Inheritance

Brie

I believe the only way you can get around this in the short term is to move in with them.  SS can't make you homeless so won't make you sell the house you are living in.  That said, if it's your parents house then they may put a lien on it so that when you do decide to sell up and move they will get their money off you then.  

Mojisola

Brie said:

I believe the only way you can get around this in the short term is to move in with them.  SS can't make you homeless so won't make you sell the house you are living in. 

The home is only not included in the financial assessment if a spouse/partner will continue to live there or there is a relative over 60 or a disabled person sharing the property.
No-one forces people to sell their home but, if that is the only way they can pay for residential care, then they would have to.     A fit, under-60 year old would be expected to find other accommodation.

Marcon

Brie said:

I believe the only way you can get around this in the short term is to move in with them.  SS can't make you homeless so won't make you sell the house you are living in.  That said, if it's your parents house then they may put a lien on it so that when you do decide to sell up and move they will get their money off you then.  

That's not how it's done. They'd just decline to fund care in the first place, assuming OP is under 60/not severely disabled, even if OP is living in the parental home - and OP certainly can't be living in two homes at the same time, so at least one property would be sold. Quite right -why should the taxpayer fork out? 

sevenhills

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 

It's always good to prepare for old age, I know a couple in their 60s that have given their Son power of attorney.

You should speak to them and assess if they want to transfer ownership of one house over to you now, or if setting up power of attorney is what they want.

It's unlikely that both houses would be needed for care in any eventuality, on average a person in care lives for less than 2 years.

thepurplepixie

If it comes to it sell the 2 homes, get a good IFA and then you can inherit at the appropriate time.

[Deleted User]

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 

Should your parents reach the stage of requiring care and you are unable/unwilling to provide the care yourself in exchange for two properties then your parents can avoid care home costs by booking one way flights to Switzerland.

Silvertabby

Lover_of_Lycra said:

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 

Should your parents reach the stage of requiring care and you are unable/unwilling to provide the care yourself in exchange for two properties then your parents can avoid care home costs by booking one way flights to Switzerland.

Hopefully won't happen in this case.  That said, I've often thought that if euthanasia were to be made legal in this Country then there may well  be cases of families telling granny " if you really do want us to have the house/money you have worked so hard for, then just take this little pill......"

Naomim

I think this is a generational question too. My in-laws are in their 70's and talked about putting their house into mine & MrM's name.  I did research and brought up all the problems it could cause. I suggested PoA to them and left it with them. 

I can see why people view the Government as money grabbing through IHT.  

Naomim 

swingaloo2

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 

Ok, so if either of your parents does need care in the future how are you expecting it to be paid for?
Are you going to be happy for either of your parents to be living in a care home they did not choose nor like, possibly in seperate care homes should they both require care?
Would you be confortable with them having to 'make do' while you sit on 2 properties or would you prefer them to have comfort, choice and contentment in thier final years?
If you are happy to accept that for them then by all means try to find a way to do it.  However, my dad ended up in care and his home was sold so he could have the best available to him as it was what he deserved. I and my siblings got next to nothing when he died but we wanted dad to be happy and all agreed we would rather he was able to pay for quality care and surroundings. It was far more important to us that he was comfortable than for us to be able to afford cars and holidays. So forgive me if I dont relish the thought of paying for your parents care through my taxes so that you  dont have to contribute to the care they need.

Mojisola

Naomim said:

I can see why people view the Government as money grabbing through IHT. 

For married couples with a property, there has to be an estate valued around a million pounds before any IHT is paid. 

I don't think anyone inheriting that amount of money should resent paying some as tax.