I don't understand Millennials who say they will never be able to afford a Home

Are your parents not leaving you the home when they die?

Other urls found in this thread:

legislation.gov.uk/ukpga/1986/41/section/102
gov.uk/inheritance-tax/passing-on-home
twitter.com/SFWRedditVideos

God I hope not. Fucking hoarders.

Yeah but we also get all the debt that comes with it so...

Your parents aren't making sure they pay off the home for you to inherit it?

>have to wait until you're 60+ to get a home
>have to share that home with your siblings
Didn't really think that one through did you

It is going to my sisters tho....

They remortagaged the house to pay for the kids college degree.

>leave me home
>have to pay 40% inheritance tax charge on it within 6 months
>forced to sell the home to pay the probate charge
>have to pay 20% capital gains tax

True millenials don't have siblings.

Lmao what is with it boomers and filling their houses with worthless trinkets? Some even believe that shit is worth something.

This millennial bought a house 8 years ago.
My generation is pathetic.

2 words: reverse mortgage. Can’t expect the boomers to subsist on social security alone.

That's why you transfer it over right before death ;)

Hahahahaha, fuck no. Also, they rent, not own.

My parents were against reverse mortgage because they didn't want to leave us without a home to inherit.

I'm at the older end of the millennial age and have boomer aged parents.

Yes me and my sisters are being left the family home. Its divided up equally between us. My father was screwed out of his inheritance by his sister so he wont allow it to happen to us.

I feel lucky really. Most boomers seem to be in shit loads of debt, or they are spending their children's inheritance travelling and investing in useless shit.

Boomers are liquidating everything before they hit the grave. Reverse mortgages, selling the paid off family home and getting an expensive condo in Florida, etc. The most selfish generation ever might not be able to take everything with them when they drop dead, but they sure as hell are trying.

An average 3 bedroom small house in my suburban area costs $956,132.79 US Dollars.

Doesn't work that way. You can't give it away with warm hands. Unless they give it over more than 7 years before their deaths and stop enjoying any benefit from it, it doesn't count as a bona fide gift - therefore full IHT.

>parents paid off home
>" what do you mean give you the house?"
>" you have to buy it from me"
>"did i mention i bought the house for a third of what its worth now?"

thanks dad

This.
Boomers can't think for themselves and respond to adverts/commercials they get in the post/mail that are these "equity release" schemes.

The bank owns the property - boomers get to live in it until they die

You can sign it over to your kids and still live in the house. This plan does rely on your children not stabbing you in the back though, which wouldn’t put past some here.

Parents were hippies and managed to enter old age with absolutely no assets. I'm trying hard to get my hands on property, but it is PAINFULLY slow saving. Most frustrating part is by the time I finally pay a home off I will be pretty close to death. I guess my parents had the right idea not giving a fuck.

That scum will probably sell it off to fund their retirement vacation etc.

Baby boomers and Gen X are the weak men of the cycle.

Millenials and Gen Z will hopefully grow strong due to the hardships of our economic prospects.

My parents aren't like this so I'm lucky. I've had to pretend to have the same parental as problems as my peers so they wouldn't think of me as a spoiled brat.

That said, I don't understand why my generation says "Some people were born having it easier than others so it means you don't deserve the money if you make a lot in stocks".

Know what my thought is? There are many ways to be born having it easier or harder. I'm aware of this and still want to keep a comfy lifestyle. If middle income isn't guaranteed in the future I will take risks for the comfiness.

>You can sign it over to your kids and still live in the house

Wrong. Completely wrong. It won't be a 'potentially exempt transfer' if they do it, which means it is immediately subject to IHT upon death.

t. lawfag

Most of the time people end up in nursing homes and such and their houses are gone.

Boomers, why would they? It doesn't benifit them to not sell it so they can finance their retirement.

Reverse mortgages are almost always a scam - be EXTREMELY careful if you ever consider getting one.

I'm one of five children and my parents are poor. I'm getting fuck all.

Why work on creating the good times then if it only creates people who create hard times later? So many people understand and repeat this cycle but don't think of the implications.

>parents purchase house for $65k in 1975
>sell it for $87k in 2004 when the local nigger and beaner gangs began to have turf wars nearby
>neighborhood now well-known crime zone
>look up house on zillow and HAR
>valued at $155k
>house next door just sold for $180k despite huge hole in the roof because it had a 15 year old hot tub in the back
>lost job in November and nowhere is calling me back
>tempted to go into real estate and join the jewing

Some of us in X will be side by side with Z.

In my state you pay no inheritance tax unless you are left over 5.45 million in assets...

How much is a 3/2 in your state?

WTF is a "reverse mortgage". Is that like equity release?

You're retarded.

>tfw boomers die and there's no one left to sell shitty trinkets to in estate sales

>Lmao what is with it boomers and filling their houses with worthless trinkets?
It's a holdover from their parents Great Depression mentality of "this might be useful some day and I might not be able to find it when I need it."
They're also under the impression that every meme trend will be super valuable in 10-20 years.

Then you are lucky to live in such a tax-friendly state.

By the way, here's the legislation in question.

legislation.gov.uk/ukpga/1986/41/section/102

>If, immediately before the death of the donor, there is any property which, in relation to him, is property subject to a reservation then, to the extent that the property would not, apart from this section, form part of the donor’s estate immediately before his death, that property shall be treated for the purposes of the 1984 Act as property to which he was beneficially entitled immediately before his death.

Think of boomers as the hippees from the 60's, but 50 years older and that much more wrinkly. They are extremely prideful and selfish as a generation. The society they run is stacked against millennials. We don't have the same opportunities they did at our age.

That said, millennials can be whiny little cunts. Red Pill millennials take responsibility for their lives. Blue Pill ones are the SJWs.

why do hot tubs cause holes in roofs?

hot tub fag here

There will but it will be a different market. Instead of selling to boomers, it will market to nerds, neckbeards, and robots. They like to hoard just as much as Boomers instead it's collecting Pokemon or Star Wars figures instead of collecting baseball cards or model cars.

Yeah, the bank gets title, gives a monthly check to supplement income. The "homeowner" can stay until they drop dead even if the equity runs dry.

My dad has a spending problem and will most likely get a reverse mortgage because he's 60 and doesn't have enough saved for retirement.

My mom is 60 and unemployed. She has pretty much 0 savings for retirement due to being a stay at home parent most of her adult life. Right now she's renting a house with inheritance from her deceased parents.

I'm already 26 and still over 40k in student loan debt from getting a meme degree where I make less than 30k a year.

Fun times ahead in life for me.

Almost all of the United states is this way except for commiefornia.

The majority of millenials are a lost cause. We can only hope Gen Z isn't completely incompetent.

I never met my dad and my mom rents, we don't own anything, nothing to pass down. The only house we ever had was a shitbox in a nigger neighborhood, then my mom divorced my stepdad and we lost it, not that I wanted that piece of crap anyway.

I know the world is stacked against me. I also don't fit into my generation. Thus I see no point in not being selfish except towards people who deserve it. 10% of people are good. 90 percent suck.

I bought my dad's house from him for about $25,000 less than the appraisal, which counted towards the PMI as a gift of equity. So i only pay about $650 in mortgage for 30 years. I would've NEVER been able to do this on my own

>t. lawfag

gov.uk/inheritance-tax/passing-on-home

Giving away a home before you die
There’s normally no Inheritance Tax to pay if you move out and live for another 7 years.

If you want to continue living in your property after giving it away, you’ll need to:

pay rent to the new owner at the going rate (for similar local rental properties)
pay your share of the bills
live there for at least 7 years
You don’t have to pay rent to the new owners if both the following apply:

you only give away part of your property
the new owners also live at the property

>t. lawfag
Hope I never need you to represent me.

My mom sold the house and moved to Florida to fuck Cubans and my dad doesn't own a thing after the divorce.

pics of your mom pls

Not all of us are rich or use daddy's money faggot.

All of these treasures could be yours one day.

I'm 30. Aircraft mechanic. House is payed off.

They fucking will be unfortunately. And the ones THEIR parents left them.

damn is there any way to pay some appraiser to overvalue the fuck out of your house then get a reverse mortgage when you turn 55 or something?

>Not rich
>Parents suck at finances
Just smart, thanks for playing.

Oh God, I'm going to scrap those so fucking quickly. I don't know why old people love knick knacks so much.

Live with your parents and use your entire income to pay off student loans. Be smart.

Wow, you sound fucked, sorry. What degree?

I have siblings. I'm not gonna share a home with them.

Care to explain what you did then?

My mom is leaving me her house when she dies but it's in the shithole known as El Salvador.

user, are you retarded? Do you seriously not understand the reservation of benefit rules and exemptions? You do know there is a reason people don't use it, right? There are far more requirements that what is listed there.

That's just basic government guidance. Go and look at the actual legislation and case law in question. i.e. section 102.

Buy a foreclosed home in the recession era probably. There were many foreclosed homes in the 2009-2010 era.

Go back, we don't want your crminal seed here.

There are more terms and conditions than I stated. Also, they have their own appraisers. I was just giving the general idea. They are in it to get property on the cheap, not to lose money.

probably going to my useless NEET sister
I'll probably get at least some of the vacation homes though

my (willfully) money-illiterate parents do not own a home

god damn they dont even own their cars

Nabbed a safe, decent government job, quit college after 1 semester. No loans.
Live in inexpensive area of the country.
Moved about 30 minutes out of the city to a small town to get a nice house and land.
Its about half-paid already.

I want that tea service. And I can't tell if that's a punch bowl or chafing dish on top but, if it's a chafing dish? I want it as fuck.

A tea service isn't a nick knack. It's for serving tea.

That's a good idea, but who knows when the next economic crash happens. You just jogged my memory btw, my mom recently bought foreclosed land in Arizona for about $2k, we just got the deed in the mail a few weeks ago, but it's only land.

You can get around that by doing those things I (and the government) listed on their website. Paying rent to your kids (which admittedly is income tax liable) is better than paying it to someone else. Though you run the risk of being evicted by your children if they turn rogue.

It's a knickknack if they refuse to use them.

Worded that poorly. The supposed reason the house was worth $180k was the ancient hot tub, despite major structural issues and being inferior in bedrooms, size, and layout compared with my childhood home. There shouldn't be any correlation between a hot tub and roof issues unless you have the hot tub indoors or a shitty job was done with the ceiling/roof above it.

Unfortunately I don't think another one will happen for a long time.

My parent is leaving her house to my brother and my childless aunt is leaving her properties to me, but I'm foreign. My friend has a fucked up boomer dad though.

>Rich as fuck but lost most of his money and properties because he got caught skimming off trust funds because his second wife told him to
>Charged us $850 per month to live in his forclosed property he wasn't paying a mortgage or jack shit on
>Goes on vacation with sluts and generally spends his time and money whoring around.
>Refuses to pay for grandchild to do sports or help financially in any way.
>Only babysits friend's kid so he can take him along for points with the flavour of the month
>Has fucktons of money lying around because he hid his money during the divorces and currently works under the table for many shekels but wouldn't even listen to his son about good investments >Invests in BTC at it's peak because he's going to hold on to it even when the price drops.
>Bought his whore daughter a car but won't help my friend move his family out of his shitty ghetto apartment he has to rent until he fixes his credit
>Adopted a nigger and two native american teenagers and paid for their college but won't help my friend go back to school
>Hardcore liberal

On the other hand his mom has paid off her house and plans to leave it to both of her children. She is a staunch conservative and nice southern lady who dumped his dad because he wouldn't stop whoring around.

Why wouldn't one use it, though? I like tea. And just think of how long crepes or enchiladas stay warm in a chaffing dish for. That's way better than cook a billion and better wolf it down fast.

Your friend's dad sounds like a shitskin greaseball.

I have to actively hide how generous my parents were and how much they taught me because otherwise people get jealous of me. I need to pretend to go through the same things other people do

>Are your parents not leaving you the home when they die?
No they get to old to keep up, sell the house and move into a condo in a gated community.

Unless you live with them and take care of them until they pass.

These will be the new knick knacks once Boomers die. They will continue but in a different form.

also while I am riled up on the subject of reverse mortgages

>slave away entire life to the bank
>grow old and finally own home
>immediately sell home back to bank cause social security is a scam

FUCKING BOOMERS

>Are your parents not leaving you the home when they die?
hahahahahaha

>Baby boomers squandered what was essentially a golden age.
>Alarming amount of pedophiles, cannibals, and cultists in Baby boomer group.
>They're desperation in trying to destroy younger age groups will cripple the world permanently.
>Which means I get to live out my Warboy fantasies before I do.
Witness me, brothers! Witness me!

Does everyone's parents/grandparents have one of these full of shitty plates and glass ware they probably never used?

>Parents
Have you not seen the divorce rates? Most anons grew up in broken homes. Parents often split and fuck off, which means children often grow up either with just one parent, or none at all. Hell, I bet at least a quarter of this board don't even know who their real father's are.

Don;t get me wrong, I am sure many anons come from middle class or higher homes and have large, loving families who help provide for them, but consider the amount of people who got fucked out of that deal and know that there is virtually nothing left behind for them to take when their parent(s) keel over.

Oh, and Lord have mercy if you live in the northern US / Canada, because I hear inheritance tax in those ares is through the roof.

The steam from the tub collects on the celling and rots the roof over time.

This is infact the only future I have. God I geel worthless.

My grandparents do but not my parents.

But user, how do I go back to somewhere I'm not from?

>All of these treasures could be yours one day.
>to hock on ebay to pay the property tax bill
ftfy
>then rent out rooms on air bnb so "straight" business men can superslam trap prostitutes while smoking crack in the same room you were conceived in

I fucking hate San Francisco

>tfw only child
rip your inheritance gavelkind peons

No they're not. They're selling off the family home, moving into a smaller place and using the difference for retirement

>You can get around that by doing those things I (and the government) listed on their website

It isn't that simple, at all.

You have to deal with potential tracing issue, double IHT, QIP issues, the type of interests in land, ensuring the practicalities of excluding the donor and that the donee alone benefits, which is far more complicated than just dumping someone in a granny annex. Then you have to deal with potential change in donor circumstances, and especially with renting you have to follow a whole bunch of other separates rules relating to arms length, bona fide rent, advice from independent solicitors on both sides (sort of like proposed reformed prenuptials) and actually proving you are at market rent according to local conditions.

It isn't just as simple as following those rules. There's a reason people get private client solicitors involved. It isn't as straightforward as that advice suggests.

I hacve wine glasses, and we use the plates now. The wine makes a neat sound if you wet the rim and rub in a circular motion.

my parents rent

That could be it. I didn't even grow up having to work for social interaction outside of school. There were always neighbors or family or extended family over to the point I was always surrounded by lots of kids. So later on when people demanded lots of conformity for shallower interactions it didn't really seem worth it to make friends with most of them or fit in. I've almost always been used to lots of people being there.

Your lineage is from there, go back filthy beaner