Care cost

woolly_wombat

Paul_Herring wrote: »

And to explicitly point it out - the 7 year rule that applies to inheritance tax is not observed for deprivation of assets - it can go long before the 7 years.

(Though not sure about the kids being liable for the cost - merely that you'd be assessed as if you hadn't have given them away...)

Section 70 of the Care Act 2014 details how a "transferee" could become liable for costs:
http://www.legislation.gov.uk/ukpga/2014/23/section/70/enacted

70 Transfer of assets to avoid charges

1. This section applies in a case where an adult’s needs have been or are being met by a local authority under sections 18 to 20 and where—
   1. the adult has transferred an asset to another person (a “transferee”),
   2. the transfer was undertaken with the intention of avoiding charges for having the adult’s needs met, and
   3. either the consideration for the transfer was less than the value of the asset or there was no consideration for the transfer.
      
2. The transferee is liable to pay to the local authority an amount equal to the difference between—
   1. the amount the authority would have charged the adult were it not for the transfer of the asset, and
   2. the amount it did in fact charge the adult.
      
3. But the transferee is not liable to pay to the authority an amount which exceeds the benefit accruing to the transferee from the transfer.
   
4. Where an asset has been transferred to more than one transferee, the liability of each transferee is in proportion to the benefit accruing to that transferee from the transfer.
   
5. “Asset” means anything which may be taken into account for the purposes of a financial assessment.
   
6. The value of an asset (other than cash) is the amount which would have been realised if it had been sold on the open market by a willing seller at the time of the transfer, with a deduction for—
   1. the amount of any incumbrance on the asset, and
   2. a reasonable amount in respect of the expenses of the sale.
7. Regulations may specify cases or circumstances in which liability under subsection (2) does not arise.

"

mumps

There is a programme on BBC1 tonight about moving to India in old age, like The Best Marigold Hotel. Much cheaper cost of living but a long long way for the kids to visit.

It is a three part series, I think there are 8 celebrities, Jane Leeming and Miriam Margolyes are two I remember. They all live together in a mansion of some sort. It sounds interesting, I did like the film.

downshifter98

I think my main point is its just not worth planning for - live how you see fit - enjoy active life for as long as possible. Chances are most will avoid care, however if it's needed it will be harsh no matter what the quality of care is. Basically 'we plan...God laughs' - and if you want to give money away make sure you do it whilst still healthy!

Fair point re The Beatles - 64 still seems pretty old to me (I'm 51:eek:)

Paul_Herring

downshifter98 wrote: »

Chances are most will avoid care,

http://nursinghomediaries.com/howmany/

According to the U.S. Bureau of the Census, slightly over 5 percent of the 65+ population occupy nursing homes, congregate care, assisted living, and board-and-care homes, and about 4.2 percent are in nursing homes at any given time. The rate of nursing home use increases with age from 1.4 percent of the young-old to 24.5 percent of the oldest-old. Almost 50 percent of those 95 and older live in nursing homes.

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/Later_Life_UK_factsheet.pdf?dtrk=true

There are now 11.4 million people aged 65 or over in the UK.

[...]

According to the latest Laing and Buisson survey, there are 426,000 elderly and disabled people in residential care (including nursing), approximately 405,000 of whom are aged 65+

93 per cent of nursing home residents and 99 per cent of people in residential homes are aged 65+

3.6% then. Sadly they don't break it further down (over 70, over 75 etc.)

xylophone

The father of my soon to be 94 year old acquaintance died at age 95 and his mother at age 90.

The father spent his last few weeks in his daughter's home but was completely self sufficient before that. How grandma fared is unclear because it seems that there was some family estrangement, never fully explained.

My acquaintance now requires substantial help with all physical needs both day and night and is paying £60,000+ for the privilege:eek: funded by pensions etc and house sale proceeds.

At least she is entitled to the full rate of Attendance Allowance!