion: As you say a simple statement of fact.  A lot of people today don't seem to like facts.

jimknowsall: I think bassetedge makes a good point. If you have made money in your life, you should carry on spending it in the manner you always have. There's no need to suddenly become a miser and hoarder in order to give lots to your children. That said, it would be pretty selfish to blow the lot in a frivolous way just because you can.

frenchtwist: It just shows how many selfish old people there are around…

tomsblast: @frenchtwist Blimey - such arrogance

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