Joint ownership of property

elsien

Also to add that if the self funding fees are not a huge amount above the local authority rate,  care homes will often come to an agreement to meet in the middle so that the person can stay. 

Keep_pedalling

alankearn said:

alankearn said:

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Keep_pedalling said:

Why on earth would you want to do this in your circumstances?

https://forums.moneysavingexpert.com/discussion/6496994/home-carer-payments-and-deprivation-of-assets/p1

Because she is in a care home and can still recieve attendance allowance if she is self funding and this will mean she can keep self funding if the council funds her care home costs the attendance allowanc is stopped

Hope this is a clearer explanation
I am 92 years old my wife is  87 years old

My wife went into a care home self funding  14 months ago
at the time she had eighty thousand pounds in savings, in a few months time I shall have to ask the local council to step in with some help.
This will result in the council arranging a loan against the value of her part ownership (approximately £100.000) of our property this is called deferred payment. This with her income and attendance allowance will buy her about 3 years of care home protection, the care home is own by the top  home care company in the country (HC-One) it really is top class and only a 10 minute walk from where I live so I go and visit her nearly every day for a couple of hours. If it comes to the point that the council has to pay for her care, to keep costs down they may move her to a cheaper care home goodness goodnes knows where, I want to avoid this.
My part ownership of our property is of more value to my wife than me it would buy her another approximatly 3 years of self funded care this would take her to almost 94 years old. At this age if the local council had to pay the care costs they would be reluctant to move her.
 I have £150,000 in savings and the bonus is when I get fed up of living alone and we are  both still alive I can self fund myself into the same care home (if she can put up with me back in her life)         

You have misunderstood how this works. While this is your marital home, regardless of how you own it between you, it will be disregarded in any financial assessment by the LA.

It is clear that you want what is the best possible care for your wife, but there are better ways to go about this. First you need to find out if the LA would be willing to fund her care at her current care home (if they won’t fully fund, they may fund with top up from yourself) this would make your funds last considerably longer.

If you really have to keep self funding, then this would be better done with your savings, and your home kept in reserve in case you ever need residential care yourself. 

What are her current weekly costs?