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Protecting my house

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  • easterbunni
    easterbunni Posts: 146 Forumite
    Part of the Furniture 100 Posts Name Dropper
    If your daughters really want to keep your house, they can buy it from you for market value, then you can spend the money on a nice care home.
  • If you and your wife both go into care, then it won't be your home any longer.  Your daughters have homes so it won't be their home either. 

    So why bother protecting it?  Wouldn't you rather have the cash to spend on your own comfort in your final years?

    Its pretty rare for both of a couple to need residential care though, it probably won't happen, and if just one of you needs it then the house is disregarded as long as the other spouse still needs to live there. 
  • Tony1463 said:
    Hi 
    Can anyone tell me the best way to protect my home,what I mean is if we have to go into care .
    At the moment my wife and I live in our home which is paid for ,we are worried about if we ever have 
    to go into care and made to sell our home .
    we have 2 daughters who have there own home .
    is there some way we can put our house into there names to avoid selling our house?
    what is the best way to do this and how do you go about it ?
    also what kind Of costs would be involved,
    or has anyone got any information of the best thing to do .
    thanks for any help 
    Tony 
    Saving enough to cover your care costs and / or taking out insurance would be the normal way.

    If you are looking for a way to pass a house in to your children despite the requirement being that it should fund your care then please don’t, you can’t expect others to fund your care if you have the means to do it yourself.
  • xylophone
    xylophone Posts: 45,598 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If only one of you needs care, regardless of whether you own your home as joint tenants or tenants in common, it will not be taken into account in any means test.

    Regardless of how you own your home, if both need care then it will be taken into account in any means test.

    If you give away your home with intent to obtain or increase a means tested benefit, "Deprivation of Assets" considerations come into play.

    https://www.carehome.co.uk/advice/deprivation-of-assets-to-avoid-paying-for-care-home-fees

    if you own your home as tenants in common, you may each make a will that  creates an Immediate Interest in Possession Trust in your share for the surviving spouse while leaving the beneficial interest  in the share to your daughters.

    Thus if one of you dies (in or out of care) while the other is still occupying the property, if the survivor also has to go into care, only the half owned by that survivor can be taken into account in the means test.

    Explanation here.

    https://www.marlowwills.co.uk/life-interest-in-possession-trusts.aspx

    The IPDI with your offspring as "remaindermen" also protects the transferable "Residence Nil Rate Band"  (IHT).

    https://techzone.adviserzone.com/anon/public/iht-est-plan/Tech-guide-iht-on-death

    You would take professional advice from a solicitor with expertise in wills and trusts.
    https://content.step.org/step-directory
  • coffeehound
    coffeehound Posts: 5,741 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    While certain regions of Britain benefit from free care in old age while others don't, it seems unfair to berate the OP for wanting the same.  Welcome to the UK, folks.
  • theartfullodger
    theartfullodger Posts: 15,686 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Tony1463 said:
    Hi 
    Can anyone tell me the best way to protect my home,...............
    Tony 
    Donate it to the state, great protection!

  • GaleSF63
    GaleSF63 Posts: 1,541 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    davidmcn said:
    While certain regions of Britain benefit from free care in old age while others don't, it seems unfair to berate the OP for wanting the same.  Welcome to the UK, folks.
    In Scotland it's only the personal care element which is free - accommodation etc is still means-tested as elsewhere, which in practice I think is the major cost anyway.
    And it's not easy to get. 
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