CGT IHT Nursing home fees and gifting

Mojisola

patel007 wrote: »

Re care homes, a realtive suffering from Dementia, lives in the Midlands, went into a private care home almost 5 years ago. His house which he extrnsivley renovated to a good standard and his private pension, costisng 5:5k a month approximately.

The coucil will sell their home work about 230k, he bought for about 170k and spent close to 70k on it - his wife will be left with naff all.

Are you sure you have all the facts? If a spouse is still living in the house, its value should not be taken into account during the financial assessment.

Wayne_O_Mac

patel007 wrote: »

Sadly, those with very little foolishly assume that care home fees and IHT only affect the rich, it's time they opened their eyes.

delusion.txt

Keep_pedalling

Mojisola wrote: »

Are you sure you have all the facts? If a spouse is still living in the house, its value should not be taken into account during the financial assessment.

I think the OP has al the alternative facts, but no real ones

Keep_pedalling

AnotherJoe wrote: »

His wife can stay in the home indefinitely. Unless he was selfish enough to own it himself and not make her joint owner.

Even then the house would be discarded in any calculation.

Keep_pedalling

patel007 wrote: »

Never amazes me at the envy of some.

No envy here my friend, I am in almost the exact position as you as far as estate value is concerned.

We all know you don't want to pay for any care that you may need, but do you think it would be fair that younger tax payers, many of who are struggling financially, be taxed higher so that the well off like you and I can free health care and pass more of our wealth onto our childen?

And how is that going to give you choice? I am sure you would have a good old rant if your free care did not meet the sort of standards you would undoubtedly want.

anselld

patel007 wrote: »

Never amazes me at the envy of some.

The rich envying those who receive benefit or support; it is still envy!

patel007

You lot may not want to take my word for it, ie those that have worked all of their lives,
own their property, never lived in a coucil home, never claimed benefits,
spent wisley, not thrown their money away and when they become ill and have to go into a care home, they lose most or everthing they worked for whilst the workshy lose nothing:


Read from the Daily Express a few hours ago:

Me and other hard working people have always paid takes, in their hurdes of thousands and pay for the benefits of the work shy, bu cre home fees must be capped at,
between 50 to 70k. This will give incentive to the hard workig people to earn more, save more knowing that its not going to lost in taxes, all of it i mean

Read the daily express today re demntia care people losing everyhting

patel007

cant post the link as"new" - so summary below

BRITAIN’S escalating dementia crisis is now forcing sufferers and their families to pay as much as £100,000 simply to cover the spiralling costs of care, shocking figures show.
The social care problem has left tens of thousands of families bankrupt and selling their homes just to foot essential bills.

An investigation by Alzheimer’s Society has laid bare the scale of the worrying situation revealing it would take the average person 125 years to save enough money - £800 a year - to cover typical costs.

Experts warned that even if people saved as they did for their pension the financial burden would make it impossible for millions to adequately prepare.
By GILES SHELDRICK
PUBLISHED: 22:01, Thu, May 11, 2017

Keep_pedalling

patel007 wrote: »

cant post the link as"new" - so summary below

BRITAIN’S escalating dementia crisis is now forcing sufferers and their families to pay as much as £100,000 simply to cover the spiralling costs of care, shocking figures show.
The social care problem has left tens of thousands of families bankrupt and selling their homes just to foot essential bills.

An investigation by Alzheimer’s Society has laid bare the scale of the worrying situation revealing it would take the average person 125 years to save enough money - £800 a year - to cover typical costs.

Experts warned that even if people saved as they did for their pension the financial burden would make it impossible for millions to adequately prepare.
By GILES SHELDRICK
PUBLISHED: 22:01, Thu, May 11, 2017

OK, so if both of you end up having to pay £100k for care that still leaves your estate with well over £1M to leave to your children.

I could understand you concern if you only had say £100k saved up as most of that could be eaten up, but you have more than enough to leave a decent legacy and pay for good care at a time and place of your choosing.

You still have not addressed the issue of choice, nor have you made any alternative suggestions of how to fund the boomer generation's care costs.

le_loup

patel007 wrote: »

Read from the Daily Express a few hours ago:

Ah! The newspaper of record. I will start reading it now so that I can learn the truth about Lady Di.