Parents signing over house

Annisele

Apart from all the other issues, there's a stamp duty consideration. If you and your brother (part) own your parents' house, then you'll have to pay extra stamp duty if you buy another house of your own.

kinger101

If your parents continue to live in the home, it would likely be classed a gift with reservation. For IHT purposes, it remains in their estate until they die, or it becomes a potentially exempt transfer once beneficial ownership is assigned.

You could really screw this up and end up maximizing both CGT and IHT.

The deprivation of assets issue is also summarized here;

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS40_deprivation_of_assets_in_the_means_test_for_care_home_provision_fcs.pdf?dtrk=true

Pixie5740

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.

Haven't you heard, the coffers are empty. How would you propose to fund this? I can't decide if you're naive or just ignorant with your "choose to work" comment.

booksurr

Pixie5740 wrote: »

I can't decide if you're naive or just ignorant with your "choose to work" comment.

so your politics consider it "perfect" that those who chose not to work, and therefore spend their life sponging off the state, end up with old age care funded by those who contributed tax through work?. The latter then have to spend the majority of anything they ever saved on their own care before they reach the same depths as the non contributors, and only then become eligible to state funded care that the non contributors have been "entitled" to since birth (in their eyes)

therefore society has chased itself to the bottom and there is no reward for having striven to better yourself through life. Instead those who did have bought only a small delay until descending into penury to arrive in the same place as the life wasters?

[Deleted User]

Oh dear, here we go again. Benefit recipients are scroungers of which I am one who 'chose' to do a degree as a mature student to enhance employability prospects, have two sons with special needs and now I am a long term benefit recipient and scrounger who is lucky to get 5 hours sleep a night) blah blah.

Enough. The OP's question has been answered.., and very well.

Pixie5740

Interesting you assume I'm referring to people on benefits.

Person_one

booksurr wrote: »

so your politics consider it "perfect" that those who chose not to work, and therefore spend their life sponging off the state, end up with old age care funded by those who contributed tax through work?. The latter then have to spend the majority of anything they ever saved on their own care before they reach the same depths as the non contributors, and only then become eligible to state funded care that the non contributors have been "entitled" to since birth (in their eyes)

therefore society has chased itself to the bottom and there is no reward for having striven to better yourself through life. Instead those who did have bought only a small delay until descending into penury to arrive in the same place as the life wasters?

I'm fine with it. Why do people need houses if they can't live in them anymore? What better use for the money you have left than to spend funding the best care you can, if that's your greatest need?

We could always raise taxes, particularly on the wealthiest, to fund care for everybody. How do you think that would go down with people like yourself?

fed_up_and_stressed

booksurr wrote: »

so your politics consider it "perfect" that those who chose not to work, and therefore spend their life sponging off the state, end up with old age care funded by those who contributed tax through work?. The latter then have to spend the majority of anything they ever saved on their own care before they reach the same depths as the non contributors, and only then become eligible to state funded care that the non contributors have been "entitled" to since birth (in their eyes)

therefore society has chased itself to the bottom and there is no reward for having striven to better yourself through life. Instead those who did have bought only a small delay until descending into penury to arrive in the same place as the life wasters?

Interesting view of people such as unpaid carers as "life wasters" ..not one I share mind you.

Keep_pedalling

booksurr wrote: »

so your politics consider it "perfect" that those who chose not to work, and therefore spend their life sponging off the state, end up with old age care funded by those who contributed tax through work?. The latter then have to spend the majority of anything they ever saved on their own care before they reach the same depths as the non contributors, and only then become eligible to state funded care that the non contributors have been "entitled" to since birth (in their eyes)

therefore society has chased itself to the bottom and there is no reward for having striven to better yourself through life. Instead those who did have bought only a small delay until descending into penury to arrive in the same place as the life wasters?

If you have ever visited a care home recently you will find that the majority of the residents are women and most of those are well into their 80s and beyond. This is a generation where it was the norm that once you had children women stopped payed work and brought up the family. Many of these people never owned a house because again in that generation most people didn't so never benefited from unworked for capital gains with ridiculousness house price inflation.

These people are not work shy spend thrifts, most have been getting by on nothing more than the state pension.

Had I been born 20 or 30 years earlier I would almost certainly have ended up working as a farm labourer living in rented or tied accommodation, which would have been no basis to buy a house or build up substantial savings to support myself in my old age.

Luckily I am one of the fortunate boomers who had well paid secure jobs with good pensions. We also could easily afford to by a house, which has since rocketed in value increasing our wealth without having to do a scrap of work to earn it. It seems to be my generation who desperately want to cling on to everything they have with claims they worked hard for it, and want the current generation, many of whom are on zero hours contracts and minimum wages to pay for it, and that is simply not fair.