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Transfer of title deeds
Comments
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I'm getting rather weary of people ranting at other posters and reviling them. Could we at least make some attempt to be nice to all Moneysavers?
Those who want to rant and revile would be better off doing it in the Arms where they'll find plenty of people willing to fight back......................I'm smiling because I have no idea what's going on ...:)
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I'm getting rather weary of people ranting at other posters and reviling them. Could we at least make some attempt to be nice to all Moneysavers?
Those who want to rant and revile would be better off doing it in the Arms where they'll find plenty of people willing to fight back.
I get fed up with wild generalisations like this posted by people who are unwilling to identify what exactly they are objecting about. I cannot see any ranting, the comments seem to the point and are intended to help.
Areou referring to the post above about the use of the term "elderly". Personally, I see nothing wrong with the term.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Hi,
My elderly parents own their own home and there has been much debate recently over care home costs etc. I'm aware that their property and I assume any savings they have will be taken into consideration and used to pay for any such care they would receive if they were to end up in a home so my question is if I asked them to transfer the title deeds of their property into my name would this now mean that their home would NOT be taken into consideration to pay for any card if they were to go into a home and if so would there be any implications that I should take into account if this was to happen. I have my own family but I am their only child so there would not be anyone else involved.
Your response will be much appreciated.
Thank you
I'm new to this forum but I thank you for all your replies on this subject which clearly appears to be a somewhat sensitive matter for many of us.
It seems that this is a legal minefield but can I just confirm that if the authorities found out later that one deliberately transferred the title deeds of one's parent's house to avoid possible care home costs in the future then the home and their savings could still could still be considered ?
Many thanks.0 -
It seems that this is a legal minefield but can I just confirm that if the authorities found out later that one deliberately transferred the title deeds of one's parent's house to avoid possible care home costs in the future then the home and their savings could still could still be considered ?
Yes. Unless you could come up with a good reason why your parents would do this, they would assume DOC.0 -
Most older people don't end up in care homes. If one of a couple needs care and the other is staying in the house, the value of their home is disregarded when the financial assessment is made.
You may want to research "tenants in common" and "joint tenants". Your parents could have their house ownership as tenants in common (50/50) and each could leave their half to you on their death, with conditions about the other having the right to stay in the house or downsize as necessary, then half the value of the property would be protected.
It's worth taking the effect of this on your parents into account before going down that route. I am looking at care homes for the moment and am much happier that my Dad will be self-funding and we will have the choice of which home he goes to.0 -
Most older people don't end up in care homes. If one of a couple needs care and the other is staying in the house, the value of their home is disregarded when the financial assessment is made.
You may want to research "tenants in common" and "joint tenants". Your parents could have their house ownership as tenants in common (50/50) and each could leave their half to you on their death, with conditions about the other having the right to stay in the house or downsize as necessary, then half the value of the property would be protected.
It's worth taking the effect of this on your parents into account before going down that route. I am looking at care homes for the moment and am much happier that my Dad will be self-funding and we will have the choice of which home he goes to.
Thank you Mojisola for your comments.0 -
Thank you Mojisola for your comments.
OP, worth adding that if you were to inherit half of your parents house via a tenants in common arrangement you may acquire a capital gains tax liability on your half when it is eventually sold.
Whatever the present arrangment (probably joint tenants) this tenants in common arrangement requires a simple transfer deed to make the conversion, but then your parents would need to change their wills to address the TIC situation. Also tenants in common does not have to be 50:50, it could be a different proportion but this has implications too in terms of who dies first and deprivation of assets.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
Most older people don't end up in care homes. If one of a couple needs care and the other is staying in the house, the value of their home is disregarded when the financial assessment is made.
You may want to research "tenants in common" and "joint tenants". Your parents could have their house ownership as tenants in common (50/50) and each could leave their half to you on their death, with conditions about the other having the right to stay in the house or downsize as necessary, then half the value of the property would be protected.
It's worth taking the effect of this on your parents into account before going down that route. I am looking at care homes for the moment and am much happier that my Dad will be self-funding and we will have the choice of which home he goes to.
If your parent is council supported you can always "upgrade" to a better care home and agree with the council to pay a third party top-up.0 -
pollypenny wrote: »Here we go again!
Kencokid, you want us, ordinary tax payers to pay your parents' care home fees so you can inherit?
Cheek.
Personally, that's an opinion I couldn't give a fig about. I for one get awfully fed up of being one of those who works hard, pays into private pension, saves, purchased my own home, paid my tax and NI from the age of 15 when I first started work, lived frugally when necessary........whilst watching bone idle scroungers continue getting everything for nothing right up to the day they die - & that includes their care home costs. It doesn't pay to think about looking after your own old age in this country, best to have nothing.
Yes, some people haven't been so fortunate through no fault of their own, but many others have made living off the taxes of others their life's mission.
OP - It's already been pointed out, what if the house is transferred to you and you die before parents? Or what if you get divorced? These factors are in addition to all the other pitfalls you face in trying to protect your parents assets. Doubt you'll find a 'workable' solution I'm afraid, good luck.Seen it all, done it all, can't remember most of it.0
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