How to feel unwanted - age discrimination?

MRSTITTLEMOUSE

ceridwen wrote: »

Have you got a linkie on that one please?

My understanding is that its restricted to 7 years - eg if someone gives their assets to their children, for instance, 8 years or more before death then its "outside the State's jurisdiction/safely belongs to the giftees".

Mind you - in the case of those of us who are childless and ended up in a nursing home then the State wouldnt have a lot of option but to whistle for our money - because we'd spent it (even if we had spent/given it away only a couple of years previously) I would imagine???

I'm sure your'e correct with the seven year rule.
They tried but could'nt make my friend sell her house gifted from her mum because it was nine years since she recieved it.

lilac_lady

If builders, housing associations and councils built small bungalows instead of those vast 5/6 bedroomed houses that are on offer maybe more older people would want to downsize.

I'm not leaving my home and garden to go and live in a flat but if I could buy a small bungalow when I get older i'd probably do it so that I could keep my independence if I was frailer.

BTW, bungalows are the only type of property that have kept their value locally. They seldom come onto the market.

Errata

The 7 year rule applies to Inheritance Tax and doesn't apply to Deprivation of Assets.

ceridwen

Hmmm...looks a bit like there is a potential "test case" somewhere in the offing at some point re how many years before care home entry one is free to use one's own assets as one wants....:cool:

Could be that the law is so unclear on this at the moment that - in theory - they could play really awkward and start going "You know that house equity you gave away 20 years ago.....".

It would appear that local authorities are maybe all being told the guideline is "reasonable" - a word that comes under the heading of "How long is a piece of string?". As was pointed out though - those of us who are childless anyway can't be chased up once its gone and we were in a home anyway.

Needs clarifying for those who plan on passing it all onto children though by the look of it - my guess would be that the 7 years laid down for inheritance tax would normally be used as a guideline here as to what is "reasonable" - but, bear in mind, that the worse the Economy gets then the further the local authorities are likely to be to "push boundaries" on that.

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LILAC LADY
A valid point there re "If there were more 1 bedroom detached places available - eg bungalows.....". This would suit some people on the one hand. On the other hand - it really does depend on the particular person concerned. Personally - I've come to the conclusion that I'm too much of a cook to settle for anything other than a decent size kitchen/too much of a gardener not to have a reasonable garden/too much of a reader not to have plenty of space for keeping shelves of books. Many of us will have our own personal "requirements". In some peeps' case - it will be space for the grandchildren to come and stay whenever required for instance. It does depend on the individual.

Errata

I think it goes like this.
Someone of 65 who spends their time trekking in the Alps, diving in the Red sea and playing golf twice a week and gives away substantial assets does so with the view that their health is excellent and will remain so for some considerable time before they may ever need residential care.
Someone of 65 who has a stroke or heart attack and gives away substantial assets does so with the view that their health is not very good at all and the need for residential care at some point in the future is a distinct possibillity.

ceridwen

I had a feeling that might be the criteria - ie "If your health is poor - dont let on if you can possibly help it....". That way - then how could you have reasonably foreseen...etc...etc...

Errata

If you need residential care you can't avoid 'letting on' as you will have to give a full medical history to the home as part of the admission and funding process.

ceridwen

Right - thanks for that.

So - anyways - a lot of us will have made the decision that we arent EVER going into a home (including me for instance).

So - has anyone got any more thoughts on protecting oneself/not getting forced to downsize against ones will if the Government starts trying to tax people more just because of their age & size of house?

Errata

Not a problem for me I'm happy to say. I downsized 10 years ago, I could only downsize further if I moved into a cupboard.
People are already taxed according to the size of their house, so the only change I can see that may possibly happen is that the number of council tax bands will be increased.

Retire

OOOOH NOOOO!!! you won't be allowed to do that. That will be "deprivation of assets"!!!

So?

"They" will need to find it.

Cash out the bank every week to pay for my gambling habit.

My grandkids are better at cards than I am.

Problem is, when I go and stay the mattress is so lumpy with all that cash under it.