House in childrens name to avoid care home fees in future?

Ian_W

Mojisola wrote: »

I'm about the same age and my parents are still with us. There's no way I would be signing over my home to my children when I might still be here in thirty years' time! Heavens knows what might change in all that time.

Hear, hear!!

I think the word "hair-brained" would be a massive understatement! Don't you like your Mum much?

Great idea for you and your bro', totally crap one for her. You want her to give up her security of tenure of her own home so you can inherit a bigger wodge down the line? Nice.:eek:

And I thought the boomer generation were the selfish ones ...
:rotfl::rotfl::rotfl:

Oldernotwiser

So basically you're asking your mother to give you her house? Hopefully she's got more sense!

clutton_2

families do fall out over the years, and your mother would have no security of tenure if that happened....

she needs independent advice about this and no lawyer will advise her to do it...

if you all want to become joint tenants or tenants in common (i cant recall which is the better option, but a lawyer will know) then it gives your mum some protection

There was a horrifying story on here about 2 years ago about an exact same story as this... the son turned out to be a really nasty oik and literally evicted his own mother and there was nothign she could do.....

i am not saying you will do that for one moment....

but we never know what future partners might try to do.......

whitesatin

I am 58 years old and I would hate to think that my kids were thinking along such lines, to be honest even if it was meant to be in my interest.

We all have to pay our dues and taxes whether we like it or not.

I also echo the thoughts about not knowing what the future brings, families change over the years, believe me.

pollypenny

Regardless of your possible divorce or problems in relationship with your mum, I do not want to pay my taxes for your mum's stay in a care home, thank you.

I am carefully thinking about funding my own care when I'm decrepit.

GDB2222

Has anyone here read/seen King Lear recently? Shakespeare thoroughly covered this option, and Lear came to a nasty end.

To the OP, consider the following proposition:

You and your mother buy the house jointly. She gets a 40 year lease at a nil rental, and you (with your brother) get the freehold subject to that lease. The 40 years is long enough to cover her lifetime, whilst limiting the amount that the local authority could receive. You'll need to get advice on taxation and weigh up the pros and cons. There are lots of cons.

Horizon81

I don't think the OP is out to screw over his mother, rather protect the family assets. Put simply, his mum works all her life to own her own home, then needs a care home so the powers that be make her sell her own home to fund it. Meanwhile, a different mum never does a days work, lives in rented accommodation and when needs a care home gets it funded off the state. Fair? The government should be rewarding people who 'do the right thing', not penalising them!

Arthritic_Toe

leedslad wrote: »

Me and my brother currently don't have mortgages also, so we would hopefully qualify as first time buyers and avoid paying stamp duty on the new property.

Just on this point alone, you wont qualify as a ftb if you have ever owned property in the UK. Its not about mortgages.

Mojisola

Horizon81 wrote: »

I don't think the OP is out to screw over his mother, rather protect the family assets. Put simply, his mum works all her life to own her own home, then needs a care home so the powers that be make her sell her own home to fund it. Meanwhile, a different mum never does a days work, lives in rented accommodation and when needs a care home gets it funded off the state. Fair? The government should be rewarding people who 'do the right thing', not penalising them!

This is the crux of the issue and why there are regular posts on MSE about protecting the family home. When something is so blatantly unfair, people will try to put it right by other means.

However, having been round some of the homes that the council would fund places in, I'm glad my parents have their house to use for a home of their choice. I couldn't enjoy any inheritance I had from them knowing that they were having to spend their last days living somewhere they didn't like where they weren't properly cared for.

pollypenny

Horizon81 wrote: »

I don't think the OP is out to screw over his mother, rather protect the family assets.

No. she's out out screw others pensioners, like me, who still pay tax. The 'government' is us. I don't mind helping someone in need, but not someone, who has been devious.