How to Protect Parents Assets and avoid 'Deprivation of Assets'?

bobster2

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

Although not explicitly stated in the name, this site is about lawful money saving.

There are legal ways to reduce IHT liabilities and provide for children / grandchildren etc.

However, advising people on how to avoid committing an offence is not "judgemental" - it's surely an important part of giving good money saving advice...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

Linton

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

But trying to live off benefits when you have the wealth to pay for your living costs yourself is defrauding other people. It isn’t “Money Saving”.

 How would you feel about people protecting their wealth by hiding it or giving it away and claiming housing benefit or applying for social housing?

Keep_pedalling

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.

But it is not a protect my inheritance at the expense of my parent’s welfare forum.

I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.

A lot of people of a certain generation feel that way and in many cases the next generation are already far better off than they are yet they still put the children ahead of their own well being. It is down to children in that position to encourage them not to do anything silly like giving their home away. 

It is particularly abhorrent that some have suggested care would be substandard if not paid for.

A lot of us on here are talking from personal knowledge. We know how difficult it is to get LA funding for someone who would benefit from residential care, but they are deemed not to be decrepit enough. 

This was the case with my mother, and when she was eventually given the go ahead the choice was very limited. She was offered a place in a rather old ex LA care home with rather small bedrooms with no on suite bathrooms, so the residence spent most of their waking hours in the community lounge. I did agree to the placement after speaking to some of the residence and their children, who gave glowing reports about the staff, she was happy there but I would not have been.

This was all before Brexit and COVID cost many care homes some of their best staff. We have ring-fenced enough of our savings for 6 years of self funding between us, and if possible  that will be used for live in carers rather than a care home. Hopefully it won’t be needed and our children will benefit instead but under no circumstances are we prepared to risk over my dead body grange.  

theshed

marycanary said:

theshed said:

It is particularly abhorrent that some have suggested care would be substandard if not paid for.

All care is paid for, there is no magic care tree which provides free care. Either you and your family pay or the rest of us pay for you via our council tax and general taxation. In the former case, you have choice and control, in the latter, you get what you are given.  

I think that is what is called Stating the Obvious.
Thanks for your input.

theshed

bobster2 said:

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

Although not explicitly stated in the name, this site is about lawful money saving.

There are legal ways to reduce IHT liabilities and provide for children / grandchildren etc.

However, advising people on how to avoid committing an offence is not "judgemental" - it's surely an important part of giving good money saving advice...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

There is nothing unlawful about trying to protect assets. There is actual reference in ways to do this on the DWP website.
As you would expect nothing specific, hence I thought I would try here. Mistake. ☹️
Thanks for your input.

theshed

Linton said:

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

But trying to live off benefits when you have the wealth to pay for your living costs yourself is defrauding other people. It isn’t “Money Saving”.

 How would you feel about people protecting their wealth by hiding it or giving it away and claiming housing benefit or applying for social housing?

All relevant but I would not call sub £100,000 'wealth' and it would certainly not last long in paying for private care.
What happens when the money runs out. Shipped out to another home ?
Thanks for your input.

bobster2

theshed said:

bobster2 said:

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

Although not explicitly stated in the name, this site is about lawful money saving.

There are legal ways to reduce IHT liabilities and provide for children / grandchildren etc.

However, advising people on how to avoid committing an offence is not "judgemental" - it's surely an important part of giving good money saving advice...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

There is nothing unlawful about trying to protect assets. There is actual reference in ways to do this on the DWP website.
As you would expect nothing specific, hence I thought I would try here. Mistake. ☹️
Thanks for your input.

There are legal ways to protect assets - and there are illegal ways.

Your "nothing unlawful" comment is a response to the post where I provided this link explaining how deprivation of assets can be a criminal offence...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

It's not the DWP who would pursue someone for deprivation of assets aimed at avoiding paying for social care - it would a local authority.

theshed

bobster2 said:

theshed said:

bobster2 said:

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

Although not explicitly stated in the name, this site is about lawful money saving.

There are legal ways to reduce IHT liabilities and provide for children / grandchildren etc.

However, advising people on how to avoid committing an offence is not "judgemental" - it's surely an important part of giving good money saving advice...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

There is nothing unlawful about trying to protect assets. There is actual reference in ways to do this on the DWP website.
As you would expect nothing specific, hence I thought I would try here. Mistake. ☹️
Thanks for your input.

There are legal ways to protect assets - and there are illegal ways.

Your "nothing unlawful" comment is a response to the post where I provided this link explaining how deprivation of assets can be a criminal offence...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

It's not the DWP who would pursue someone for deprivation of assets aimed at avoiding paying for social care - it would a local authority.

There are legal ways to protect assets
This what I was hoping to find info' on.

Keep_pedalling

theshed said:

bobster2 said:

theshed said:

bobster2 said:

theshed said:

I came to this forum looking for advice and I find a lot of judgemental people.
The clue is in the name MONEY SAVING Expert. The OP is asking how best to protect assets, not defraud anyone.
I am in a similar situation with my Dad and I can't tell you how proud he is thinking he can leave an inheritance for his Children and Grandchildren.
This is someone who has worked his whole life, from National Service onwards, coming from a deprived background and living in rented accommodation for most of that time. The total inheritance is under £100,000 including house.
It is particularly abhorrent that some have suggested care would be substandard if not paid for.

Although not explicitly stated in the name, this site is about lawful money saving.

There are legal ways to reduce IHT liabilities and provide for children / grandchildren etc.

However, advising people on how to avoid committing an offence is not "judgemental" - it's surely an important part of giving good money saving advice...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

There is nothing unlawful about trying to protect assets. There is actual reference in ways to do this on the DWP website.
As you would expect nothing specific, hence I thought I would try here. Mistake. ☹️
Thanks for your input.

There are legal ways to protect assets - and there are illegal ways.

Your "nothing unlawful" comment is a response to the post where I provided this link explaining how deprivation of assets can be a criminal offence...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

It's not the DWP who would pursue someone for deprivation of assets aimed at avoiding paying for social care - it would a local authority.

There are legal ways to protect assets
This what I was hoping to find info' on.

This isn’t one of them.

https://forums.moneysavingexpert.com/discussion/6360031/selling-dads-house#latest

bobster2

theshed said:

bobster2 said:

There are legal ways to protect assets - and there are illegal ways.

Your "nothing unlawful" comment is a response to the post where I provided this link explaining how deprivation of assets can be a criminal offence...

https://www.ramsdens.co.uk/blog/is-deprivation-of-assets-a-criminal-offence

It's not the DWP who would pursue someone for deprivation of assets aimed at avoiding paying for social care - it would a local authority.

There are legal ways to protect assets
This what I was hoping to find info' on.

Once someone is elderly there are not many legal options left as it is extremely likely (forseeable) that they will need care in the very near future.