Prediction time

[ProDave]

Thats right up until the time you fall ill or are unable to look after yourself, then they'll expect you to sell it to pay for your care!

Oh and of course there will always be the dreaded repair bills and upkeep of the property to pay for.

so what is the point? Why not enjoy your money whilst you are still able too and leave the costs to everyone else?

If you are suggesting renting instead of buying, then fine if that suits you. But I want the security of tenure to stay where I want for as long as I want and do what I want to the property. AND I don't have a big enough pension to carry on paying rent when I retire.

Agree about the scandal of bleeding you dry to pay for care. I watched my potential inheritance from my Mother go down the plug hole to pay for her care. Still if you were a renter and had a pot of money in the bank, that would still be bled dry so nothing left to leave to your children.
 

 

[Sharpend]

That all depends on your life experience, I've had my life turned upside down and inside out by some imbeciles so will not put myself in that position again! 

Also if you learn how to play the game then this life can be very rewarding, I've never been so well off since I learned the game. 

 

[rapparee]

That all depends on your life experience, I've had my life turned upside down and inside out by some imbeciles so will not put myself in that position again! 

Also if you learn how to play the game then this life can be very rewarding, I've never been so well off since I learned the game. 

 

[binky]

That all depends on your life experience, I've had my life turned upside down and inside out by some imbeciles so will not put myself in that position again! 

Also if you learn how to play the game then this life can be very rewarding, I've never been so well off since I learned the game. 

please enlighten us, I could do with some pointers :slap

Selling property to pay for care can be avoided, but it means transferring assests 10 years before you need care. Do you trust your kids????

 

[Sharpend]

Can I ask why you are concerned with leaving your assets for your kids? Can't they stand on their own feet, haven't you given them enough already? 

You spent your whole life working hard for what you've got so enjoy it. 

 

[Murdoch]

My late mothers care fees were about £6K per month and she died in 2012 - so lord knows how much they would be now.....

 

[ProDave]

Can I ask why you are concerned with leaving your assets for your kids? Can't they stand on their own feet, haven't you given them enough already?

You spent your whole life working hard for what you've got so enjoy it.

If I knew exactly how long I  had before I fell off my perch, I could plan everything to a degree of accuracy. Stop work (retire) at just the right moment, live off my savings / investments,  which would all just be used up on the day I get to meet the grim reaper.

But we don't know that so I plan to live a long time and provision for it. If I got the sums wrong and there's money in the pot when I go, I want my daughter to have it NOT the tax man. In fact anyone but the tax man, even a charity.
 

 

[Sharpend]

I'm not suggesting that you spend every last penny, but don't hang on to more than is necessary. 

Leave a minimum of £2 for a lottery ticket for loved ones! 

 

[Murdoch]

If I knew exactly how long I  had before I fell off my perch, I could plan everything to a degree of accuracy. Stop work (retire) at just the right moment, live off my savings / investments,  which would all just be used up on the day I get to meet the grim reaper.

But we don't know that so I plan to live a long time and provision for it. If I got the sums wrong and there's money in the pot when I go, I want my daughter to have it NOT the tax man. In fact anyone but the tax man, even a charity.
 

IHT kicks in at £325 k or £650 k if you are married. Not many people have to worry about paying IHT....... 

 

[steptoe]

Can I ask why you are concerned with leaving your assets for your kids? Can't they stand on their own feet, haven't you given them enough already? 

You spent your whole life working hard for what you've got so enjoy it. 

Well, when me and the wife bought our house we sort of looked at the fact we will be just about retired by the time its paid for, and its merely our legacy to our kids, and we won't have rent in our old age.

We will 'never' own our house, but its the gift we are leaving our kids for the gift they have given us for being part of our lives.

If I hadn't met my present wife and had kids I'd more than likely be dead by now, so every day I have is more than I should have, and for that I'm grateful. That's why I'm insured to the hilt, so my wife and kids have nothing to worry about should something happen to me. 

 

[OnOff]

We have rental property. These phased changes to tax relief for landlords of residential properties might well scupper / alter those plans. C**TS!

 https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords

Left it too late with my Mum, only now sorting CoP etc.

Some people say life's too short.....I see Fridays as being closer to Monday!  :lol:

 

[pewter]

IHT kicks in at £325 k or £650 k if you are married. Not many people have to worry about paying IHT....... 

most houses round my way are £300-400K, i was in a 2 bed flat today that was bought for just under £400K.

My mums family home is a 2 bed town house and worth over £400K.

 

[Blue Duck]

most houses round my way are £300-400K, i was in a 2 bed flat today that was bought for just under £400K.

My mums family home is a 2 bed town house and worth over £400K.

The aeroplanes not scared everyone away then...

Sister in law is looking for somewhere under a part by scheme, they want £450k for a two bed council flat on a dog poop estate, the mortgage people want 40k deposit and she needs to be earning 80k/pa.

Who the fork earns 80k / year ? 

Yes I've over simplified it and her ex is a useless twat.

 

[Sharpend]

We have rental property. These phased changes to tax relief for landlords of residential properties might well scupper / alter those plans. C**TS!

 https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords

Left it too late with my Mum, only now sorting CoP etc.

Some people say life's too short.....I see Fridays as being closer to Monday!  :lol:

As I said, 'they' won't let the ordinary man have anything??!

 

[Murdoch]

most houses round my way are £300-400K, i was in a 2 bed flat today that was bought for just under £400K.

My mums family home is a 2 bed town house and worth over £400K.

So when certain political parties say they want to increase IHT threshold .....