How can I sign a house over to my son?
Comments
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Local authorites may have flexibility on what kind of gap is acceptable between disposal of assets and requiring the LA to contribute to care costs.
For instance 20 years may be ok, 20 months not. Of course the difficulty is that nobody can know whether they will need care eventually and when it will happen..................
....I'm smiling because I have no idea what's going on ...:)0 -
A slight clarification. It is not 'illegal' to dispose of assets such as property in order to avoid possible future care costs. The council will simply refuse to make any contribution to the costs if they believe someone has deprived themselves of assets deliberately in order to avoid contributing to some or all of their care costs, although the time gap between selling and needing care is taken into account.
In reality very few people need residential or nursing care and despite far more people living longer these days, government is keen for people to receive care in their own homes and the cost of this can be wholly or partly covered by attendance allowance.
Just joined & not sure what to do
Question What if parents remortgage thier property & lost this money plus their savings whilst gambling or playing on line bingo. Would this be a way, Im sure this wouldnt be trackable. Then care would be payed for. Any views please.0 -
Just joined & not sure what to do
Question What if parents remortgage thier property & lost this money plus their savings whilst gambling or playing on line bingo. Would this be a way, Im sure this wouldnt be trackable. Then care would be payed for. Any views please.
The remortgage IS trackable.
And isn't spending on gambling deliberate deprivation of assets?:D0 -
Just joined & not sure what to do
Question What if parents remortgage thier property & lost this money plus their savings whilst gambling or playing on line bingo. Would this be a way, Im sure this wouldnt be trackable. Then care would be payed for. Any views please.
"Would this be a way" to make the taxpayer fund their care while their children try to hide the fact that they're living beyond their income, spending money from a huge stash of cash hidden somewhere? I can see a lot of potential problems.
Visit a few homes which are financed by the council and then a few where people are paying for their own care. See which you would rather spend your last years living in.0 -
Our neighbour last year lost her Husband suddenly and as she suffers from dementia she was unable to look after herself so her only Son decided a nursing home was the best option for all. The property had to be sold to pay for the ongoing healthcare. He said to us it would not be what either of his parents would have wanted to have happened. No choice of passing on there lifetime wealth to children in this situation which I find a real shame actually. Dianne0
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oldandhappy wrote: »Our neighbour last year lost her Husband suddenly and as she suffers from dementia she was unable to look after herself so her only Son decided a nursing home was the best option for all. The property had to be sold to pay for the ongoing healthcare. He said to us it would not be what either of his parents would have wanted to have happened. No choice of passing on there lifetime wealth to children in this situation which I find a real shame actually. Dianne
Why should the taxpayer pay for her care just so her son could inherit a lot of money?0 -
TheWaltons wrote: »How can an OAP sign a house over to her son, without it costing hundreds?
She lives in her own property and has paid the mortgage off. She has also paid the mortgage off on her OTHER property, which her son lives in.
So, she has 2 properties. One she lives in. One her son lives in. Both in her name.
His name is on the Deeds of the house he lives in, along with her and his dad (parents).
She wants to give the house to her son, now before anything happens to her.
What can be done?
Fairly simple title transfer and a check on the tax situation.
On the assumtion that they own a 1/3 each then that would be the values used for the calculation of any CGT for the Mum and Dad.
There are various reliefs that may apply for example if the parents lived there befere the current place.
Since this is the sons home(how long) and allready owns part of it the deprivation of assets is unlikely to apply as long as they are all in good health.
As others have said the situation needs carefull consideration for the possible followon senarios.0 -
My mum and dad bought their council house over 3 years ago and would like to transfer ownership over to me, they will continue to live in the house until they both pass on. However, what we are worried about is my mum and dad losing their benefits they are both on disability living allowance and they also get council tax benefit. If the house is signed over to me will that mean that I will have to then pay fulll council tax and that they will lose their DLA? They are both in their 70's and are just wanting to do right by me but I don't want them to lose out in any way and I just want them to enjoy the erst of their days in the home that they have loved for over 30 years. Can anyone advise me on this and any other in's and out's of this that I probably don't know about? Many thanks0
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Difficult to advise on this without you giving a little more as to why they want to do this. Is it IHT related (if your parents continue to live in the house without paying rent it will be considered a gift with reservation) or care home fees related (you need to consider deliberate deprivation of assets). What about if you go bankrupt or accidentally die what happens to the house then?
As regards the DLA I think it would be better to start a new thread on the benefits forum0 -
Neither DLA nor AA would be affected by something like this, although other things could be, as mentioned previously.0
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