Purchasing a house using early inheritance money

tacpot12

Pennylane said:

newsgroupmonkey_ said:

There's some awful advice on this thread. I'd go ask a solicitor for the best way to do it.

Age UK say themselves that a council has to prove that the gift was indeed care cost avoidance. If you have a child who is in desperate need of a roof over their head and you can provide the means to do that, I'm struggling to see how any council would justify it.

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf

Either way, don't take my advice or anyone else in this thread. The amounts we're talking about and the impact it could have on the whole family, pay for some professional advice.

The poster says they have a very very good financial advisor. Not sure why they are asking on here then? 

Actually the poster says that their parents have a very very good financial adviser, not themselves.

Advice from a solicitor might include whether a Deed of Variation can include text that explains why the Deed is being made. The reason has no impact on the effect of the DoV, but if the reason is recorded as being to allow the grandchild to purchase their home which they would otherwise have to leave, it does give some hard evidence that the reasons for the 'depravation of assets' was not to avoid paying care fees.

Chandler85

Rather live off benefits, because they can't find a job they "enjoy", while their parents/ grandparents gift them the money to purchase a house to live it, which the tax payer now pays to maintain through benefits.  This is why people think the system is unfair.

getmore4less

Chandler85 said:

Rather live off benefits, because they can't find a job they "enjoy", while their parents/ grandparents gift them the money to purchase a house to live it, which the tax payer now pays to maintain through benefits.  This is why people think the system is unfair.

A step in the right direction as the benefits are not paying rent(which pay for maintenance) for a place some someone else owns

Gycraig

Chandler85 said:

Rather live off benefits, because they can't find a job they "enjoy", while their parents/ grandparents gift them the money to purchase a house to live it, which the tax payer now pays to maintain through benefits.  This is why people think the system is unfair.

That’s life some people win the parents lottery some don’t. 

Also without getting too deep as it’s none of our business they are also a carer so would need specific shifts. Caring can basically be a full time job for little money probably saving the government more money than they take out.