Re: Going into a home
Originally Posted by
Muddy
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If you give away your home you cannot stay living in it for free.
If you do it will be a "gift with reservation " and it will fall into your estate for inheritance tax and nursing home fees etc
In order that it is regarded as a true gift you have to pay a market rent for the property .
Still I think that local councils will take back properties if they feel they have been given away to avoid nursing home fees.
I am a home owner and to prevent the government getting my home to pay for care I will be selling my home before I reach that point and move to a smaller cheaper property a one bedroom in a cheaper area and give the kids te extra money, I have played my taxes and N.I all my life same as renters have, they can give the money away and live in a home for free so can I.