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selling dads house for care home !
jerseylicious
Posts: 2 Newbie
my dad is in hospital and needs to be moved to a care home, they will fund it for 12 weeks, but then he will need to sell his house to fund the rest.
He wanted us (his 3 kids) to have the proceeds of the house as our inheritance when he died.
Will we get anything at all or will it all go to fund the care home ?:(
He wanted us (his 3 kids) to have the proceeds of the house as our inheritance when he died.
Will we get anything at all or will it all go to fund the care home ?:(
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Comments
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It depends how long he spends in the care home and how much it costs each week. If you 3 kids want the house, perhaps you could care for him at home yourselves?No reliance should be placed on the above! Absolutely none, do you hear?0
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Either he pays for a care home, or he keeps the property and lives at home, or with one of you, instead. As for whether the care home will use up all the equity in the property:
A) how much is the property going to sell for?
is there a mortgage to be paid off?
C) what is the cost (weekly? monthly?) of the care home?
D) how long is your father likely to remain in the care home?
(A - - (C * D) = your eventual inheritance
More info here.
and here0 -
Either he pays for a care home, or he keeps the property and lives at home, or with one of you, instead. As for whether the care home will use up all the equity in the property:
A) how much is the property going to sell for? is there a mortgage to be paid off?
C) what is the cost (weekly? monthly?) of the care home?
D) how long is your father likely to remain in the care home?
(A - - (C * D) = your eventual inheritance
More info here.
and here
The first of those links implies that the OP's father would not have to pay once the value of his assets fell below £23,000. So, the house would be sold, the proceeds paid into a bank account, and this would be used to fund care home fees until the account gets down to £23,000. So, there would be £23,000 inheritance when dad dies, or whatever is in the bank account at the time.
If dad is still reasonably compos mentis, the OP should get a power of attorney done straight away. Otherwise, the court of protection will get involved, and teh £23,000 will dwindle away rapidly.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Or you could rent dads property to pay the fees just a though!Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.0
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jerseylicious wrote: »my dad is in hospital and needs to be moved to a care home, they will fund it for 12 weeks, but then he will need to sell his house to fund the rest.
He wanted us (his 3 kids) to have the proceeds of the house as our inheritance when he died.
Will we get anything at all or will it all go to fund the care home ?:(
Wow, just wow.....
What an uncaring thought at a time like this. Would you prefer he popped his clogs earlier so you can get your hands on a few grand?0 -
If you want to inherit your dad's house, you'll have to pay the care home fees for him. There is no reason why the council / taxpayer should pick up the tab on his care when he has the means to pay for it himself. So if he doesn't want to use his assets to cover the costs, and you care about your dad and want him in a good place, you'll have to pay yourself. If you can't afford it, his options are no care home or selling the house.
Whether you politically agree with the situation is an entirely different question...0 -
To make a lasting power of attorney if it's not too late, see here:
http://www.justice.gov.uk/global/contacts/opg.htmNo reliance should be placed on the above! Absolutely none, do you hear?0 -
Is your Dad over pension age? If so, he will have a pension and should be entitled to Attendance Allowance if he needs to go into a care home. He will need to top that up with money from the sale of the house.
How much money is left as an inheritance depends on how expensive the care home is and how long he lives.0 -
Wow, just wow.....
What an uncaring thought at a time like this. Would you prefer he popped his clogs earlier so you can get your hands on a few grand?
As sonastin says, different people will have different political views on this, but that's not the issue.
It's a complex area of law/financial planning, and the OP is wise to seek advice.
Whether this is the best place to seek it is debateable - a financial adviser specialising in the area might be better.0 -
Is your Dad over pension age? If so, he will have a pension and should be entitled to Attendance Allowance if he needs to go into a care home. He will need to top that up with money from the sale of the house.
How much money is left as an inheritance depends on how expensive the care home is and how long he lives.
Good point Moji. I'm not very clued up on benefits, but is the pension plus attendance allowance likely to come to much more than say £150 per week? That's a contribution, but with average care home fees running at over £500 per week, the bulk of the cost will be met from the sale of the house.No reliance should be placed on the above! Absolutely none, do you hear?0
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