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How to Protect Parents Assets and avoid 'Deprivation of Assets'?
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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.
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
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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.
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?3 -
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.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.6 -
marycanary said:theshed said:
It is particularly abhorrent that some have suggested care would be substandard if not paid for.
Thanks for your input.0 -
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.
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
As you would expect nothing specific, hence I thought I would try here. Mistake. ☹️
Thanks for your input.0 -
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.
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?
What happens when the money runs out. Shipped out to another home ?
Thanks for your input.
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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.
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
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...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.1 -
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.
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
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...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.
This what I was hoping to find info' on.0 -
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.
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
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...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.
This what I was hoping to find info' on.
https://forums.moneysavingexpert.com/discussion/6360031/selling-dads-house#latest
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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...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.
This what I was hoping to find info' on.
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