Can you create a trust to avoid losing inheritance to a means tested caring costs

patchwork_cat

This article might help you mitigate the cost http://www.telegraph.co.uk/finance/personalfinance/insurance/longtermcare/10735051/Care-home-fees-should-you-insure-against-living-too-long.html

Dird

Pollycat wrote: »

It might be the way I'm reading it but it sounds to me like you're contradicting yourself
Moaning that 'the tax payer' funds a rich person's medical care then agreeing with me that the 'rich person' has probably paid a lot of money through taxation and NI.

It's more playing it from the other poster's angle. If he thinks rich should pay for OAP care, despite paying lots of tax to fund it, then they should also pay it during their working life towards any NHS costs.

Personally I think it shouldn't be means tested (but was making the point of the imbalance there of him being OK with means tested in later life but not during working life). Either free for all or a health insurance option for everyone from 40 like what Germany apparently does. If the latter & someone doesn't pay the insurance then leave their family to take on the burden

Keep_pedalling

Dird wrote: »

It's more playing it from the other poster's angle. If he thinks rich should pay for OAP care, despite paying lots of tax to fund it, then they should also pay it during their working life towards any NHS costs.

Personally I think it shouldn't be means tested (but was making the point of the imbalance there of him being OK with means tested in later life but not during working life). Either free for all or a health insurance option for everyone from 40 like what Germany apparently does. If the latter & someone doesn't pay the insurance then leave their family to take on the burden

Even if residential care was free for all, the rich would still use the private sector as they expect a lot more from a care home than the level of service you get from an LA funded home. A lot of the not so rich, including me, will take that option as well.

dirty_magic

Art_Deco wrote: »

Yes there is a way , you could care for him yourself.

This is such a simplistic statement to make without knowing the circumstances. Sometimes it's safer and better for an elderly person to be in care.

A lot of the time children are still working themselves with mortgages and rent to pay at the point when their parent needs care. People are having children later, so children are still of working age, often with young children themselves, when their parents reach old age.

There are also a lot more single parent families now. It's not always possible for someone to give up work and rely on their partner's income so that they can care for their parents.

It's safer for a person with dementia or age related disabilities to be in care than to be left alone for the majority of the day while their son or daughter has to work.

troubleinparadise

dirty_magic wrote: »

This is such a simplistic statement to make without knowing the circumstances. Sometimes it's safer and better for an elderly person to be in care.

A lot of the time children are still working themselves with mortgages and rent to pay at the point when their parent needs care. People are having children later, so children are still of working age, often with young children themselves, when their parents reach old age.

There are also a lot more single parent families now. It's not always possible for someone to give up work and rely on their partner's income so that they can care for their parents.

It's safer for a person with dementia or age related disabilities to be in care than to be left alone for the majority of the day while their son or daughter has to work.

Have you read the OP's post, and the rest of the thread?

The OP would like to know how to plan for possible care for his father without his father's house and other assets needing to be sold to pay for that care, as he and his siblings would like to inherit those.

That response was one solution offered.

Morglin

andrew_hampshire wrote: »

As I understand it; if my father needs to go into a care home he would be means tested and therefore his home would be taken into consideration and at costs of £1000 a week his £270,000 home would be wiped out within 5 years. Is there a legal way that he can leave the house and any other items into a trust for me and my siblings that is activated after his death and avoid local authorities taking this value to cover any costs for his care in later life?

Nope....they will find a way to charge you.

We had to sell my Dads house, to pay his £1600 per week care costs.

But, it was his house, not mine, and he's getting good care.

However, he is undergoing an NHS review to see if they will fund some of the nursing care.

Lin

dirty_magic

troubleinparadise wrote: »

Have you read the OP's post, and the rest of the thread?

The OP would like to know how to plan for possible care for his father without his father's house and other assets needing to be sold to pay for that care, as he and his siblings would like to inherit those.

That response was one solution offered.

Yes I'm just pointing out that it often isn't a solution at all!

troubleinparadise

dirty_magic wrote: »

Yes I'm just pointing out that it often isn't a solution at all!

I think it was a tongue in cheek reply!

I quite agree with you, having tried myself, but I viewed my mothers assets as hers to be spent looking after her, not to be ringfenced for me...

Gavin83

dirty_magic wrote: »

This is such a simplistic statement to make without knowing the circumstances. Sometimes it's safer and better for an elderly person to be in care.

A lot of the time children are still working themselves with mortgages and rent to pay at the point when their parent needs care. People are having children later, so children are still of working age, often with young children themselves, when their parents reach old age.

There are also a lot more single parent families now. It's not always possible for someone to give up work and rely on their partner's income so that they can care for their parents.

It's safer for a person with dementia or age related disabilities to be in care than to be left alone for the majority of the day while their son or daughter has to work.

I suggested the same thing but I've no problem with the above either, I just think you have to make a choice. Either look after them yourself and keep the house or ask a care home to look after them and pay for it. I'm just of the belief it's not right to have both.

We live in a country where those that can pay do and those that can't are supported at a basic level. This extends to most areas of life.