'Bank of mum and dad' lends £5bn a year in UK, says L&G

[dx4100]

If my kids get into their 30s/40s/50s and still need hand outs I would be deeply ashamed of the lazy bastards.

I might offer them an interest incurring loan at some point with a very tight contract.

[PurpleGorilla]

If my kids get into their 30s/40s/50s and still need hand outs I would be deeply ashamed of the lazy bastards.

I might offer them an interest incurring loan at some point with a very tight contract.

I think you are missing the point.

[NotAllThere]

No declaration is required.

Well - if both parents snuff it within seven years, then the heirs are supposed to declare it. I don't know how far the executors are supposed to dig, nor whether HMRC would ever investigate.

So basically the wealthy look after their own.

Yes. Wouldn't you?

Funny though - my parents (both teachers until retirement) never got much assistance from their parents, and neither have I nor my siblings. It's only since my grandmother snuffed it that the question of inheritance tax (and avoidance thereof) has arisen.

[PurpleGorilla]

Yes. Wouldn't you?

Ive set up a fund, which can pay for college or a deposit, or set up a business. With some guidance.

I think the smart move is to hit the world early with your own business, but if that isn't for them then they have options like uni or a voyage of discovery.

Beyond that, I probably won't have any more money to help them even if I wanted to.

[BrilloPad]

Ronnie Barker helped his child out. That worked out well.

[MrMarkyMark]

Ive set up a fund, which can pay for college or a deposit, or set up a business. With some guidance.

I think the smart move is to hit the world early with your own business, but if that isn't for them then they have options like uni or a voyage of discovery.

Beyond that, I probably won't have any more money to help them even if I wanted to.

I had one of those, your bond wouldn't have covered mine

[PurpleGorilla]

'Bank of mum and dad' lends £5bn a year in UK, says L&G

I had one of those, your bond wouldn't have covered mine

Good for you, for me it was

school
summer jobs
uni placement year
finish uni
work
more work
higher degree whilst working (eek)
work
Go solo Ltd

[vetran]

Good for you, for me it was

school
summer jobs
.
.
whinge a lot about how unfair it all is.
.
.
.
Go solo Ltd

FTFY

[PurpleGorilla]

FTFY

Lol yeah that's about right.

Fricken boomers [emoji35]

[MrMarkyMark]

Good for you, for me it was

school
summer jobs
uni placement year
finish uni
work
more work
higher degree whilst working (eek)
work
Go solo Ltd

I paid for my voyage of discovery at 18 years old, you plum!

Apart from that my life has been similar, apart from the fact I worked for a few years prior to university.