Parents gifting money when they require care

Mrs_Arcanum

le_loup wrote: »

Your post count suggests that you've been around these parts for long enough to see that MOST of these types of enquiry come, not from people wishing to help their families but from people who would benefit from such an arrangement.

The OP has already decided they will have to wait to get a home of their own.

However, there does seem to be an awful lot of people who jump on folk without perhaps exploring the issue further. Or looking at alternative scenarios or solutions.

le_loup

Mrs_Arcanum wrote: »

The OP has already decided they will have to wait to get a home of their own.

You need to read what I said again. Nowhere did I mention the OP.

tbs624

OP has another thread in the HBR&S section

https://forums.moneysavingexpert.com/discussion/comment/55098207#Comment_55098207

EmmaLoveland

Again thank you for all your replies and advice!

Just to clarify, my MIL's care and well being is mine and our families top priority, it would never ever be a consideration to risk her not receiving the best care possible in her older age and ill health in order for us to make personal gain!

They currently do pay for their own care and this will obviously continue!

I did post the same question in another area of the forum as I was unsure as where my question would be best answered!

chris1

Mojisola wrote: »

Usually, any capital the couple have will be considered to be owned 50/50.

Only if it's in a joint account, surely?

Are you saying that capital in individually named accounts is considered as joint ownership if the two people are married??

xylophone

Money in a sole account belongs to that person solely.
http://www.housingcare.org/downloads/kbase/1546.pdf
might be worth a read.

I feel that the OP's parents should take personal advice appropriate to their situation.

Mojisola

chris1 wrote: »

Only if it's in a joint account, surely?

Are you saying that capital in individually named accounts is considered as joint ownership if the two people are married??

Yes, sorry should have said joint accounts.

Money in individual accounts may be looked at from a DOC viewpoint if there's been some recent shifting going on.