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how can you avoid house u own paying for nursing home fees
jammiev
Posts: 1,039 Forumite
hi, my mum and dad currently live at home but as they are getting on a bit and are both retired and own there own home have asked me is there a way of them avoiding having to pay the nursing home themselves ie; it coming out of the house?
they have read somewere you can go to a solicters who can sort it for about £1000 but it takes 8 years before it comes into effect!
anyone help?
thanks
they have read somewere you can go to a solicters who can sort it for about £1000 but it takes 8 years before it comes into effect!
anyone help?
thanks
0
Comments
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As far as I'm aware the only legal way for them to do it would be to sell the house and give the proceeds away or to give the property away and pay rent to the new owner. After that the house (or proceeds from it) will count as outside their estate after seven years.
I don't believe there are any short cuts unfortunately.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Normally they would change their ownership of the house to become tenants in common as opposed to joint tenants and then use a will to leave their half to the children.
Have a read of this;
http://forums.moneysavingexpert.com/showthread.html?t=1526179&highlight=tenants+common0 -
If it is done solely with the purpose of avoiding long term care means test then it will always fail the means test (unless you get lucky). If it is done for another genuine reason and documented as such (such as tenants in common for IHT purposes or investment bond for tax efficiency and low cost for investment purposes) then it will avoid the means test.
It is always worth getting it documented by a professional the reasons why it is being done. That way you have evidence of a genuine non means tested reason should you ever be asked.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
hi, my mum and dad currently live at home but as they are getting on a bit and are both retired and own there own home have asked me is there a way of them avoiding having to pay the nursing home themselves ie; it coming out of the house?
Are they actually planning to go into a nursing home, or is this just a 'what if'?
What does 'getting on a bit' actually mean? If they go to the nursing home soon how long does that imply that they might be there?
If they both have the intention to go into a nursing home it will cost somebody something. Who do you imagine should pay the costs for both of them, if they don't want to pay it?[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
surely it is a matter of pride to make provision to pay your own care fees. Who should pick up the bill? the struggling tax payer?0
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Why, you and me of course margaretclare. As taxpayers. Who else?
Never mind that they have the resources to pay for looking after themselves - let someone else do it. It's much better that way, isnt it?0 -
Whilst one of them is still living in the home, it cannot be used to pay fees for the other one in care.
If they are tenants in common, when one partner has died, and their share is left to the children, presumably in trust so that the surviving spouse can carry on living in their own home initially, then when s/he goes into a care home the house is virtually unsaleable as you can't sell half a house.
In my parents' case, after Dad died, Mum chose to go into a care home and the fees were paid for initially out of Dad's estate and then the sale of the house. You could say I "got lucky", financially speaking, as she died after just 8 months.0 -
Complicated area that needs specialist advice. And specialist advice costs money, as does poorly constituted free advice. See an estate planning solicitor.Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
Newly_retired wrote: »Whilst one of them is still living in the home, it cannot be used to pay fees for the other one in care.
If they are tenants in common, when one partner has died, and their share is left to the children, presumably in trust so that the surviving spouse can carry on living in their own home initially, then when s/he goes into a care home the house is virtually unsaleable as you can't sell half a house.
In my parents' case, after Dad died, Mum chose to go into a care home and the fees were paid for initially out of Dad's estate and then the sale of the house. You could say I "got lucky", financially speaking, as she died after just 8 months.
sums it up I suppose. The unspoken words `what will be left for my inheritance?`0 -
sums it up I suppose. The unspoken words `what will be left for my inheritance?`
Precisely. It's always the same with these kind of posts written by the kids. There is this 'caring' tone about what will happen to their parents, but the underlying subtext is very very clear indeed.
"I want the state to pay for my parents healthcare, so I can get my hands on my inheritance. Cos it's all about me. Me me me me me me me."
Modern life - don't you just love it?0
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