mum and dad in 70's

pinkykat

Mum and dad have gone on hols. my sister had a coffee with me just two days after they had gone.
This is what she said: a friend of hers auntie has the dreaded altzimers and she owns her own home and has savings. they want to put her into a home because she has got bad which on its own is dreadful. They have been told that to do this she would have to sell her home and put her savings into this care. The thing is that she has made a will leaving her property and savings to her son for when she dies. So he doesnt lose this he has asked her to sign everthing over to him so that the state care for her. When looking into this the property and savings have to be signed over for at least 7 years.
So, he is not putting her in the home with the care that she needs.
She said, that we should speak to mum and dad and have them sign over everything to us before anything happens. I must say that at this point I felt sick with the thought.
I just want some facts before I go mad with her.
Do they have to sign everything over so well in advance?
I am on benefits would I have to declare this to the DWP?
It should dodgy on her part and also, can I trust her there is doubt.
She spun it round and said, well its more for your benefit because of you being disabled and on benefits
Would this not effect my benefits? Gosh I really hate what she is saying.

Oldernotwiser

Your sister is completely wrong about pretty well everything. If your parents were to sign everything over to you, you would lose all your means tested benefits and they might well be considered to still have the money if either of them needed to go into care.

In addition, only a minority of people ever need residential care and the property wouldn't come into the equation if the other partner was still living in the house.

Tell her to keep her nose out of your parents' business; she seems to have neither your nor your parents' best interests at heart.

pinkykat

Thought as much just needed someone to think the same as me. And, I will have a word with her she is supposed to be older and wiser but thats not always the case. Anyway, thank you.

philgee

Your parents could be deemed to have willfully disposed of their assets in order to avoid having to pay for their care (if they ever need it) so could still be liable to pay for themselves.

There might be a way around it, but I doubt it.

McKneff

If your parents need some guidance over this they really need to see a solicitor
for this.

If they are joint tenants or tenants in common, this can make a big difference,
google the two terms and have a look.

elsien

There's also the other practicalities to consider. If they sign everything over, who's responsible for maintenance etc? What if there is a family falling out and their house is no longer legally theirs - it could be sold from under them.
What if they want to move to somewhere more accessible further down the line and can't because they no longer have a house to sell to buy a new one with?
Seventies is comparatively young - my nan is in her 90's and still happily living at home.
No-one knows what is round the corner, and without getting into hugely complicated trusts, the whole situation is really asking for trouble. Even if there were a legal loophole they would have to completely trust you and your sister to do the right thing for them all the way down the line. As as you said yourself, you know of one situation where this hasn't worked out well - people get very silly where money is concerned.
I'm with you on this one - don't touch it with a bargepole.

(Edit - and I don't see why people shouldn't have to contribute to their own care. Why should the state pay everything so people can pass things down the line? But that's my own personal soapbox, and better suited to the DT forum, I think. )

pollypenny

pinkykat wrote: »

she has made a will leaving her property and savings to her son for when she dies. So he doesnt lose this he has asked her to sign everthing over to him so that the state care for her.

This is deliberate deprivation of assets. However, remember , we are the state and would be paying for her through our already taxed pensions.

Errata

She said, that we should speak to mum and dad and have them sign over everything to us before anything happens.

That will cheer them up no end. Especially if they are planning to leave her share to the cats home.
Seriously, there's a lot of info on the Age Concern website about giving property and cash to prevent it being used to fund care home fees at some indeterminate point in the future, and btw the 7 years refers to inheritance tax not deprivation of assets - there's no limit for that.

It's a great pity that the auntie the OP mentions is being deprived of the care she apparently needs by her greedy relatives. Unless of course they have the skills and experience and are caring for her properly themselves.

margaretclare

elsien wrote: »

There's also the other practicalities to consider. If they sign everything over, who's responsible for maintenance etc? What if there is a family falling out and their house is no longer legally theirs - it could be sold from under them.
What if they want to move to somewhere more accessible further down the line and can't because they no longer have a house to sell to buy a new one with?
Seventies is comparatively young - my nan is in her 90's and still happily living at home.
No-one knows what is round the corner, and without getting into hugely complicated trusts, the whole situation is really asking for trouble. Even if there were a legal loophole they would have to completely trust you and your sister to do the right thing for them all the way down the line. As as you said yourself, you know of one situation where this hasn't worked out well - people get very silly where money is concerned.
I'm with you on this one - don't touch it with a bargepole.

(Edit - and I don't see why people shouldn't have to contribute to their own care. Why should the state pay everything so people can pass things down the line? But that's my own personal soapbox, and better suited to the DT forum, I think. )

Thank you so much, elsien! DH and I are in our mid-70s and we do still feel 'comparatively young'. We certainly don't feel like moving into a care home and giving all our assets away - perish the thought!!

Regarding your edit, you're not the only one who thinks like that. But this type of topic comes up time after time after time.

Mum and Dad have gone on holiday, the OP wrote, so obviously they're fit and capable enough to do that!! By contrast, the poor lady with Alzheimer's is not going to get the specialised care that she needs - that's sad.

gfplux

Your sister seems to have a lot of wrong information.

However she may not be wrong to be bringing this matter up at this time.
I believe it is very important that everyone does all they can to manage their affairs properly before they die or lose their mind(s).
Perhaps you and your sister should do some research and then have a discussion with your parents.
It is better to discuss and settle these matters before anything happens.

margaretclare

gfplux wrote: »

Your sister seems to have a lot of wrong information.

However she may not be wrong to be bringing this matter up at this time.
I believe it is very important that everyone does all they can to manage their affairs properly before they die or lose their mind(s).
Perhaps you and your sister should do some research and then have a discussion with your parents.
It is better to discuss and settle these matters before anything happens.

What makes you think that Mum and Dad are NOT managing their affairs properly? Was it just the heading 'Mum and Dad in their 70s' that makes you think they must be non compos mentis?