Giving it all away to avoid care costs
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There was a program on radio 4 this weekend on the subject. "The Care Fee Trap". http://www.bbc.co.uk/programmes/b08m8q7z.
Investigating companies claiming to be able to do this using a trust.0 -
Malthusian wrote: »........ The worst case scenario is that you won't be able to sell the house because you gave it away to the guys who arranged the "trust" and they have mysteriously disappeared out of the country, so you have no council funding and no money of your own either.
rather depends on who the trustees are surely. If it's two of your children (or other trusted close relatives) plus optionally your family solicitor then there shouldn't be too many problems.The questions that get the best answers are the questions that give most detail....0 -
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You have enough to manage now, and maybe a bit left over in your estate.
You are considering "Giving it away" so that you may live on with Local Authority care, rather than spending the money on your old age. This LA provision will be basic, and paid for by ALL OF US, at the expense of the truely needy.
I think you should pay for it yourself and don't be so selfish.0 -
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If someone has money they don't need and quite like the thought of a nice council care home they need to start giving away money immediately. A council is hardly going to come after you if you've gifted £4k to each of your kids since your early 40's i.e. about 40 years before you need care. That takes care of £500k.
That won't happen because someone who would rather live in a council home to save money doesn't sound like someone who gives money away as an option. They'd probably leave it too late.0 -
Both my grans ended up in care homes. One had money, one didn't. The one who had money lived a lovely last few years in a fantastic home with amazing staff. Not much left to hand down but nobody in the family cared because she lived out her life in the best way possible.
The one without money had so many issues with the council home she ended up in, it nearly put her daughter (my mum) in an early grave.
I know which one I'd rather end up in!0 -
Both my grans ended up in care homes. One had money, one didn't. The one who had money lived a lovely last few years in a fantastic home with amazing staff. Not much left to hand down but nobody in the family cared because she lived out her life in the best way possible.
The one without money had so many issues with the council home she ended up in, it nearly put her daughter (my mum) in an early grave.
I know which one I'd rather end up in!
I did a tour of some local care homes with my friend, when she was looking for a place for her mum. The council homes had shared bathrooms and, in some cases, shared bedrooms. The private homes, however, were more like luxury hotels with lovely private bed sitting rooms with en-suite bathrooms.0 -
To put the other side of the argument, both of my grandmothers ended up in the same care home at the same time. One was 100% funded by the council the other had to pay her care fees as she had a home. The home was sold to pay for the care home fees.
I just feel that doesn't seem particularly fair.0 -
Both my grans ended up in care homes.!To put the other side of the argument, both of my grandmothers ended up in the same care home at the same time.
Statistically, for both of your grandmothers to end up in care homes is unusual. Whilst as we live longer it is happening more frequently, spending ones final days in care is still far from the norm. Three of my grandparents died in their own homes, and the fourth in intensive care shortly after a major stroke.0
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