Parents House and Care Fees

TheJP

lookstraightahead said:

TheJP said:

MEM62 said:

TheJP said:

Hello all,

My parents are really concerned that should they need care from the state in the future their home (which is all they have to pass on to their 4 children) will be used to pay for it and this makes them a bit uneasy, they believe as they have paid into the 'system' all their lives they are owed care should they need it.

Their belief is incorrect.  The total cost of care is not covered.  They could attempt to deprive themselves of the asset that is their home but, if successful, they would leave themselves at the mercy of the local council as to where they spend their final days.  Retain the ability to fund yourself and you have some choice in the matter.  I know which I would prefer. 

Why people believe that the state (that is the rest of us) should fund an inheritance for their children by paying for their care so that they can preserve their assets is beyond me.           

There is nothing wrong with wanting to protect what you have worked all your life for to pass onto your children, its a generational thing. Ask the majority of people my parents age (late 60s) whose property is their only asset to pass on to their children and they will all answer the question the same way.

I don't think its wrong for them to belief that their care should be covered in some way i just don't agree with their approach as it would be built on misinformation. I've managed to get them to listen to me and understand how the system works.

Thanks for your input all.

The way I am protecting my children is to ensure they have the tools to be self sufficient. 

my parents are in their 80s and they have a house to help give them the best care should they need it. I'm glad they will be able to make some choices about their care should the need arise.

You don't work all of yours life. All things being equal, you work for about half of it. I don't get the generational thing? 

Because we are a different generation. My parents never had anything passed onto them from their parents in fact their parents died when they were young. A lot of it is about not fully understanding state aided care, if you asked them about choices available then yes that would likely sway their thinking.

My parents have worked for more than half their life and still do even into their 60s, they need to work if I'm honest. I don't expect anything from my parents as I'm lucky my wife and i were able to get on the ladder younger than they did, save more money than they did etc.