Transferring Home to Children

noh

Rainmaker_uk wrote: »

Yes and if you contribute your entire life then you should be looked after when you need it and not robbed blind by the state.

When you have your own savings/assets you don't need looking after by the state.

No one is being "robbed blind by the state"

Rainmaker_uk

noh wrote: »

When you have your own savings/assets you don't need looking after by the state.

No one is being "robbed blind by the state"

So the fact that I have saved and tried to provide a better life for my children means I can be penalised for this. Whereas someone who has blown all their money and not thought about their retirement or children's inheritance is rewarded with free care.

Just not fair

Torry_Quine

Rainmaker_uk wrote: »

So the fact that I have saved and tried to provide a better life for my children means I can be penalised for this. Whereas someone who has blown all their money and not thought about their retirement or children's inheritance is rewarded with free care.

Just not fair

They may not have blown all their money as you put it as they may, despite working hard not have much money. You are not being penalised by spending money which you have put aside for retirement.

You should be saving for the proverbial rainy day wich has come if you need to go into care. Remember that the majority never go into care though.

antenna

You CAN gift your main residence to your children,you can NOT retain an interest in it after gifting,you MUST live a further 7 years after gifting your property to avoid CGT. Your children own the property instantly after transfer by gifting, at its value on that day, which will be recorded for future reference should you be tax liable on its resale.
All the forms are available from the Land Registery website,or any competent conveyancer can do it for you.
The Land Register charge a fee based on the value of the property,ie £240000 fee is £90

Rainmaker_uk

Torry_Quine wrote: »

They may not have blown all their money as you put it as they may, despite working hard not have much money. QUOTE]

And they will be looked after in exactly the same way as everyone else as is correct. I am not disputing this - they have paid for it so that is fine.

We live in a capitalist society where it is not down to the hours you work but the value or wage you can get for your time. This is not Communist China.

My dispute is the fact that I will have paid far more in to the system than I will ever take out of the system and what little I have left is potentially stolen from me for something I have been funding my entire life.

Torry_Quine

Rainmaker wrote:

And they will be looked after in exactly the same way as everyone else as is correct. I am not disputing this - they have paid for it so that is fine.


My dispute is the fact that I will have paid far more in to the system than I will ever take out of the system and what little I have left is potentially stolen from me for something I have been funding my entire life.

Be thankful that you are in such a situation whereby you pay into the system. Of course you have no way of knowing what will happen in the future and you could easily end up taking out. Nothing will be potentially stolen from you.

Have you never come across the phrase from each according to his means and to each according to his needs? Yes there will always be people who work the system but that doesn't negate the fact that the majority of individuals to not come under this category.

Flyboy152

Rainmaker_uk wrote: »

And they will be looked after in exactly the same way as everyone else as is correct. I am not disputing this - they have paid for it so that is fine.

We live in a capitalist society where it is not down to the hours you work but the value or wage you can get for your time. This is not Communist China.

My dispute is the fact that I will have paid far more in to the system than I will ever take out of the system and what little I have left is potentially stolen from me for something I have been funding my entire life.

But that's the point of all taxation systems.

Burridge60

Rainmaker do me a favour a Capitalist Society where the State has to prop up our Banks have you been sleeping too soundly of late.

I think the care that you can "afford" to pay for will be an awful lot better than the care someone on the basics is going to get.

I am also sure you would not want to be in the position to be grateful for your privilege.

Bogof_Babe

Burridge60 wrote: »

Rainmaker do me a favour a Capitalist Society where the State has to prop up our Banks have you been sleeping too soundly of late.

I think the care that you can "afford" to pay for will be an awful lot better than the care someone on the basics is going to get.

I am also sure you would not want to be in the position to be grateful for your privilege.

This is a common misconception. In most areas council run care homes have been closed down and people being funded are placed in the same homes as the self-funding. My mum is a prime example - she shares a table with folk who are being paid for by the taxpayer, while she pays her own fees (from the proceeds of the marital home after dad died). It never occurred to us to try to "get round" the system. It's her money and it's right that she uses it to pay for her own care. It has never crossed any of our minds that she is "being robbed".

ladymarmalade1970

Why bother going without and saving??? Spend your money on yourself and don't be prudent. If you don't then others that have had holidays etc and not saved will be getting their care etc with the money you stashed whilst going without stuff.
Hardly fair is it....
Hardly giving a good reason to save either.

To the person who started this thread. I would get myself a VERY good solicitor and use some of the money from the house to make sure that my finances were tied up so only the people i worked so hard to provide for got them.

*Just remembered my partners parents are really hard up and don't even own their own house. They have worked HARD all their lives and they didn't have luxuries. In fact, my partner never even went on holiday as a child so that first statement was a bit rash. Sorry.
I still don't think old people who have saved should have to use that money though. It's not fair.