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

svain

No .... A lot of you are missing the point. The OP hasnt asked what are the benefits of private over council care homes .... nor did i (im already aware)

CouponClipper

The problem is people spend their whole lives getting 'free' care and then expect the same when they need to go to a nursing or residential home.

People need to learn to make their own provisions especially with the next generations not likely to gain from a large house price boom such as the baby boomers did.

Sooner the government takes a serious look at social care funding the better. Unfortunately most people don't like the word 'insurance'....

svain

Bogalot wrote: »

You left her somewhere she was very unhappy? I'm not sure what you're suggesting she should be thankful for.

I didnt "leave" her anywhere .... She made her own decisions and was very capable of doing so.

Mojisola wrote: »

If my Dad had been 'very unhappy' in his care home, I wouldn't have left him there. Why would you?

Because whilst they are able, i respect the fact that they can make their own decision. I dont FORCE them to do anything. Again, its fortunate they had me and not you.

Any other judgemental assumptions you wish to make??

Rainbowgirl84

svain wrote: »

Because whilst they are able, i respect the fact that they can make their own decision. I dont FALSE them to do anything. Again, its fortunate they had me and not you.

Any other judgemental assumptions you wish to make??

Should we judgementally assume you mean FORCE?

svain

Rainbowgirl84 wrote: »

Should we judgementally assume you mean FORCE?

you can indeed .... thanks will edit

chiefie

fairy_lights wrote: »

I'm going to get the popcorn in before this really kicks off, anyone want any?

Any left a. ☺️

Gavin83

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?

I won't be judgemental in this despite my views but I'll answer your question directly. No there isn't a way you can prevent the use of his assets to fund a care home placement. Many attempts actually have more negatives than positives. Just be safe in the knowledge that most people don't require care and those that do generally don't last very long.

POPPYOSCAR

Person_one wrote: »

Maybe everybody should get equal wages then, or disability benefits. :cool:

Equal wages would not work in our society, although a fairer rate of pay would be good.

troubleinparadise

Care doesn't have to be given in a residential care home setting.

Family members or carers paid for by father or the family could mean that your father stays in his house, and you can then inherit it after his death.

That would avoid the need to use his assets to pay for care if that becomes a necessity. Remember, not everyone needs residential care.

Take legal or financial advice from a professional on this. The rules about gifting, financial assessments and so on do change, so steps taken now based on the current situation may become obsolete.

Pollycat

There is no inheritance until the person with money or assets dies and leaves it to someone.
That 'someone' could be the local cats home or some woman the OP's Dad met down the pub.

If everyone decided to 'create a trust to avoid losing inheritance to a means tested caring cost' who would fund care costs?
If - as the OP seems to expect in his Dad's case - it will be the Government, where will this funding come from?

It's not clear from the OP's post if it is his Dad who is proposing this or the potential beneficiaries.