How to protect my property being sold to pay care home fees if needed.

Pollycat

boingy said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Hardly surprising given the "pile on" mob we always see to this sort of question. Sometimes this is not a very welcoming forum imo.

Not really surprising when somebody wants advice about getting everyone else to pay for their care.

Spendless

Something not suggested so far is to do your best to avoid needing one in the first place. Though nothing is guaranteed that you'll never need one, keep yourself healthy and active, try and reduce the chances of you having say a stroke which might put you in one.

Make sure your property is suitable for your old age. Thats so a fall when you're elderly and an assessment of your home as a result doesnt mean its classed as unsuitable because theres a dozen or so steps to reach the front door
 Adapt or move to somewhere suitable in preparation for old age.

One of my Grandmothers is almost 100 and lives alone in her own house without carers - she does need family and outside help (cleaner/gardener)

My other Grandma went into a care home a month before her 91st birthday. She had dementia so no avoiding going in. She lived in there for a further 8 years dying shortly before her 99th birthday. Her property was sold to pay for her care, but also a funeral plan was bought for her. This doesnt count as DOA. When she died what she had left after bills were paid was able to be split between her heirs as there wasnt much  more funeral expenses to be covered. 

Misha96

About 20 years ago, an elderly relation went into a nursing home. Her children paid a lump sum, to the tune of about 20 % of the value of the family home, into an insurance scheme. This was to ensure that if their mother's capital and income could not cover the fees, the property would not have to be sold. The insurers would pay. Perhaps this sort of scheme still exists and might work well for some. In this case, money was lost. My relation died long before her capital ran out.

Silvertabby

Misha96 said:

About 20 years ago, an elderly relation went into a nursing home. Her children paid a lump sum, to the tune of about 20 % of the value of the family home, into an insurance scheme. This was to ensure that if their mother's capital and income could not cover the fees, the property would not have to be sold. The insurers would pay. Perhaps this sort of scheme still exists and might work well for some. In this case, money was lost. My relation died long before her capital ran out.

'Immediate Needs Annuities' are still available.  Like pension annuities, decisions have to be made at the outset - ie, level income for life or one that increases with inflation.  Level income schemes are cheaper but, as time goes on, may not cover the increasing care costs.

Also, like pension annuities, the date of death is a major factor:  Die within a few weeks of entering the care home and the bulk of the money paid is gone forever.  But live for many years and you may get back more than you paid in.

Costs are assessed individually - but I suspect that they will be substantially more than 20% of an average house.

caro69

poseidon1 said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Unsurprisingly, newbies seem to be under the mistaken impression that their odd views re who should be  financing their care home fees would find a sympathetic ear on MSE forums. 

Can be a bit of a shock to the system, when they find this to be very far from the case. As is often the case, this will probably be the first and last time we will hear from this particular OP.

I'm confused here.  I popped on to this forum because when hubbie and I contacted our solicitor to update our wills he suggested a property trust be put in our wills to protect our children should either of us re-marry and also to protect half the house should we go into a care home.  I really don't get why this board is so against what appears to me to be very reasonable advice from a reputable solicitor.  I must be missing something here surely?

FlorayG

caro69 said:

poseidon1 said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Unsurprisingly, newbies seem to be under the mistaken impression that their odd views re who should be  financing their care home fees would find a sympathetic ear on MSE forums. 

Can be a bit of a shock to the system, when they find this to be very far from the case. As is often the case, this will probably be the first and last time we will hear from this particular OP.

  I must be missing something here surely?

You're missing the fact that any care home has to be paid for, and if your local council is forced to pay for it because you have no assets then the care you will get will be very, very basic. Why would you 'save' a house they haven't earned for your children and in the process subject yourself to a miserable old age?

madbadrob

caro69 said:

poseidon1 said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Unsurprisingly, newbies seem to be under the mistaken impression that their odd views re who should be  financing their care home fees would find a sympathetic ear on MSE forums. 

Can be a bit of a shock to the system, when they find this to be very far from the case. As is often the case, this will probably be the first and last time we will hear from this particular OP.

I'm confused here.  I popped on to this forum because when hubbie and I contacted our solicitor to update our wills he suggested a property trust be put in our wills to protect our children should either of us re-marry and also to protect half the house should we go into a care home.  I really don't get why this board is so against what appears to me to be very reasonable advice from a reputable solicitor.  I must be missing something here surely?

Im surprised a solicitor would say this in relation to if you or your partner were to re-marry.  Unless he meant after death of one of you. When you remarry any will written prior to the wedding that does not name the person in a statement of intention to marry becomes null and void. 
The question as to why we get hard when people come on here asking is (in my opinion) that its unfair for someone to have assets that could provide them with a comfortable care home and care are expecting the state and thus you and I pay for their care in old age should it be needed.  If you have a house valued at 6 figuires why should I have to chip in to your care in old age? 

Sea_Shell

caro69 said:

poseidon1 said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Unsurprisingly, newbies seem to be under the mistaken impression that their odd views re who should be  financing their care home fees would find a sympathetic ear on MSE forums. 

Can be a bit of a shock to the system, when they find this to be very far from the case. As is often the case, this will probably be the first and last time we will hear from this particular OP.

I'm confused here.  I popped on to this forum because when hubbie and I contacted our solicitor to update our wills he suggested a property trust be put in our wills to protect our children should either of us re-marry and also to protect half the house should we go into a care home.  I really don't get why this board is so against what appears to me to be very reasonable advice from a reputable solicitor.  I must be missing something here surely?

It boils down to...Who do you think should pay for your care, if you don't?

Glum_to_the_end

caro69 said:

I'm confused here.  I popped on to this forum because when hubbie and I contacted our solicitor to update our wills he suggested a property trust be put in our wills to protect our children should either of us re-marry and also to protect half the house should we go into a care home.  I really don't get why this board is so against what appears to me to be very reasonable advice from a reputable solicitor.  I must be missing something here surely?

As a newbie myself, I too was confused... to start with.

Then it became pretty clear.  Just look at it from another's viewpoint:

The OP wanted suggestions on how to ensure taxes from my savings and my minimal pension from my hard earnt paypackets can fund his LA to pay for his elderly care, rather than that same funding coming from his taxes on his equity and his savings  - just so his children can benefit?

How do LA pay for care of those who need it, otherwise ?

elsien

caro69 said:

poseidon1 said:

Stubod said:

Rexey said:

Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home.   I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.

..no reply from the OP..must have gone to ground ???

Unsurprisingly, newbies seem to be under the mistaken impression that their odd views re who should be  financing their care home fees would find a sympathetic ear on MSE forums. 

Can be a bit of a shock to the system, when they find this to be very far from the case. As is often the case, this will probably be the first and last time we will hear from this particular OP.

I'm confused here.  I popped on to this forum because when hubbie and I contacted our solicitor to update our wills he suggested a property trust be put in our wills to protect our children should either of us re-marry and also to protect half the house should we go into a care home.  I really don't get why this board is so against what appears to me to be very reasonable advice from a reputable solicitor.  I must be missing something here surely?

It’s not entirely the same situation. You are asking how a will should be set up so that instead of your partners share  of the house going to you after their death, it goes to the children instead. Then if you need care only your share the house would be taken into account, and the will could leave you a life interest. 

The OP seem to be asking about how to protect their property  from care costs for both partners prior to either being deceased, by making the children join owners. 
As already pointed out, while a partner or spouse is still living there the house is disregarded anyway .There are any number of potential pitfalls to also consider , from a family falling out,  to divorce, debt, to the need to claim means tested benefits while owning half of a house that you don’t live in. And potentially not being able to downsize or move if the other owners are not in agreement. 

Plus potentially deliberate deprivation of assets depending on the timing and the reason put the house was put into the children’s name. DDoA does not apply where the property share has been left after death.