Retiring

[abu13]

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

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.

 

[SidJames]

Buy a Yacht, and make frequent trips to South America :-)

 

[Blue Maverick]

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.

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.

 

[shootmeifipost10k]

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.

 

[cyberblue]

I am due to get it at 67, but im not banking on it with these cunts:)

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

 

[denislawsbackheel]

Those considering trusts to avoid care home fees be advised that it is considered a prime target for deprivation of assets and local authorities have absolute power to override them if they think it was set up to avoid care home fees.
If you are going to do it then do it before there is any hint of you needing a care home.

https://www.carehome.co.uk/advice/deprivation-of-assets-to-avoid-paying-for-care-home-fees

 

[MCFC_ Phil]

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.

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

 

[Bluemanc100]

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?

 

[jazzy]

Taking early retirement end of April as had enough working in civil service , won't be rich but will be a lot happier.

 

[dickie davies]

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?

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