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Trying to avoid being gouged for parent care cost
wehalf
Posts: 18 Forumite
I'm trying to find a way of buying my mother's home at a very reduced price in order to avoid her only asset from being swallowed up by her care home costs. Both my parents paid tax all their lives and never really used the NHS. Now it's time for my remaining parent to be cared for and her home has to be sold. The family agrees that, if it can be done, as I am the only one in a position to do it, that it's a good idea. Obviously, I will only do it if it's legal. Does anyone have any advice on how to do this? Or is it best avoided altogether?
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Google "Deprivation of Assets" and have good read. The Authorities have got there before you!0
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are you talking about council funded care costs?
if so then as she requries care now then you have left it too late as trying to tkae her home out of her name to deliberately reduce her assets that would be sold to fund her care is called deprivation of assets and means the council will treat her as though she still owned the home and adjust her level of funding accordingly
these rules exist to prevent exactly what you are tryiong to do. Debating the morality of the fact they paid into tax all their life has nothing to do with the reality that they cannot now expect the taxpayer to fund them when they have a large asset of their own which they are expected to sell to pay for their own care
if you google deprivation of assets you wil fund millions of posts on this topic
the guide from AGE Uk is a good summary
http://www.ageuk.org.uk/home-and-care/care-homes/deprivation-of-assets-in-the-means-test-for-care-home-provision/0 -
Can't be done you will have to pay the market rate. Surely you wouldn't deprive your mother of the money for her care.
Lost my soulmate so life is empty.
I can bear pain myself, he said softly, but I couldna bear yours. That would take more strength than I have -
Diana Gabaldon, Outlander0 -
Right. Thanks for that. The state will take over her care costs when the asset runs out but, fair enough - it can't be done.0
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theoretically, If one was to plan for this event very very far in advance, is there a way it could be done without falling victim to the 'deprivation of capital' polava?0
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Theoretically if done well in advance with no expectation of needing care it could work but would have lots of other complications.Lost my soulmate so life is empty.
I can bear pain myself, he said softly, but I couldna bear yours. That would take more strength than I have -
Diana Gabaldon, Outlander0 -
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Trying to avoid who being 'gouged'? So you and any siblings didn't have any preventative treatment from the NHS nor education? Maybe run an advanced search before posting on the same topic and numerous others.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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She is swapping the house that she can't live in for a new home that she can live in.Warning ..... I'm a peri-menopausal axe-wielding maniac0
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I suggest you read this thread in the over 50s forum
"Disgraceful son pushing parents out of own home."0
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