Deprivation of assets

Hutch100uk

Browntoa wrote: »

Think they didn't like the answers ?

Pardon - bit confused by that?

Hutch100uk

Browntoa wrote: »

Personally I'd be happy that my parents were in a safe comfortable environment in their old age , my mum has sold her property and is self funding sheltered accommodation near me

You do realise the vast majority of people don't need care at all

Can I just point something out. My Mum is insisting on this. I don't personally think its a great idea, given the research I've done.

You're making out I'm the one forcing them to do it to get my hands on their house. I couldn't care less about that. In fact, my parents were a bit miffed when I suggested it wasn't worth the hassle.

Browntoa

Sorry , we have had similar posts in the past where the OP didn't like the replies

Apologies if that's not true

Hutch100uk

Browntoa wrote: »

Sorry , we have had similar posts in the past where the OP didn't like the replies

Apologies if that's not true

No its fine. I 'm sure it does happen. My sibling and I were very hesitant about it and my parents got a bit annoyed with us. I'm not convinced their solicitor is giving them good advice and want to be able to show them the facts.

I have an appointment to get some legal advice on this on Thursday.

Browntoa

There's trust's that can be used but they need expert setting up and can still fall foul of deprivation

Mojisola

Hutch100uk wrote: »

Can I just point something out. My Mum is insisting on this. I don't personally think its a great idea, given the research I've done.

If you don't sign the paperwork, it can't happen.

Would it help if you pointed out to her the problems that this may cause you and your sibling - CGT, no access to means tested benefits if you became ill or unemployed, stamp duty, divorce financial settlements, etc.

Hutch100uk

Mojisola wrote: »

If you don't sign the paperwork, it can't happen.

Would it help if you pointed out to her the problems that this may cause you and your sibling - CGT, no access to means tested benefits if you became ill or unemployed, stamp duty, divorce financial settlements, etc.

Yes we've already pointed these things out. They are aware of the stamp duty and divorce settlements but not necessarily the other things. I will go through all this with my solicitor and hopefully he will be able to detail it all to show its not worth doing.

I don't want to refuse if they are insistent and fall out about it, but I'm genuinely not keen on the idea. Don't think my sibling is either. Hopefully they will see sense.

Browntoa

Tell them basically that they could land you all with a mass of tax and care debts to deal with afterwards

le_loup

......... and they will have to pay you rent.
......... and you will have to pay tax on it.
......... and their motives are a disgrace.

StumpyPumpy

Hutch100uk wrote: »

My sibling and I were very hesitant about it and my parents got a bit annoyed with us.

As you and your sibling appear to think this is a bad idea, how about this for a suggestion: Arrange for your parents to take a couple of tours of care homes in the area. Make sure you include at least one of each of privately and publicly funded homes. Then ask them which they would like to be placed in should the need arise, they might well come around to the thinking that maybe they should use some of their assets to ensure their personal well being* rather than, eg. paying off a child's mortgage.

Don't think I'm having a dig at state funded care homes, I'm not. They do a great job, but their resources are much more limited and you get what you pay for (or don't). With your own money you get to pick and choose where you go, with the state's money it is Hobson's choice.

*As an aside, this can be a useful exercise to give family an idea of where they would be most comfortable well ahead of the time where it might be needed.

SP