Putting house into trust or into childrens name

Flugelhorn

Tenants in Common
Immediate Post Death Interest Trust

SNAP GM4Less

M_Python

I imagine that Deprivation of Assets would come into play when/if your mother needs to go into a care home and claims that she hasn't got any money to pay for it.

getmore4less

M_Python wrote: »

I imagine that Deprivation of Assets would come into play when/if your mother needs to go into a care home and claims that she hasn't got any money to pay for it.

Not with TIC and IPDI trust.

74jax

Very very similar situation. My dad sadly was diagnosed with terminal cancer. He had left his half of the house to my brother and I already in his will but was so worried that the money he had worked for would be eaten up by mum being in a care home. He wanted to give it to myself and my brother. He had 5 years of fighting the cancer and the moment it went to his head he gave up...... He wanted his financial affairs in order.

We sat round his bed whilst he wrote cheques to us both and insisted we banked them that day. It was heartbreaking. This big strong guy just crumbling in front of me.

So the point of my post.... My parents had been married 55 years. Dad was always the earner. He saved for their retirement. At the point of his last day's and weeks he was not thinking straight. He did not see the big picture. He did not see the type of care she would face. We took the cheques and paid them in as his last request. Mum then needed care and my brother and I use the funds dad left to sort this care. Her care is wonderful, she loves it and is happy. That is what dad would have wanted had he been in a sound place and thinking straight. The money is not wasted on care, it is used to fund his wife who he loved and had been married to for many years.

Can you do all you can so your dad is calm and feels he has his finances in order, my dad was so upset at the end until he wrote the cheques, so try and keep him calm, try not to get him anxious. He will worried about so many things that he may not be thinking of the bigger picture. His priority is now, this week. But you need to look at the bigger picture when he is gone and longer term.

I'm sorry for what you are going through and having to face. It was by far the worst time of my life and 5 years on I'm still broken.

Keep_pedalling

The main reason for building up a decent level of assets during your lifetime, is that you will live your latter years in comfort and should you need care the choice of when, where and who provides that care should be no ones but your own. If giving your assets away means giving away that choice you should not do it.