It’s not about being anti-boomer. It’s about being anti-Tory. A leopard doesn’t change its spots and all that.
People are terrified that that the government are going to take their home when they die. That fear has been stoked by the right wing rags (honestly you should check in on the Telegraph every now and then - about half their stories are paranoid ramblings about inheritance tax). So the Conservative Party uses that fear to announce policy that seems to protect the common man from the grasping hands of Government, but in actual fact is a handout to the mega rich. Just like how they pitch every tax cut in general terms, while neglecting to mention that you’d have to be earning stratospheric wages for it to affect you.
What is the biggest reason older people lose their homes? The cost of social care. Wouldn’t it be great then to have social care provided by some kind of national care service? Oh no. We can’t have that! That’s socialism, and it’s evil.
Thanks but I have had the consultations. I know all the ins and outs. Because of property prices around here, most people’s estates will be liable for some level of inheritance tax… it is what it is but the pension pot aspect in particular really hacks me off. I have been advised to draw it down as quickly as possible and spend it while I can.
As an aside… I inherited just a few hundred pounds from my mother after 5 years spent in a nursing home. Her house was sold to fund it and there was precious little left..
I totally get that. However, I don’t see why pension assets that have been built with a significant contirbution through tax relief should avoid IHT entirely. They are meant to fund someone’s retirement (and anyone financially dependent on them) not really to be a vehicle for evading IHT.
Then cap it…that’s seems to be the sensible and fairest option. Any private pension pot over a certain value would be included in the estate for IHT purposes. I am entirely happy to pay what I am obliged to as long as everyone else does too and the rules are fair.
Pretty sure you can’t leave it to your children whereas with a private pension it passes to your partner (if still living) and then whoever you nominate.
Pretty sure that’s correct. My dad has his state pension and a 2nd pension from working for the council (pavements/roadworks - can’t think of the term i need!) he could have taken a lump sum or get it paid monthly for the rest of his life. It doesn’t pass down .
Also on the subject of care costs. If a person is deemed unable to look after themselves or a danger to themselves, under the mental health act, they don’t have to pay for their own care. There maybe caveats to this though.
Yeah i should have used the word sectioned but i don’t like. It’s cold.
Edit: I speak from experience of my mum. The Govt. wanted her to pay for herself. The manager of the home, in southport, invited them in, they conceded defeat. That manager is the most fearsome but lovely person ive ever met. I think the cost of the place per week was around £1000. We could never have afforded that.
My old man has been in a care home for the last 4 years. Doubly incontinent, bedridden, can do nothing for himself, can barely pick a beaker up to take a drink.
On assessment he was deemed able to look after himself. He’s since been milked of all his savings down to the amount you are able to keep. They’d have taken his house too if my sister wasn’t still living in it and is over 60.
I wont fall into the same trap.
I am really sorry to read of his struggles pal. That must take a real toll on you , too. I do not agree with the current system and I worry about what it will be like for my kids. It seems absurd to me that something which is supposed to help , actually maks things worse for individuals own health and the surrounding family.
A care system that doesn’t actually appear to care.
EDIT: I’ve reread that first sentence. I mean that I am sad for his struggles, not to read about them.
Thanks mate. It was his biggest fear ending up in care. It’s a decent home and the staff are nice so there’s that at least.
When he went in he was only given a few months so the NHS footed the bill but something changed after 18 months and they started re-assessing all the residents. I think it was down to the government but who knows?
He doesn’t know all his savings have gone (almost) as it would devestate him.
I agree with what you wrote above this sentence, but here’s a genuine question: how is it a good thing for the country if Burnham turns out to have been complicit? Wouldn’t it be better for everyone if he wasn’t?
Oh and sorry to hear about your dad’s struggles. Good to know that he is in good hands at least. About the financial part, my feeling is that it is wrong to progressively take people’s savings away (and their children’s potential inheritance) when they land in an elderly home. Nobody goes there through his or her own choice.
I want this unelected, dictatorial prick out asap. I want the Labour party out because I believe if they win the next election the UK is finished, although I think that boat may have already sailed.
If I was in my 30s with a young family I’d be doing my level best to get out of Europe because I don’t like where things are heading one little bit.
That is my opinion and I’m not going to enter an argument with anybody over it.