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

caro69

madbadrob said:

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? 

Yes, sorry I meant re-marry after death of one of us so that the deceased's wishes are carried out to protect something to their own children rather than the possibility of the inheritance going sideways to another family.  That seems perfectly reasonable to me.   Regarding care home fees, neither of us would be refusing to pay our own care home fees and would be happy to contribute if the time comes.  

caro69

Sea_Shell said:

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?

I will pay for my own care!  

Keep_pedalling

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?

That is a quite normal clause to include in a will, and its main purpose is to protect children’s inheritance being lost where a surviving spouse remarries but fails to make a new will. Unless the house is of a pretty low value the risk of using the whole value in care costs is pretty low, but consequences of loosing a very large inheritance because of a second marriage is significant.

This is very different to gifing your home away or putting it in trust during your lifetime.  

caro69

Glum_to_the_end said:

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 ?

I do wonder if the OP had simply not explained him/herself very well.  If he was so intent in saving himself from care home fees he might have been told to consider a Property Will Trust rather than giving him no pointers at all and totally scaring him away from where he felt he was able to ask.

caro69

FlorayG said:

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?

Not planning on a miserable old age . . . hopefully

Debbie9009

Sea_Shell said:

I always wonder what the adult children's opinion is on these matters.

Most comments I've read (here and elsewhere), the adult children want their parents to receive THE BEST CARE, and aren't actually pushing to get THEIR inheritance.

Yet, at the same time, the parents feel adamant that they should get it, and should be ENTITLED to it.  

So I'd suggest sitting down with your children and discussing this, and see what THEY want to happen.   

I am one of those adult children whose parents wanted to do this, in the end they went down the tenant’s in common route. Neither my sibling or I are happy about this, and have already decided that if the remaining parent needs care we will give our 50% to help fund it, we really can’t stand the idea of them being in an awful home, and wouldn’t be happy to inherit money at their detriment.

The only issue with this is if either of our circumstances change, and giving the money back to pay for care ends up as one of us being considered to have deprived ourselves of assets, this really does worry me, so OP please talk to your children and get their thoughts on this.

caro69

Debbie9009 said:

Sea_Shell said:

I always wonder what the adult children's opinion is on these matters.

Most comments I've read (here and elsewhere), the adult children want their parents to receive THE BEST CARE, and aren't actually pushing to get THEIR inheritance.

Yet, at the same time, the parents feel adamant that they should get it, and should be ENTITLED to it.  

So I'd suggest sitting down with your children and discussing this, and see what THEY want to happen.   

I am one of those adult children whose parents wanted to do this, in the end they went down the tenant’s in common route. Neither my sibling or I are happy about this, and have already decided that if the remaining parent needs care we will give our 50% to help fund it, we really can’t stand the idea of them being in an awful home, and wouldn’t be happy to inherit money at their detriment.

The only issue with this is if either of our circumstances change, and giving the money back to pay for care ends up as one of us being considered to have deprived ourselves of assets, this really does worry me, so OP please talk to your children and get their thoughts on this.

That's why this forum is so useful.  A very interesting viewpoint and certainly not one I'd considered or even thought of.  Food for thought.  Thank you.

Newly_retired

We owned our house as tenants-in-common as we each have children from previous marriages. On my husband's death, thanks to a properly drafted will with an Immediate Post Death Trust, I can remain in the property ( or can downsize if I choose ) but if I need to go into a care home, the house will be sold and my half, plus my savings, will fund my care, but my step-children will get their half of the proceeds from the house sale. If Iive only a short time in care, there will be money left for my children to inherit. Seems fair to me.

Marcon

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.

caro69 said:

Glum_to_the_end said:

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 ?

I do wonder if the OP had simply not explained him/herself very well.  If he was so intent in saving himself from care home fees he might have been told to consider a Property Will Trust rather than giving him no pointers at all and totally scaring him away from where he felt he was able to ask.

Read the post again (repeated above for ease of reference).  I think it's pretty clear that OP was asking how to get someone else to pay if they and/or their spouse need to go into a care home, to ensure that their children inherit (at the expense of that 'someone else' - aka council taxpayers).

sonofmerton

I would take a look at good reviewed more expensive care homes and those that are cheap and have good reviews. The difference is vast. Sitting around all day in a circle staring at each other and later eating value meals v many activities, swimming pool, trips out, sing songs, great food etc.

Whilst you sit there opposite other older people in your circle, you can have comfort that your family are living a nice life. Though you will forever wonder about your non state funded home...