Parents signing over house

POPPYOSCAR

Guest101 wrote: »

The NHS? The NHS don't fund social care though? Are you sure?

http://www.nhs.uk/chq/Pages/will-the-nhs-pay-for-my-long-term-care.aspx

McKneff

chelseablue wrote: »

Thank you all.


My parents are in their 50's, still working, in good health so for example if they signed it over tomorrow it could be 30 years before they need any care.

Never ever presume.
My brother was diagnosed with Dementia at 49/50 years of age, it was aggresive and he was in a home for the ress to his life but was dead by the time he was 52, leaving a wife and 3 young daughters.

tiger_eyes

Bluebirdman_of_Alcathays wrote: »

They are perfectly entitled to give away their assets.

Absolutely. It's just that they then can't expect the taxpayer to fund everything.

Person_one

POPPYOSCAR wrote: »

http://www.nhs.uk/chq/Pages/will-the-nhs-pay-for-my-long-term-care.aspx

Interesting, I wasn't aware of some of those. Thanks.

Keep_pedalling

McKneff wrote: »

Never ever presume.
My brother was diagnosed with Dementia at 49/50 years of age, it was aggresive and he was in a home for the ress to his life but was dead by the time he was 52, leaving a wife and 3 young daughters.

There is the possibility that one of the children needs care before the parents (early onset dementia or brain injury)

Keep_pedalling

john_white wrote: »

The taxpayer should. Why should some get paid for and not others.


Hopefully the Conservatives will put an end to this stupid rule that you have to pay for your own care simply because you choose to work.

Dream on, can you really see a Tory government implementing the massive tax hikes that would require.

getmore4less

To protect everyones interest it would need much more complicated vehicles than just giving it away which is usually one of the worst options.

There are a other options that can get round some of the issues but even then not that straight forward and introduce their own complications that need expert advice.

often it is best to just let things progress as normal and hope everyone can afford a nice life and the best care possible should they need it.

Focus on the tax that is something you can do and will in many cases trump any deprivation issues if done soon enough.


You could buy the house at full market value(no deprivation of assets) and they could retain a life interest, no rent/landlord issues but others that need research.

Discretionary trusts can be a vehicle to protect assets need more research especially on the taxation.

GobbledyGook

Leaving aside the deprivation of capital matter you also need to think about all of the other potential issues.

I know a couple who did this. Their son was killed in an accident which meant their daughter-in-law inherited the house. All was well for a while because it was acknowledged by all that the house 'belonged' to their young grandson. However, when the DIL was made redundant the benefits people didn't see it like that and she pretty much had no option but to sell it. They haven't spoken for a number of years now and are now in their mid 60's and playing the private let roulette game.

POPPYOSCAR

GobbledyGook wrote: »

Leaving aside the deprivation of capital matter you also need to think about all of the other potential issues.

I know a couple who did this. Their son was killed in an accident which meant their daughter-in-law inherited the house. All was well for a while because it was acknowledged by all that the house 'belonged' to their young grandson. However, when the DIL was made redundant the benefits people didn't see it like that and she pretty much had no option but to sell it. They haven't spoken for a number of years now and are now in their mid 60's and playing the private let roulette game.

This can all be taken care of with the correct legal planning.

missbiggles1

Cakeguts wrote: »

Worst case. What would happen if you and your brother died before your mum? Would the people who inherited the house from you continue to let her live there or would they want to move her out? This is really a bad idea for your mum to do this.

Plenty of cases just as bad - divorce and bankruptcy are just two of them.