Inheritance

SJB77

My parents have two houses and want to leave there houses to me and not for the government to take off them to pay for a care home if they need that. Is there anyway around this? Thanks 

Silvertabby

Why would any of you want that?  If your parents do need care (and that is no means guaranteed - way more people die in their own beds or hospital than in a nursing home) then having the means to pay for care gives you the choice between a cheap  council run place or a decent private care home.

Before anyone chips in yes, I know that there are decent council places out there - but the ablility to pick and choose is very limited.  Would OP be happy that one parent has to live out their final days many hundreds of miles away from the other, because that was the nearest available council place? 

74jax

SJB77 said:

My parents have two houses and want to leave there houses to me and not for the government to take off them to pay for a care home if they need that. Is there anyway around this? Thanks 

I completely agree with silver tabby.
My parents needed care and them having their own home and savings changed their last year's completely, they left this earth knowing they had the best care they could afford.
Why do they want to do this, do you know? It might be a fab time to sit them down and go through everything, make sure you have PoA in place, up to date wills etc. 
Explain even if they do something now to protect the house, it could still be used to assess as though they have the asset even if they don't.
Ask them to look up deprivation of assets. 
Really help them to understand what they are doing and show them you don't need their inheritance and you would rather they had the best care.
If they have savings they can each gift 3k a year. And they can take you on holidays so you all spend time together. If they are open to that, that will leave memories and they get to see you all enjoying life with them. 

Keep_pedalling

Your parents should be pleased to be in a position to never have to worry about relying on others to decide, if ever needed, when and where care is provided. If you really care for them try to convince them that their comfort and security in their latter years is more important than your inheritance. 

maman

SJB77 said:

My parents have two houses and want to leave there houses to me and not for the government to take off them to pay for a care home if they need that. Is there anyway around this? Thanks 

I'm no government apologist but surely you've answered your own question. The assets would be used (if needed) to fund quality care. You'd have a choice whether to pay for a care home or buy in care in the home. All the law/government does is prevent your parents giving their assets to you and then expecting the taxpayer (like me) picking up the tab. 

elsien

It’s not a question of the government taking it off them. It’s about them funding their own care and housing needs in old age, the same way as they have throughout their working lives.
The safety net is there for those who have no choice and is extremely limited in what will be provided. Not for those who want to have their cake and eat it. 

43722

I am not sure that the replies given so far are the ones that the OP wanted to receive.

KxMx

I know an elderly person with advancing dementia who needs residential care, they have no assets to pay and SS are so desperate not to have to fund they are holding out, and have been through the finances of children and grandchildren in a desperate attempt to find someone to take financial responsibility, tried to argue a child in law should pay from a business income which is in their sole name! 

Do you want that level of "care" for your parents? 

74jax

43722 said:

I am not sure that the replies given so far are the ones that the OP wanted to receive.

I don't know. They asked one question but we have all (myself having gone through it) given the actual scenarios.
I'm sure the op would rather their parents last years were as comfortable as can be and perhaps genuinely hadn't considered things we have put here.  It wasn't until I went through it I comprehended it all 

Hopefully the op and parents will have a good discussion and they're may be gifts each year, holidays all together, days or etc that mean much more than what the parents are saying. 

[Deleted User]

Hi,

do you need to inherit two houses?

Why not sell one, and if money is needed for a care home, so be it.

pinkshoes

SJB77 said:

My parents have two houses and want to leave there houses to me and not for the government to take off them to pay for a care home if they need that. Is there anyway around this? Thanks 

Yes, they can sell them now, give you all the cash, then as long as they live at least another 7 years then no inheritance tax due.

Then there is deprivation of assets...  Read this:
https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

Then not to mention what happens to your poor parents if they need care. Do they mind where they end up?? 

Quite frankly I'd rather my parents used the equity in their home to pay for decent accommodation if needed than end up somewhere they would hate. I used to work in a private care home and played scrabble with some residents who were of sound mind but physically unable to look after themselves. One initially had a place in a state residential home which she hated and the family then paid for the private place.