Transferring “Tenants in Common” share after death

xylophone

Another thought - see https://www.sintons.co.uk/personal-family-probate/trust/care-home-fee-planning

"If the surviving partner later moves into residential care, the share of the home held in the trust cannot be assessed for care home fee purposes as it will continue to be held in the trust. Furthermore, under current guidelines the surviving co-owner’s share of the property may also be valued at considerably less that the market value because of the nature of the ownership and in some cases the value of the share can be argued as being nil."

Notice the "may", "some", "argued as"......total freedom from care home fees cannot be assumed?

Pinkflamingo*

I don't know about anyone else but when I die, and same goes for my partner, after living life to the full and paying literally hundreds of thousands in taxes, we would like to see our son's in a great position financially and they will be. It's not all about paying in for some and taking out for others. After 120+ years hard work between us, I don't think it's being selfish to expect our kids to have some benefit from it. That's why people leave wills. Care homes aren't charities, they make mega bucks. I have a millionaire friend who owns several. Yes, making your own provision is the best way forward. We won't be around for old age here as we are moving to San Francisco. Thanks for your advice.

Torry_Quine

Pinkflamingo* wrote: »

I don't know about anyone else but when I die, and same goes for my partner, after living life to the full and paying literally hundreds of thousands in taxes, we would like to see our son's in a great position financially and they will be. It's not all about paying in for some and taking out for others. After 120+ years hard work between us, I don't think it's being selfish to expect our kids to have some benefit from it. That's why people leave wills. Care homes aren't charities, they make mega bucks. I have a millionaire friend who owns several. Yes, making your own provision is the best way forward. We won't be around for old age here as we are moving to San Francisco. Thanks for your advice.

Many care homes are charities and have to close as they can't afford to stay open. Very few make much money from them.

America isn't kind to those without money.:D

Pinkflamingo*

Good reply, Mojisola. Thanks. Yes the will was properly written and she can live in the bungalow as long as she lkes. I don't know about your parents but mine have worked hard and were proud and felt good when they said, "All this will be yours one day." I feel the same about my son. I want him to have a lot what I've worked hard for. I'll still be very comfortable in old age. I've travelled the world for years, enjoyed life and want him to do the same- and he will. I don't begrudge him any of my wealth- he deserves it! The Uk government can keep all I paid in. I'll write off my losses and be happy soaking up the sun in California>:rotfl:

bigadaj

Pinkflamingo* wrote: »

To Nearlyold. Oh yes, instead of work they could have made it a hobby, like yourself, to submit over 600 posts on one forum alone. Get a job!

Shouldn't you be getting a job rather than waiting for a rather late silver spoon?

bigadaj

Pinkflamingo* wrote: »

Good reply, Mojisola. Thanks. Yes the will was properly written and she can live in the bungalow as long as she lkes. I don't know about your parents but mine have worked hard and were proud and felt good when they said, "All this will be yours one day." I feel the same about my son. I want him to have a lot what I've worked hard for. I'll still be very comfortable in old age. I've travelled the world for years, enjoyed life and want him to do the same- and he will. I don't begrudge him any of my wealth- he deserves it! The Uk government can keep all I paid in. I'll write off my losses and be happy soaking up the sun in California>:rotfl:

Sponging off the state is rather more difficult in the us though.

Pinkflamingo*

To Torry Quine. Thanks for your reply. Yes we'll be fine in the USA. We can fly our aircraft more cheaply- fuel isn't so expensive over there. Made friends at some airfields already. We'll get a big Rv and do some overlanding too. Life is great! All the best!

Mojisola

Pinkflamingo* wrote: »

I don't know about your parents but mine have worked hard and were proud and felt good when they said, "All this will be yours one day." I feel the same about my son. I want him to have a lot what I've worked hard for.

Like my parents, yours probably benefited a lot from the rise in house prices. Their capital wasn't just down to their efforts at work and a fairly frugal way of life.

Mum and Dad were joint tenants so the house became Dad's when Mum died.

When he later needed to go into a care home, I was very grateful that we had the value of the house to pay for it.

There is only one home in our area that accepts clients at the price the council will pay - I visited it and couldn't have let him go there.

We (his kids) were able to chose the home that was right for him and his last years were happy and he was well cared for - worth every pound that it cost!

Mojisola

xylophone wrote: »

Another thought - see https://www.sintons.co.uk/personal-family-probate/trust/care-home-fee-planning

"If the surviving partner later moves into residential care, the share of the home held in the trust cannot be assessed for care home fee purposes as it will continue to be held in the trust. Furthermore, under current guidelines the surviving co-owner’s share of the property may also be valued at considerably less that the market value because of the nature of the ownership and in some cases the value of the share can be argued as being nil."

Notice the "may", "some", "argued as"......total freedom from care home fees cannot be assumed?

The council will just put a charge on the property and reclaim the money on the death of the resident or on the sale of the property, whichever happens first.

Pinkflamingo*

To bigadaj, We have 4 businesses between us, rent several properties and work long hours. Not really work though as we enjoy it- or we wouldn't do it! Also pay loads in taxes and vat. Don't need anything from anyone. I am safeguarding my parents wishes and interests. Decent people would respect others who haven't been stupid with money and made their way through life without anyone's assistance.