ccit Posted October 16, 2013 Share Posted October 16, 2013 The burden of proof is on the local authority. If it came to law they would have to prove intent i.e. that the owner of the property gave it away to avoid paying care fees. In many cases they don't bother, probably because of this and because they do not have the time or resources to pursue it. Of course the big problem is that once the home owner has ceased to have any interest in the property, he or she could find themselves homeless if the family member becomes bankrupt or divorces as it will become part of the estate. The other way, albeit more complex is to form a property trust but that does involve consulting a solicitor and needs to be carefully worked out. Lots to think about but for anyone in that age group it is worth making some sort of plan because otherwise they are going to virtually lose the lot. It's heartbreaking when someone has worked hard all their lives to provide for themselves and for their family to lose their home. This is often their only asset. Link to comment Share on other sites More sharing options...
El Cid Posted October 16, 2013 Share Posted October 16, 2013 Why? Why not spend your hard earned cash on YOUR luxuries. Instead of hoping that your family do the right thing - i can assure you not all of them will. If your children are told that they dont need to work because they will inherit your money when you are dead; they will lack ambition and motivation. It is not a good thing to de-motivate your children, perhaps the taxman should take all of your money, unless spent legally? Link to comment Share on other sites More sharing options...
poppet2 Posted October 16, 2013 Author Share Posted October 16, 2013 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. No, apparently, caring homes are not free either, if you have no assets, you will have to pay up to 80% of your pension to cover the cost of your care if you own nothing. This might help, it's an abridged explanation of the 'Deprivation of Assets' law. http://www.mitchells-roberton.co.uk/common-topics/care-home-fees-protection-no-magic-fix/ You see, the Government are coming for those who have property now. Link to comment Share on other sites More sharing options...
caparo Posted October 16, 2013 Share Posted October 16, 2013 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. I see you have expertise in these matters. I wonder why I bothered putting my affairs in the hands of professionals when we have such experts at our very fingertips. Link to comment Share on other sites More sharing options...
GLASGOWOODS Posted October 16, 2013 Share Posted October 16, 2013 No, apparently, caring homes are not free either, if you have no assets, you will have to pay up to 80% of your pension to cover the cost of your care if you own nothing. This might help, it's an abridged explanation of the 'Deprivation of Assets' law. http://www.mitchells-roberton.co.uk/common-topics/care-home-fees-protection-no-magic-fix/ You see, the Government are coming for those who have property now. That's true. My GFs mum has dementia and recently entered a nursing home in Scotland (so maybe different from England) But if i'm correct she can have savings up to £15,250 which they cannot touch. Her pension goes towards her care,but I think she gets about £20 a week spending money out of that. She didn't own her own property I should add. Link to comment Share on other sites More sharing options...
erebus Posted October 16, 2013 Share Posted October 16, 2013 So waking up to the concept of pauperising the middle classes, thus reducing their significance. So lets look at how this is done, legally of course. Student fees now 9k a year plus living and rent costs, so around 50K of debt per child. Pension are falling as pension funds have been somewhat devalued through buying financial products that were worthless but cleverly packaged. This is a long term project so a decade or so to go, stealth is the way, so as not to frighten or waken anyone. Link to comment Share on other sites More sharing options...
caparo Posted October 16, 2013 Share Posted October 16, 2013 Why? Why not spend your hard earned cash on YOUR luxuries. Instead of hoping that your family do the right thing - i can assure you not all of them will. I intend to have the time of my life. I can do that on the cash I don't stick into the hands of the tax man. 40% Inheritance tax and care fees can soon eat into things. I intend to live life to the full and travel the world. I won't need a 4 bedroomed house to do that. The secret is pre-planning, not doing without. ---------- Post added 16-10-2013 at 18:48 ---------- S Student fees now 9k a year plus living and rent costs, so around 50K of debt per child. . Well it costs that whether you pay it or the state pays it. But don't forget if the state pays it they send you the bill. ---------- Post added 16-10-2013 at 18:50 ---------- Pension are falling as pension funds have been somewhat devalued through buying financial products that were worthless but cleverly packaged. This is a long term project so a decade or so to go, stealth is the way, so as not to frighten or waken anyone. You forgot Gordon Brown's £7 billion/year tax on pension fund dividends. Put your money out of the sight of the tax man. Link to comment Share on other sites More sharing options...
poppet2 Posted October 16, 2013 Author Share Posted October 16, 2013 The burden of proof is on the local authority. If it came to law they would have to prove intent i.e. that the owner of the property gave it away to avoid paying care fees. In many cases they don't bother, probably because of this and because they do not have the time or resources to pursue it. That used to be the case, however the government is so cash strapped these days that they look at people trying to unload their assets as equivalent to fraud. As many people own property these days they will make this top priority, especially when you consider the sums involved. No doubt there will be crack team squads to deal with this. Link to comment Share on other sites More sharing options...
erebus Posted October 16, 2013 Share Posted October 16, 2013 Well soon they will be able to sell their organs too to finance themselves, which could pay for care for few weeks, as every little helps Link to comment Share on other sites More sharing options...
GLASGOWOODS Posted October 16, 2013 Share Posted October 16, 2013 That used to be the case, however the government is so cash strapped these days that they look at people trying to unload their assets as equivalent to fraud. As many people own property these days they will make this top priority, especially when you consider the sums involved. No doubt there will be crack team squads to deal with this. You pay for residential care.And on top of that if you need "nursing care" within the nursing home,that is a separate payment. The local authority pay £167 per week for my GFs mum to stay in the home.Plus they pay an additional £70 per week for "nursing care" within the home. The rest is paid out of her pension. Link to comment Share on other sites More sharing options...
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