elderly - owning home or renting

atrebor

Does anyone know of a thread / web page that can tell me the benefits of my elderly mother owning her home rather than renting in terms of tax or if she has to go into a home or anything else i haven\t thought of. We're pretty clued up of the 7 yr inheritance tax rule but is there anything else I shoudl be aware of?

Gorgeous_George

What does your mum want? It's her home, not your inheritance.



GG

Dora_the_Explorer_5

Lots of information is available on the Age Concern website including leaflets in pdf to download an print off.

atrebor

Actually georgeous george, I'm not that fussed about the inheretance and am fully encouraging mum to SKI and I dont particually like the tone of your reply. I was thinking more interms of if she needs care later is she better off owning or renting as i thought there was some gov't thing about making you sell your own home if you need care. this would break her heart and we're trying to find out if there is any way she can sell her home on to us so she can stay in it till the very end.

Thanks Dora for your advise.

Dora_the_Explorer_5

Single homeowners who have to move into care homes do have to sell their property to fund their care. Caution needs to be exercised if the property is sold, the person rents, and then moves to a care home as the local authority will look at the amount of time that's elapsed since the sale and may class it as deprivation of assets. Even if the capital has been spent or given away the LA will disregard it and act as if the person still has the capital and refuse to fund the care home fees. The length of time between the sale and the move into a care home is the deciding factor.