Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: EL KABONG!!! who wrote (43280)	12/15/2003 11:42:03 AM
From: macavity	of 74559

Golden Oldies. Similar phenomenon in the UK. Less wealth than expected is being passed from parents to children. Many reasons. 1) Healthy old age, allowing them to do things. 2) Tax regime. The trade - and that is what it is - is if you are 65+ is to mortgage the house (that would have gone to children via Her Majesty's Inspector for Taxes) and get the cash. This cash is then put into a educational fund/trust for grandchildren, and the balance is used for a high quality retirement. Getting 80% of value for your house (from the bank) is better than giving less than 50% post-tax to your children, after you pay for inheritance and other taxes. Also means that they cant sell your house and put you in an old folks home! :) Boomers - no pension and no inheritance. Get used to it! -macavity

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