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Selling house for nursing home fees
Comments
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We live in a rented house, where the owner is in a nursing home and the rent is paying for her care costs.0
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MRY,
If you change the deeds on the house to a Tenants in Common (TIC) then it will place it outside seizure.
Wills must be drawn up because unlike a Joint Tenancy (JT) were the surviving JT automatically inherits, TIC's can leave their share to anybody they want.
C.A.B. will give you free advice.
http://www.landregistry.gov.uk/ will send you the forms to fill in, we did it ourselves.
All the best.0 -
The most recent one was in drips & drabs, around (before & after) that time.
My mother is a bit vulnerable she has had a brain hemorrhage which has left her with mild epilepsy & suffered TIAs (mini-stokes) since.
Shes not really sharp enough to deal with my sister (IYKWIM), do you think that would be taken into account?0 -
MRY,
Sloughflint asks a pertinent question.
As sole owner there is no reason why the deeds can't be changed to a TIC with whoever your father wants to.
He could enter into a TIC with anybody, not just family members.
Regards.0 -
sloughflint wrote: »I think I know what you mean. Shouldn't a LPA be drawn up pronto and your sister definitely NOT be an attorney?
We have stopped all cards (debit & credit) except one & older sister (or I) have it.0 -
MRY,
Sloughflint asks a pertinent question.
As sole owner there is no reason why the deeds can't be changed to a TIC with whoever your father wants to.
He could enter into a TIC with anybody, not just family members.
Regards.
Also wouldn't the share no longer belonging to him still constitute a gift?0 -
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sloughflint wrote: »LPA's can only be signed whilst a person is of sound mind. Worth bearing in mind in case things deteriorate in general?
They might well be at the borderline stage already.
I don't think we need to do one?
Little sis has had everything & we (older sis & I) keep her away from current account where pension is paid into.0 -
MRY,
I don't know the answer to sloughflint's question in post #17. If it is classed as a gift I would see it as reducing over time. (7 years?)
The share of the TIC would then pass to the estate of the other TIC.
In our case we have each willed our share of TIC equally to our children, with conditions that OH has exclusive occupancy rights.
As we did all this some time back, get up to date information.
The wealthy had been using TIC to avoid IHT on property for years, that's because the property is seen as unmarketable and of no value.
This link gives a bit more info.
http://!!!!!!!!!!!!!!!!!!.co.uk/care_fees_mitigation.htm
I don't know anything about this firm. Not spamming.
Go to C.A.B. and ask them.
Hope this helps.0 -
Messed up link. Try again!
http://!!!!!!!!!!!!!!!!!!.co.uk/care_fees_mitigation.htm
http://!!!!!!!!!!!!!!!!!!.co.uk/care_fees_mitigation.htm
I give up.0
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