Transferring Home to Children

margaretclare

Are your parents planning to move into a care home - is this how they really want to spend what remains of their lives?

I'm a little puzzled by this. If they are planning to move into a care home as a lifestyle choice, why are you talking about them living in their current residence for the rest of their lives? They won't need TWO places to live in.

Given that it is a minority of people who end their days in long-term residential care, is this even worth considering? And you go off into a political diatribe as well. I'm puzzled by what you appear to be asking - there are several parts to it.

BTW, we have ALL worked hard and paid enough tax and NI. My DH and I have nearly a century in the workplace between us. Why do you think that the rest of us taxpayers should have to pay for your parents' wishes?

JJ2734

noh wrote: »

The best thing to do to protect your parents interest is to not proceed with your plan.
As Cook_County says it would not make any difference to potential future contributions for care home fees or have any effect on potential IHT. It will bring about a CGT charge on eventual disposal of the house.

The only people such a plan benefits is you and your sister.

Why do you think council taxpayers in your area should subsidise you?

My parents have paid enough tax in their life so I hardly think local tax payers are subsidising anything.

JJ2734

noh wrote: »

The best thing to do to protect your parents interest is to not proceed with your plan.
As Cook_County says it would not make any difference to potential future contributions for care home fees or have any effect on potential IHT. It will bring about a CGT charge on eventual disposal of the house.

The only people such a plan benefits is you and your sister.

Why do you think council taxpayers in your area should subsidise you?

I think my parents have paid enough tax so I hardly think the local tax payer is subsidising anyone.

JJ2734

knack wrote: »

Why should care in old age be free if one has the money to pay for it? Surely this is draining essential funds that could be better spent elsewhere - say maybe on those who dont have the money to pay.

Do you not think that people who have worked all of their life and have contributed enough tax should not have to worry about care in old age?
The people who do not have the money should have worked harder in their life and not sponge of the state all of their life.

JJ2734

margaretclare wrote: »

Are your parents planning to move into a care home - is this how they really want to spend what remains of their lives?

I'm a little puzzled by this. If they are planning to move into a care home as a lifestyle choice, why are you talking about them living in their current residence for the rest of their lives? They won't need TWO places to live in.

Given that it is a minority of people who end their days in long-term residential care, is this even worth considering? And you go off into a political diatribe as well. I'm puzzled by what you appear to be asking - there are several parts to it.

BTW, we have ALL worked hard and paid enough tax and NI. My DH and I have nearly a century in the workplace between us. Why do you think that the rest of us taxpayers should have to pay for your parents' wishes?

My family have paid enough tax and like any family who work hard their contributions should mean a certain standard of care throughout their life. I am not asking for special treatment.
People who have worked all of their lives are not expecting the rest of the tax payers to pay for them as they have clearly contributed enough themselves. You need to think before you speak.
I suggest you are one of the many people who have nothing and expect everyone else to have nothing with them. Perhaps you have nothing to leave your children and that makes you feel inadequate?

Mikeyorks

JJ2734 wrote: »

The people who do not have the money should have worked harder in their life and not sponge of the state all of their life.

Do I deduce you see your inheritance in some jeopardy?

There are ways of (part) protecting it. But it needs expert and timely advice. Not your pseudo politics on a public forum.

Rainmaker_uk

knack wrote: »

Why should care in old age be free if one has the money to pay for it? Surely this is draining essential funds that could be better spent elsewhere - say maybe on those who dont have the money to pay.

Typical. Even in old age the people who could not be bothered saving or contributing to the country are bailed out at the expense of those stupid enough to save :mad:

If people have contributed all their life to tax and NI funding the NHS why do they get penalised and why are there always so many bleeding heart liberals saying it is fair.

dzug1

JJ2734 wrote: »

The people who do not have the money should have worked harder in their life and not sponge of the state all of their life.

So are you saying that those who don't have the money should be denied care? Sounds very much like it.

Annisele

The OP's response to margaretclare appears rude and uncalled for, but on the assumption that I've misunderstood I'll try and be helpful...

Even if your parents do need care as they get older, do they really want to rely on the state? Some state funded care homes are not the nicest of places to be, and retaining their own assets would give them far more choice.

This is an area that needs expert advice on the individual circumstances of your family - as another poster has said, it's very easy to get things wrong and end up with a large CGT bill in your attempt to reduce another tax/cost.

The best way to protect your parents' interests is for them not to give away their assets, to you or to anyone else.

Saver-Rob

I fully agree with OP. People who have saved their whole life should not be paying for care while people with no money pay nothing!!