Transferring house into child's name

wisbech_lad

Why not just sell now, and move into (rented) sheltered accommodation? Any surplus money that they don't think they will need, they can gift to you.

Of course, when push comes to shove, why wouldn't you want to use their money to pay for decent home care fees, rather than whatever the council randomly decides?

saintalan

wisbech_lad wrote: »

...Any surplus money that they don't think they will need, they can gift to you.
...rather than whatever the council randomly decides?

If you are means tested they could still come after you if you do gift it to deliberately avoid potential care fees. I know many will say "ah no problem you can get away with that" and many (will) do, however LA's are increasingly looking to, as they put it, do their duty to their Council Tax payers.

You will find that a lot of council care homes are just beds in private care homes.

I just dont think there is an easy way around this issue, unless there is a major government rethink, but keep remembering it is STILL law that if you need NHS care it is FREE, although as I say you may have to fight for it. If someone chooses to live in a care home for reasons other than health then perhaps paying/means testing for it is fair.

I hope the majority of you never have to get in the battle because it becomes all consuming and is very stressfull for all involved.

Cheers

Alan

For those in need of NHS info

MarkyMarkD

Lots of sensible posts already.

But why do you consider it reasonable that your parents should NOT pay for their own care, when they clearly have the money to do so?

There's no moral reason why well-off people, who own their own homes, should leave that money to their children rather than paying for their own care.

Don't rip of the rest of us taxpayers for your own benefit, please!

Derbyshire_Phoenix

reb223 wrote: »

the house would still be subject to interitance tax unless the total estate (including house, money, shares, etc) fell within the threshold, which is now £300,000.

Thanks Reb but no, it's nowhere near that!

Cheers

Derbyshire_Phoenix

maypole wrote: »

Also, if they continue to benefit from the asset that they have in effect given away, they should pay you rent. You can't apparantly give the property over and still live there free. See a solicitor.

Interesting, thanks Maypole, I wondered if that might be the case, that's why I suggested the 50% thing. I will definitely see a solicitor!

Sarah

Derbyshire_Phoenix

david29dpo wrote: »

from what i have been told by my solicitor, if you do this, and i have been thinking of doing the same, if your parents need to go into a home after say 1,2,3 years, if will be seen as trying to get out out of paying care fees. after say 7,8,9 years, it get more difficult to prove.

That makes sense. Well fortunately they are both in sound health so I'm sure it won't come to that, but like you, I'm just trying to plan ahead and think of every eventuality.

Cheers
Sarah

Derbyshire_Phoenix

EdInvestor wrote: »

Why not get the parents to look into the cost of the care and see if they can afford it themselves anyway?An "immediate needs annuity" is not that expensive as a top up to pensions Attendance Allowance etc and it guarantees the payment (and is also tax free).

The council will only be looking for the cheapest home available, which may be a long way away from the spouse at home: is that really what they would want?

http://www.sharingpensions.co.uk/annuity_immediate_needs.htm

That's a great website Ed, cheers. Also will take your point about the type of home the council might suggest...

Sarah

Derbyshire_Phoenix

saintalan wrote: »

Don't believe that they can not sell or will not try to sell 'half' a house. I started with this premis a year ago and, if it were not for subsequently getting NHS funding for the person in care, would be facing an Ombudsman/court review. I have seen the papers from Legal Counsel that my LA have. The likes of Age Concern are well aware of the changed attitudes by LA's on this front.

Sadly I can believe it Alan and that website is unbelievable, thanks for that. I hope your situation is soon resolved.

Just one question please, what is the difference between tenants in common and joint ownership, as they sound very similar?

Best wishes
Sarah

Derbyshire_Phoenix

JoeK wrote: »

Opinions are one thing but proper advice that with stand up to future challenges is another.

Please take professional advice.

JoeK

Good advice thanks Joe, and as I said in my OP, I intend to take professional advice. I just wanted to sound out opinion, so that I was aware of at least some of the issues, which thanks to this thread, I am now

Best wishes
Sarah

Derbyshire_Phoenix

wisbech_lad wrote: »

Why not just sell now, and move into (rented) sheltered accommodation? Any surplus money that they don't think they will need, they can gift to you.

Oh Lordy, thats a bit extreme!!!

Thanks all the same...

Sarah