Signing over house, savings (etc.) to sons to stop the Government getting it

CLAPTON

organdonor wrote: »

Clapton, thanks for the Cons list - they are all good points that we need to think about. However, please don't presume to know how hard the money was/wasn't worked for. Obviously I didn't work hard for it; my Mum and Dad did.

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I explicitly stated that YOU hadn't worked hard for the money... I made absolutely no reference to your parents.

and one more thing... when the house is transferred to your name, stamp duty will be payabvle if applicable

Tippytoes

Better to blow the whole lot when you are still young enough to enjoy it. It is a sad fact that people who are prudent and make sacrifices in their younger years will be penalised later in life. On the other hand, those who spend money like it's going out of fashion WILL be looked after by the state, along with those who have contributed nothing to the economy.

When my time comes, any assets or money I may still have will vanish........

Mini_Bear

If your mum ends up penniless and needing full time care could you live wiv urself with her having to go to the scummiest old peoples home in the area - because if you dont have the ££ you dont get a choice!
PLEASE consider this point OP.

pelirocco

Of course she can sign over all her money to you .......because of course you will be looking after her ? .....................wont you? , seems a fair exchange to me

pelirocco

Mini_Bear wrote: »

If your mum ends up penniless and needing full time care could you live wiv urself with her having to go to the scummiest old peoples home in the area - because if you dont have the ££ you dont get a choice!
PLEASE consider this point OP.

Having savings / assetts will be a godsend if your mum ever needs full time care , as this poster says , money gives you options and who wouldnt want to live out their days in the best place possible

Errata

However, please don't presume to know how hard the money was/wasn't worked for. Obviously I didn't work hard for it; my Mum and Dad did.

I wonder why you, or your mum, believe that MY hard earned money should pay for HER care ?

If you mum has a property any increase in its value over what it was bought for is not down to hard work, but pure luck and the way the property market has behaved over the past decades.

debbie42

Having looked into care for my grandma several years back, I've seen the difference between the "standard" offerings and the sort that you can afford if you are lucky enough to have the resources to pay for it.

It's worth keeping that in mind before you assume the state might pay for it all.

zzzLazyDaisy

I agree. When my MIL had to go into a home, we searched and searched and frankly we were shocked at what passed for acceptable. Eventually we found her a place in a really nice home, and topped up the fees paid by the LA to the tune of £150 a month out of our own pockets (this was 20 years ago).

Debt_Free_Chick

A different take on this ....

Your parents have not paid anyone for the privilege of being cared for in their old age. Years ago, families cared for eachother in old age and you would have been caring for your parents if they were unable to care for themselves/eachother. I'm not talking about essential medical care here - just the care that the elderly often need due to "old age".

This kind of care is not paid for. It's not something that the NHS or Social Services provides, as a right, to every citizen of the country.

So .... if your parents need this care, they haven't paid for it and the family is not prepared to to do it, then where should the money come from? If your parents have savings, why shouldn't they be used to provide what they need? Why should those savings be passed on to the same family who have done nothing to assist in the care of their parents?

Harsh words, but something to think about. If you honestly believe that "society" should care for your parents in old age, you need to do some research and see how appallingly basic that "care" is. And if you are prepared to condemn your parents to that basic level of "care" then your parents should disown you. Seriously, you would not wish it on them.

Far better that your parents use their savings to do what is required to give them a decent standard of living for the rest of their lives. Hopefully, the family will assist too - financially if they can, but in the traditional caring sense too.

Ian_W

Look, you need to explain a few things to your mum.

Firstly, if she goes into care the government doesn't seize her house and all her savings to pay for care. They make her pay for it but, given that life expectancy of those in residential care is quite low (months rather than years springs to mind?) the cost is unlikely to wipe out all her savings and the value of her house.

Secondly, as others have said you need to research the "bog standard" care she'll get if she relies on council funding. I would rather my mother spent every last penny of her savings and the entire value of her house getting a better standard and choice of care should that need ever arise. I would hope you would feel the same about your mum, if you don't you should be ashamed!

My MIL sadly passed away earlier this year and her greatest desire was not to go into care but to die at home which is fortunately how it went. However, shortly before she died we did have to look at respite care as my wife needed a break from several times daily visits - the standards of homes varied greatly. Guess which were the best - the more expensive ones, guess which the council would fund?

My MIL had carers visit on a daily basis for the last few months and that actually cost peanuts. Where her savings came in useful was in converting her home so she didn't need to go into residential care. I'm sure there are grants for stairlifts, disabled bathrooms and the like but we were able to get these things done quickly and to a high standard using her savings.

Bottom line is if your mum has savings for a rainy day she'll get a damn site better umbrella buying it herself than relying on "the government".