Re: Going into a home

I have to back FlowerPot up on this one, the 7 years is a myth

You can not give away your home to avoid nursing care costs

Age Uk Explain it pretty well
https://www.ageuk.org.uk/information...ion-of-assets/

Re: Going into a home

We checked out what we did with our solicitor. Besides which our daughter has put some money into the property as well.

Anyway we shouldn't need to sell a property to pay for the cost of a nursing home, I think there is probably enough in the kitty.

Re: Going into a home

Funny how your story now changes.

I still stand by what I said, that the seven year rule is a myth.

Re: Going into a home

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.

Re: Going into a home

I trust our solicitor more than I would trust you.

Re: Going into a home

Fair enough but what about others on here who agree with me? Nobody has actually said they agree with you.

Are you sure you understand what you think the solicitor told you?

Re: Going into a home

If the council deem you have given away assets to secure free elderly care, they will asses the home at the days market value and use that to charge you for your elderly care

it doesn't matter how long ago you "gifted " the house

They will say you have the value of the house and will charge accordingly

And heres a question, why should I or my family as tax payers pay for your care so as you can gift a house to your children???

Re: Going into a home

For anybody who is interested, heres another useful link.

https://www.clivebarwell.co.uk/avoid...e-deprivation/

Re: Going into a home

Hi missy , I see your point and but there is another side too . Those of us who paid a mortgage to own our own home wanted that security for us and our kids future , yet here is the other side , those who have lived in subsidised council or social housing will be cared for for even though they may have had a higher income during their life without the worry of mortgage and home repair bills etc .

Re: Going into a home

And then there are those in between. . My parents lived in a council house for about 30 years and Dad always worked. By the time they had paid their rent and clothed and fed us there was no money left over to save and they certainly could not have afforded a mortgage.

My Uncle died and left my Dad £10,000 and Dad was able to buy the house at a large discount from the counci but as he said he had bought it over and over again anyway during those 30 years! The house cost £11,500.

After my Dad died Mum lived there alone until two years ago when she started having lots of falls and was diagnosed with Alzheimers. She had hardly any money in the bank but she did own her house and we have had to sell that to pay for her care home fees. I still feel very sad thinking about how my Dad was so proud he was a houseowner at last and how his children would get something when they died as he had never had anything from his mother and he never knew who his father was. I think there are a lot of people in a similar position.