Putting home into family trust to avoid nursing home fees

donny_jim

regarding care home fees, can someone please tell me when the £23,000 savings limit was first introduced.
and what it would be worth now if it had gone up with inflation.

benjo

margaretclare wrote: »

It's what we did for my late MIL in the mid-1970s . Yes, we had the space to do it, but apart from that, it's not something I would wish on my worst enemy.

I really hear what you are saying, it breaks your back and your heart. An ex colleague of mine took in his MIL when she was 78 - his wife swore blind that her mother wouldnt see the winter out. When his MIL was 94 she had a heart attack and was successfully revived. Last time I saw him, his MIL was 98 and still going strong, above and beyond the call of duty perhaps but then they get to keep her assets in return for the care they give. It isnt for everyone.

Mojisola

benjo wrote: »

Last time I saw him, his MIL was 98 and still going strong, above and beyond the call of duty perhaps but then they get to keep her assets in return for the care they give.

Only if the carer outlives the person being cared for. The stress of 24/7 caring can have a serious impact on the health of the carer.

margaretclare

Mojisola wrote: »

Only if the carer outlives the person being cared for. The stress of 24/7 caring can have a serious impact on the health of the carer.

I think we'd have all gone insane if we'd been forced to continue this i.e. if we hadn't been able to access the money from sale of MIL's house. As for now, DH and I are almost at the age of benjo's colleague's MIL. DH had his 77th birthday a couple of days ago. I can't believe it. The absolute last thing I would ever want is to be forced to live with any of the younger family members. Not fair on them and not fair on us. The only way I could ever contemplate it would be if we had a separate 'granny annexe' with own front door.

Mojisola

margaretclare wrote: »

I think we'd have all gone insane if we'd been forced to continue this i.e. if we hadn't been able to access the money from sale of MIL's house. As for now, DH and I are almost at the age of benjo's colleague's MIL. DH had his 77th birthday a couple of days ago. I can't believe it. The absolute last thing I would ever want is to be forced to live with any of the younger family members. Not fair on them and not fair on us. The only way I could ever contemplate it would be if we had a separate 'granny annexe' with own front door.

I do worry about our youngsters "taking us on" when we get older. We're trying to come up with a range of options covering the most likely situations we could find ourselves. Our parents didn't think this far ahead, probably because they didn't think they'd still be around in their 90s!

John_Pierpoint

donny_jim wrote: »

regarding care home fees, can someone please tell me when the £23,000 savings limit was first introduced.
and what it would be worth now if it had gone up with inflation.

Back in 2000, if my memory serves me well, it was about £16,000.
BBC 1 day time TV has just started another series of "Saints and Sinners" )The saints being those who struggle on without realising the hand outs to which they are entitled, usually helped by someone for no immediate or even potential reward. and the sinners are the ones who work the system to the stage of illegality.
There is a very noticeable divide at the point where being entitled to a means tested benefit opens the doors to qualifying for a lot more assistance; so there has to be a point in the middle, where it is vital to know the tipping points.

As someone who left education directly into a morass of debt but lived in a family home, thanks to a mortgage protection policy, I have seen the argument from both sides.

The squeezed middle, if they really have struggled the extra mile to raise their circumstances (as against qualifying for millionaire status by passing the test of owning a house inside the M25 and living in it for 25 years *) must feel cheated if they draw the short straw in old age.

John

* with apologies to the people in the less "desirable" London boroughs:

I can zoom in and out on this map using the scrolling wheel on my mouse
http://www.zoopla.co.uk/heatmaps/

http://www.bbc.co.uk/ouch/messageboards/NF2322273?thread=7980236

Pollycat

donny_jim wrote: »

regarding care home fees, can someone please tell me when the £23,000 savings limit was first introduced.
and what it would be worth now if it had gone up with inflation.

It's actually £23,250 currently.

moremore

corbyboy wrote: »

Or NHS, or free bus pass or education.....

Paying taxes isn't about getting the money returned to you in cash. It's about using the services that taxes pay for.

The OP is a tax payer as well as parents, also the OP did not mentioned if parent had taken up AA or freedom pass, it should be noted that the freedom pass can be useless to some due to no transport where they live or they matbe not able to use it due public transport due to health reasons. Do not know what kind of education you are referring to.....as pensoners pay for any kind of education....

Most pensioners pay taxes......unless they are in receipt of some kind of state allowances and or only rely on the state pension for their existance.

margaretclare

moremore wrote: »

Most pensioners pay taxes......unless they are in receipt of some kind of state allowances and or only rely on the state pension for their existance.

Even then. Anyone who makes most kind of purchases, pays for utilities etc, will be paying tax in the form of VAT.

John_Pierpoint

At the bottom of this discussion is an argument about how much of the nations productive wealth needs to be spent by funnelling it through public servants.
In the 1960's it was a bit more than 25% of a lot less wealth, now it is nearer 50%.
Now there is a lot more population and a lot more people who cannot support themselves.