Putting home into family trust to avoid nursing home fees

pollypenny wrote: »

Gosh - someone was lucky.

I don't know anyone who has had an inheritance to fund house purchase.

We helped our kids get on their feet, with part of a deposit and with older cars. However, if either of us needs care, then I do not expect others to pay for it through taxes, so that the kids have a financial windfall.

They are professionals. They can work for it, as we did. If there is something, left, all well and good.

I'm talking generally, I think Mrs Money raises a valid point. Many younger people are renting long term and from what I hear around me money savvy people are protecting their assets one way or another. Eventually, those with property to be placed under a charge will dwindle. There needs to be a better and fairer system put in place sooner rather than later.

And without thinking too hard, I know of at least one person who bought his house from his inheritance.

The trust Lisa mentions was badly drawn up. It'susual to leave the surviving spouse with access to the estate for all needs.

I'm not talking about world cruises, but what everyone would consider reasonable.

Veryannoyed wrote: »

I'm afraid I'm not prepared to lose my only asset, my home, to pay nursing home fees so I'm considering putting it into a family trust with my children as the beneficiaries.

Does anyone have experience of this and the pitfalls?

We're already likely to lose my mother's home for this reason (her fees are £46,000 a year) and if there is a legal way of making sure our children inherit all we have worked so hard for over the years then we will take it.

The PCT / social services have been entirely ruthless in the way they have dealt with the family over my mother's case and although we did achieve full funding for her for a while it was quickly removed.

I'm going to be equally ruthless in preventing them from getting their hands on my hard earned cash.

I totally agree with everything you have said on here. I am experiencing the same with my elderly parents at £475 per week for care home fees... disgraceful :mad:

savvyme wrote: »

I totally agree with everything you have said on here. I am experiencing the same with my elderly parents at £475 per week for care home fees... disgraceful :mad:

I am a manager in care, the cost seems disgraceful to you but I promise you it is not cheap to run a good home. First of all cost of suitable premises, then registration costs, equipment including industrial washing machines (don't come cheap.) Heating costs tend to be very high. Insurance is another big expense. Staff, not just wages but CRB's training sick pay holidays etc. Food, maybe catering for special diets. Carpets, furniture etc, we find these need replacing frequently. Maintenance costs, pat testing equipment etc. Water rates, telephones, vehicle costs.

I am sure alot of the above can be done "on the cheap" but we don't offer a "cheap" service. I can honestly say if I needed care I would be happy to go into one of the houses we run, I can't say that about all homes. We bought a home off a company offering "cheap" care. We felt like crying when we viewed the place, living in a second rate place that was stinking is not how I want to end my days and it is certainly not something I would have wanted for my parents.