Money and the family

[Jack Peterson]

4 minutes ago, stevewool said:

Better make sure i never go above that amount once i start to receive my state pension then and thats another 7.5 years , will i be alive then.

Well when you get it it will be about 160 x 52 = 8320 per year so Your private pension will be Hit

I say this as with inflation Increases, it will be about 160 pound per week at that time, Of course miracles do happen But...........

 Going off Topic here so maybe I will raise the Topic Tomorrow

Edited May 21, 2017 by Jack Peterson
added a little

[stevewool]

6 minutes ago, Jack Peterson said:

Well when you get it it will be about 160 x 52 = 8320 per year so Your private pension will be Hit

I say this as with inflation Increases, it will be about 160 pound per week at that time, Of course miracles do happen But...........

 Going off Topic here so maybe I will raise the Topic Tomorrow

Look forward to the new thread as i have my own answer to this problem, but i am sure i will be kicked down and laughed out of the room .

[Old55]

Reading this with interest and sadness both.

Steve, if it were me just walk away from the whole thing now not one more peso. There will be serious s@#* hitting the wall once the property becomes a free for all. Best you and Em are well clear before that takes place. I've seen this from afar in my own family over there this can and will bring out the very worst in some.

[expatuk2014]

Ah family and money, my wife was a government employee when we met, and she built the Family home

And furnished it with narra furniture.

And everything was fine until she announced out of the blue she was going to get married and to a Foriegner!

This caused a row between her and her mother, so my wife built herself a small house at the back of the compound

My wife moved to the UK with me, and between 2002 = 2011 we sent money to the Philippines for medical

Expenses , college fees etc , the mother realised she was wrong eventually.

We retired to phil in 2011, and one of the brothers mentioned the ownership of the family home, another row !

So we decided to knock down our small home and build a two story home which we did.

We paid all the utility bills and bought the mothers food and medicines etc .

Sadly after a long illness the mother passed on . Which has left the family home empty.

It needs all the window frames replaced as they are like paper thanks to termites.

I wanted to replace the windows and was told by the brother its not my house, its the family home !

So we have decided not to repair it and wait and see what comes up next

Then there is the question of our house and garden, and extension etc if the wife goes before me

Our home is worth approx 1.5 million pesos not including the family home.

I think i will move out and rent a place. Even when i pass on if i make a will it can be classed as not applicable

As i am an Alien.at the moment the family are fine they all have their own homes .

But when it comes to money !,

 

 

 

 

 

[jpbago]

6 hours ago, stevewool said:

Times are a changing here John,

If all goes right for us we will not have a home here in England so what i dont have they cannot take of me, best bet is to spend spend and spend if you are thinking of staying here in England , if you have nothing then the government will look after you and everything will be free.

It is the same in Canada, but, if you have money, you can choose a nicer place, if that might be a concern when your marbles are gone.

[jrlee183]

16 hours ago, Jack Peterson said:

NIGHTMARE is the word mate because if they do sell to get Cash, your Home goes with it Unless you buy them all out at the current value but that will be my next Question to Jamie, Can That be Done? 

Yes, it can be done, but the issue is still there;  You are basically exchanging one asset for another.  In this case property to cash.   That cash will be then be distributed amongst the compulsory heirs.

[Jack Peterson]

2 minutes ago, jrlee183 said:

That cash will be then be distributed amongst the compulsory heirs.

No gain for Emms there then EH? BUT what if Steve & Emma just bought all out would there still be compulsory heirs as they have effectively got their Inheritance?

[jrlee183]

1 minute ago, Jack Peterson said:

No gain for Emms there then EH? BUT what if Steve & Emma just bought all out would there still be compulsory heirs as they have effectively got their Inheritance?

If they bought them out then they would have total ownership and the property is theirs.  Then the cash is the asset, of which Emma would be entitled to her share in the event of her parents death

[Jack Peterson]

21 minutes ago, jrlee183 said:

If they bought them out then they would have total ownership and the property is theirs.

That was my meaning and if so, the Fathers death would not yield an estate (apart from the Cash asset he got for the house and Lot sale) for anyone to Inherit but I guess life can never be that easy?

Edited May 22, 2017 by Jack Peterson
added a little

[robert k]

I Presume the siblings are already co-tenants having inherited from mom? If they weren't I'd say buy Dad out now!