Care Home Funding - Transferring Asset?
in Over 50s Money Saving
19 replies 1.8K views
My Grandad has moved into a residential home because he was no longer able to cope at home. He is self funded - we found the home ourselves and sorted it all out ourselves. It costs him £500 weekly (so £26,000 a year). He has money in his bank account amounting to approx £100k so I am happy he will be able to pay for the home for the next 4 years. He also owns 50% of a bungalow (the other 50% was inherited by my Dad when my Nan died) the bungalow is worth approx £300K. So my question is when the money runs out will my Dad have to sell the bungalow to release my Grandads half or can we overcome this by convincing my Grandad to transfer the other 50% of the bungalow to my Dad also (he is set to inherit it anyway). It just seems so unfair that some people get funded and then my Grandad who has worked so hard for everything he had is going to lose it all. Even though my Grandad is obviously not living at the bungalow I think if we had to sell it it would really be very very hard for him. I have tried looking this up on the internet but you never really get a straight answer. I am assuming that it's possibly some rule whereby the 50% of the bungalow must be transferred so many years prior to it being considered. Can anyone help me out. ?
Eleventh Heaven (#123):
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