Selling home to pay for care

nickmason

iolanthe07 wrote: »

My mother will have to go into care soon. My sister and I long ago realised that this will most likely take almost all our inheritance, but we are cool about it because we want what's best for mum. Every generation should make its own way and no one should rely on receiving any inheritance.

Agree entirely with this. It sums up the quandary that has caused both my parents to ask that they be "knocked on the head" rather than go into care, because they desperately want to leave "something" to their children, and there is nothing apart from the house (grandparents dead, etc).

My brother and I of course take a different view - and then get told it's not our decision, we should respect their wishes. A painful debate. For those facing it - or even further down the line - you have my greatest sympathy.

Incidentally, of course, lower house prices would remove this problem. (Not a reason for lower prices, but a benefit).

Conrad

One of the main reasons I dont trust many people is down to this very subject, partiularly people's double standards.
From my experience most people get pretty greedy when it comes to such matters, yet they never reveal this face to others. I only see thier other side due to my work.

People who inherit large sums then go lording about as if they actually used thier guile and brain to make the cash!

baileysbattlebus

nickyhutch wrote: »

Hi

Completely new to this part of the site, so if this is in the wrong place, please let me know.

Briefly, it looks like my grandma may have to go into a care home soon. Her house is held in trust with her 3 children (my mum, aunt and uncle) being the trustees. We think this was done to avoid having to sell her house to pay for care home fees, but we're not sure that would be the case. Can anyone advise (or point me in the right direction)?

Thanks for reading.

I would post this on the Silver Surfers board - there is an awful lot of knowledge about care homes etc on there - and having to sell houses etc

macaque_2

nickyhutch wrote: »

Hi

Completely new to this part of the site, so if this is in the wrong place, please let me know.

Briefly, it looks like my grandma may have to go into a care home soon. Her house is held in trust with her 3 children (my mum, aunt and uncle) being the trustees. We think this was done to avoid having to sell her house to pay for care home fees, but we're not sure that would be the case. Can anyone advise (or point me in the right direction)?

Thanks for reading.

What a depressing world this is becoming. If this was my grandmother, I would be looking to use the money to get her into a good home and, if necessaray, using some of my own money to make sure that the formula was sustainable.

nickyhutch

Thankyou to all of those that have given good and helpful advice. To those of you that have read into my question that I am trying blag my grandma's money (all those millions - NOT) - I resent that very much. It's not the case, I was simply asking whether the house would have to be sold, not how to avoid it.

It is not us (her family) who would object to selling the home, as we know that's the way things are these days, it's my grandma who will, we know, object, and probably not understand. We just want to make sure we have all the information.

McKneff

a few years ago we changed the ownership of our house from joint tenants to tennants in common
which means that each of us owns half the house and do not jointly own it.
It was also put into a trust. When me or my husband die we will leave our half to our children. This in turn means that when one of us is left and the worst happens and the survivor has to go into care the powers that be cannot sell the house because half of it will belong to the children and they could not sell half a house. Thats my simple way of putting it. See a solicitor as soon as you can. Many of them give you half an hours free consultation

baileysbattlebus

macaque wrote: »

What a depressing world this is becoming. If this was my grandmother, I would be looking to use the money to get her into a good home and, if necessaray, using some of my own money to make sure that the formula was sustainable.

We did this with MIL, she didn't have a house to sell or assets - just her pension and a small miners pension from FIL whan he died.

The home cost more than the council limit and on top of that she wanted her own room - which the council normally wouldn't fund anyway, so we topped up the amount the council would pay.

We just had less money for ourselves - we paid it for 10 years - the length of time she was in a home - it started out at £60 per week and went up every year - after a while we never even thought about it - it was like having a permanent loan!!

The OP might find this useful

http://www.thisismoney.co.uk/retirement/article.html?in_article_id=411952&in_page_id=6

neverdespairgirl

Conrad wrote: »

People who inherit large sums then go lording about as if they actually used thier guile and brain to make the cash!

OH inherited a sum (not a particulary large one, I don't think) was the worst experience of his and my lives. That's because both his parents died when he was 26.

McKneff

sorry to hear that. My sister in law inherited a large sum of money and 6 monhts later she also died at 61 years of age and left it all to her husband. Her husband is devastated, he says he would be quite happy to have her back, no money and live in a tent. makes you thinkk eh!

overlander

Just typical of this government and to be honest idiots in this country who agree with this policy. This policy like many just encourages people to sponge of the state and do nothing for themselves. My father was taken into a care home and its absolutely ridiculous that some people are paying £250-£400 Per week because they had bought a house and done well for themselves and someone who has sponged all their life is in their for free. Why the heck should you pay a massive amount in taxes and not expect to be taken care off when you get older. These chancers we call a government have no problems handing out billions to banks but ohh no it too much to ask for them to use our taxes to look after our old, we should be ashamed of ourselfs. As for the people who agree with this you really should have a long hard think about it.

Of course you should pass on what you have earned to your children, the god damm state should keep their noses out. My father was a high tax payer for most his working life and he was determined that he had paid enough and the house was not going to get touched. We hired a good laywer and managed to keep the house, my advice is fight this all the way.