U-Turn, Elderly must sell House to pay for Care Home

[scousemouse]

geared, I think that loophole was closed some years ago. My uncle was very forward thinking and put the house into his son and daughter names about 30 years ago.

[GLASGOWOODS]

It'll never work.

 

Anyone with half a brain left will sign their house over to son/daughter and give them their savings.

 

Effectively living in a rented house, with no money and only their pension to survive.

 

 

I don't think that will work. The bean counters are already aware of this kind of activity and can ( if proven) go to court and get hold of the assets.

[avidcameron]

It'll never work.

 

Anyone with half a brain left will sign their house over to son/daughter and give them their savings.

 

Effectively living in a rented house, with no money and only their pension to survive.[/QUOTE]

 

Anyone with more than a brain cell will be more measured.Hardly effective when your offspring invest the money in junk bonds,the property bubble etc.

[alchresearch]

For those with more than £23,250 in savings and a house.

 

 

http://www.dailymail.co.uk/debate/article-2462024/DAILY-MAIL-COMMENT-Targeting-thrifty-answer.html#ixzz2hrplGrJo

 

The article says "COMMENT" though, is this opinion rather than news?

 

I found this link:

 

http://www.dailymail.co.uk/debate/article-2461823/SIMON-HEFFER-This-elderly-care-plan-punish-prudent-favour-feckless.html

 

But reading further in it says:

 

However, this may not now be so.

 

I've highlighted the "may".

[poppet2]

I don't think that will work. The bean counters are already aware of this kind of activity and can ( if proven) go to court and get hold of the assets.

 

This is correct. The Tax man is well aware of these illegal criminal activities of people trying to sign over their assets due to the various property booms over the years, due to sons & daughters fearing they won't get their parents inheritance.

[janie48]

It is all a smoke screen anyhow. I intend to sell my house when I get to 70 and rent a place. I'll pass my cash on to my kids who hopefully will pay my bills as and when that might be required.

I note you stated hopefully

Sounds like you may be a little doubtful?

[geared]

Trick here is to make sure you bring your kids up correctly

 

I didn't realise the taxmen were already well onto people, wonder if the legislation on it is easy to understand (for the common man).

[Jeffrey Shaw]

It'll never work.

 

Anyone with half a brain left will sign their house over to son/daughter and give them their savings.

 

Effectively living in a rented house, with no money and only their pension to survive.

Er, no. Such a Transfer can be easily reversed.

Cf similar attempts to defraud creditors: s.339 et seq of the Insolvency Act 1986.

[Jason Bourne]

Er, no. Such a Transfer can be easily reversed.

Cf similar attempts to defraud creditors: s.339 et seq of the Insolvency Act 1986.

 

Interesting... would this also apply in other such cases like that BBC paedo Stuart Hall, who transferred his house to his wife before he was sentenced?

[Jeffrey Shaw]

Interesting... would this also apply in other such cases like that BBC paedo Stuart Hall, who transferred his house to his wife before he was sentenced?

That depends on:

a. whether anyone lost out on its value as a result; and

b. the timescale, as any recovery action needs to be within the applicable time period.