Retiring

denislawsbackheel said:
Have you checked the deprivation of assets rules about that strategy?
And mum and dad ought to pray the kids never divorce.
Click to expand...
ukcareguide.co.uk

TIPS ON PROPERTY PROTECTION TRUST WILLS | August 2025

A PROTECTIVE PROPERTY TRUST WILL is increasingly used to protect your assets and allow them to be passed on to your children. We share our top tips on getting one, the costs, and also where you can get one set up. GETTING IT WRONG MEANS means that you end up...
ukcareguide.co.uk ukcareguide.co.uk
this is what they have mate
 
Trouble is if the council think you’ve done it to avoid care home bills they can have it discounted as deprivation of assets.
It also le@ves the kids with a sizeable capital gains tax bill when the second parent dies.
Far better for mum and dad to get the ownership of the house put in to tenants in common, where they own half each.

advisingfamilies.org

Should we own our home as joint tenants or tenants-in-common? - UK

If you own a property with another person you can choose to be ‘joint tenants’ or ‘tenants-in-common’. This article will help you make the right choice
advisingfamilies.org advisingfamilies.org
 
Blue Maverick said:
ukcareguide.co.uk

TIPS ON PROPERTY PROTECTION TRUST WILLS | August 2025

A PROTECTIVE PROPERTY TRUST WILL is increasingly used to protect your assets and allow them to be passed on to your children. We share our top tips on getting one, the costs, and also where you can get one set up. GETTING IT WRONG MEANS means that you end up...
ukcareguide.co.uk ukcareguide.co.uk
this is what they have mate
Click to expand...

Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.
 
denislawsbackheel said:
Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.
Click to expand...
They have already done it with a proper solicitor mate, not with that site but that trust will is what they have
However I will look at what you say as that does seem another way to help them
 
denislawsbackheel said:
Trouble is if the council think you’ve done it to avoid care home bills they can have it discounted as deprivation of assets.
It also le@ves the kids with a sizeable capital gains tax bill when the second parent dies.
Far better for mum and dad to get the ownership of the house put in to tenants in common, where they own half each.

advisingfamilies.org

Should we own our home as joint tenants or tenants-in-common? - UK

If you own a property with another person you can choose to be ‘joint tenants’ or ‘tenants-in-common’. This article will help you make the right choice
advisingfamilies.org advisingfamilies.org
Click to expand...

I don’t understand why this isn’t the norm given how important it is, yet so many people opt for joint tenancy.
 
denislawsbackheel said:
Looks like a financial spiv site to me.
Much better and simpler to just arrange a tenants in common ownership. It does exactly the same but cannot be challenged as deprivation of assets.
Click to expand...

Did the tenants in common thing for my own parents and worked out well in the end - Have now done the same for myself although solicitor did warn me that with 2 daughters might need to revisit it in future to protect against a future breakdown in relationship where an ex partner makes a claim on their 'half'
 
It, was never mentioned to me throughout my house purchasing life. Nor to any of my kids or anyone I know.
It’s another of those things the young don’t think they need think about along with wills and life insurance.
 
Blue Maverick said:
They have already done it with a proper solicitor mate, not with that site but that trust will is what they have
However I will look at what you say as that does seem another way to help them
Click to expand...
My parents set their will up the same way so after my dad passed his share of the house is left in trust to me and my sister, Mum still lives there and does so for the rest of her life, we have no claim on the house until she dies. At that time the house passes into our possesion, if any care costs are incurred the authorities can put a claim in against my mums half of the estate.

We are in the process of putting the same in place for our kids.
 
abu13 said:
My parents set their will up the same way so after my dad passed his share of the house is left in trust to me and my sister, Mum still lives there and does so for the rest of her life, we have no claim on the house until she dies. At that time the house passes into our possesion, if any care costs are incurred the authorities can put a claim in against my mums half of the estate.

We are in the process of putting the same in place for our kids.
Click to expand...
Yep I’ll be doing the same when I retire at the end of the year, pay the mortgage off and get one done, seems a no brainier for the cash.
 
Luckily I had some sound advise from an elder relative in my 20s so with the private pension I've paid into for over 30 years I'm planning to retire in a few years around 60. I was left a pot by my mum that I can draw down on for enjoying life a little.No mrs shooter so I don't intend to sit around doing nothing but travel as much as possible. Ive already started by doing 2, 3 week long haul holidays a year. I've discussed it with the kids and they agree I should enjoy it and do the travel bit. Said I was looking forward to the cruises and exotic countrty visits along with some relaxing beach holidays a brilliant plan it was agreed all round.I may have missed out the part of maybe spending some (lots) of it on gogo girls in Bangkok.
 
abu13 said:
I am due to get it at 67, but im not banking on it with these cunts:)
Click to expand...
If you were in the armed forces or worked in the public service you might not get as much as expected
I was in the Navy for 8 years & NHS for 31 years plus i was self employed for 6
I started work at 15 and apart from 6 month out of work i worked till i was 60 when made redundant from NHS
Was entitled to state pension aged 66
Because the NHS opted out of SERPS i only get £599 a month state pension God help people who wont get it for another 10 years or so
 
abu13 said:
My parents set their will up the same way so after my dad passed his share of the house is left in trust to me and my sister, Mum still lives there and does so for the rest of her life, we have no claim on the house until she dies. At that time the house passes into our possesion, if any care costs are incurred the authorities can put a claim in against my mums half of the estate.

We are in the process of putting the same in place for our kids.
Click to expand...
I've done this exactly. I only own half the house. But when Mum dies they can only take her half. All sorted by solicitors
 
Stupid question please... I am going down the drawdown route for a company pension that will top up our existing MOD and NHS pensions.... SWMBO wants to take the 25% tax free amount "because we can" even though we don't strictly need it as we have liquid assets for a rainy day...

Any thoughts on whether the 25% tax free is a no-brainer or will the larger lump sum give us more in return over time?
 
Taking early retirement end of April as had enough working in civil service , won't be rich but will be a lot happier.
 
Bluemanc100 said:
Stupid question please... I am going down the drawdown route for a company pension that will top up our existing MOD and NHS pensions.... SWMBO wants to take the 25% tax free amount "because we can" even though we don't strictly need it as we have liquid assets for a rainy day...

Any thoughts on whether the 25% tax free is a no-brainer or will the larger lump sum give us more in return over time?
Click to expand...
I think you'd be daft not to take the tax free 25% lump sum
Yes it will affect the length of time the drawdown pot will last, but you aren't paying the initial and ongoing management fee on this money
You can always draw down a bit less and use the tax free to top it up or if there's a bit of a crash (as there has been this year) you can leave the money in the pot (not take a draw down) and use some of the tax free instead
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top