Gran in carehome, solution rent her house out to pay towards fees

claire21

Fire_Fox wrote: »

:eek: How many alcoholic drinks a day??? I want to move there!! :beer: Glad she is safe and well cared for.



If you bothered to click on the link you'd see all the threads are being started by living people and many are about the affairs of living people not the dead! You asked about inheritance tax, that is not due when you have living relatives. Had you not asked that I wouldn't have been as insensitive as to link to that board.

I didnt ask about inheritance tax, I just said she will be over the IHT level in stating a fact. Even if I did the search field for the term inheritance brings up pages and pages of results in this forum, the deaths etc forum is 3 pages long in total and yes I had "bothered" to click your link. i really dont understand why you seem so adament to move me to another section of this site. my post was much more about does this sound a decent idea before I take legal advice.

claire21

joerugby wrote: »

It's important to look forwards with the housing market rather than backwards.

The house may well be worth less than it was five years ago but what makes you think it will be worth more in 1, 2 or 5 years time?

Might this not be a good time to diversify, i.e. cash in the house for whatever it is worth and invest the proceeds in income producing assets to pay for the care?

I am also considering this option as I could go down the 2 year route for investment with the capital to reduce IHT and still draw on the capital at intervals to top up the income she already has to pay the fees. Just needed to see if the rental option would be a feasable idea before I discuss the options further.

Eton_Rifle

I hope this works out for you both.

Selling their home to fund care can be psychologically devastating to an elderly person. Seeing your home, its contents, possessions and memories sold off and scattered to the winds while you're still alive is a brutal reinforcement you're at the end of your life and you're just expected to die now. You can't pretend to yourself that there's any way back; all comfort is gone.

A friend of my family never recovered from this traumatic event. His last days were tormented with the awful grief of it while those around him sat content with their free state care, council provided homes and possessions intact and safe with their families.

All this poor man had left to remember his wife and his entire life was reduced to the contents of a small cardboard box. Everything else had been wrenched from him.

Paul_the_Painter

Although you have said that money is not a huge issue. You've also stated that she is in generally good health, and could live a long time. Have you looked at "single premium care home insurance" essentially an insurance company looks at the medical records of the client, and comes up with sum of money that they want, in order to pay the care home fees for the rest of the life of the patient/relative.
It can be coast effective, but also removes any worry that the fees won't be able to be paid in 10 years time.

claire21

Eton Rifle

I do understand what you are saying. My step mother and my grans best friends have been telling me for a long time that my Gran would be better in a care home than at home. My dad, her only child died 3 years ago, so I am all the "family" that is left. I just couldnt face doing it as I do think omg what if I never saw my home again? Anyway we had an emergency and I had an ambulance to A & E, on discharge 2 days later It was decided that respite would give me a chance to think things through and see if it was feasable for her to come home, the answer was that it wasnt and I cried. My heart said bring her home but my head said this was the best place for her.

I am told by the home that is for dementia suffers that over time she will see the place as her home. Because of the nature of her illness I also think she will forget about her home over time. She really cant come home so I do feel I need to do something with her house. My Gran always tells me she has had a wonderful life and I hope I can say the same at her age.

She does seem so happy that I do think her home had become a prison with few visitors to talk to, the careers seemed to make her feel that she couldnt tidy or keep clean her own house even though they were just really there to make sure she was ok twice a day. She had nothing to do at home apart from be there, she didnt realise the days of the week or even what time of day it was, she would tell the careers at tea time that she had eaten but many times she hadn't. She had talked about selling up before and going to live in her smaller rental property so I think in lucid moments she knows the house with stairs is to big for her.

When my grandfather had a stroke a good few years ago (on the other side of the family) i had to strip his house and rent it out before he died to pay the care fees. My father helped me, i was so sad to see things like he had 3 cups,3 plates etc and that was all his life put in a skip, my father told me "that was all my grandfather had ever needed" and he was a very happy old man.

It does seem really strange that your life becomes a few boxes and a skip but all in all if you have had good memories and for most of us have had a loving family then what more can you want out of life.

By the way my mum died at the age of 49, i was with her in the hospice, the night before she died she said to me she had had a great life too but she just wished she'd had a bit longer.....

Live, love and laugh.

claire21

Paul_the_Painter wrote: »

Although you have said that money is not a huge issue. You've also stated that she is in generally good health, and could live a long time. Have you looked at "single premium care home insurance" essentially an insurance company looks at the medical records of the client, and comes up with sum of money that they want, in order to pay the care home fees for the rest of the life of the patient/relative.
It can be coast effective, but also removes any worry that the fees won't be able to be paid in 10 years time.

Paul

I have never come across this, thanks for the information I will take a look. All shes ever really had are both her shoulders replaced, shes been a fit lady. She had a few falls recently but apart from the alzhiemers thats it.

googler

Power of Attorney requires you to act in the best interests of the 'donor' (your Gran) at all times.

If required to prove that you're acting in her best interests, could you justify your actions?

claire21

googler wrote: »

Power of Attorney requires you to act in the best interests of the 'donor' (your Gran) at all times.

If required to prove that you're acting in her best interests, could you justify your actions?

Yes, as POA I have to find a way to pay care home fees.

Fire_Fox

claire21 wrote: »

I didnt ask about inheritance tax, I just said she will be over the IHT level in stating a fact. Even if I did the search field for the term inheritance brings up pages and pages of results in this forum, the deaths etc forum is 3 pages long in total and yes I had "bothered" to click your link. i really dont understand why you seem so adament to move me to another section of this site. my post was much more about does this sound a decent idea before I take legal advice.

Try the advanced search function as already suggested, you won't get pages of results if you use the search title and show results as thread selectors.

JimmyTheWig

claire21 wrote: »

Yes, as POA I have to find a way to pay care home fees.

While I _think_ I agree with you that your Gran has no further need for this property and may as well get the glimmer of enjoyment knowing that she will be able to pass more down as inherritance this way, you have said that either way she can afford the care home fees so I'm not sure that this is a valid point.