Asset protection trusts re care home fees - what do we think?

[Dogtrousers]

trust me it's hard work finding a good one

It certainly is. Been there, and don't envy you.

 

[Beebo]

I gather there is another proviso as to whether the LA can use the house funds ...are there any under 18s , it may be under 16s, resident. They cannot make minors effectively homeless was the logic.

Feel free to correct me, pretty sure it used to be a condition in effect but may be wrong

I believe they put a charge on the house, so that funds revert to the council when it is sold.
So no one is made homeless and the house isn’t forcibly sold.

 

[T4tomo]

I believe they put a charge on the house, so that funds revert to the council when it is sold.
So no one is made homeless and the house isn’t forcibly sold.

correct.

Moving a 60+ year old relative in protects it though. Struggling to get me sister to agree to leave her husband and live with me Mam though....

 

[Bonefish Blues]

Care homes are expensive we are paying around 5k month for an elderly relative and trust me it's hard work finding a good one

My wife has been through this, it's an awful process. We're making damn sure we've got enough cash to make our own choices when that day comes, and protect our daughter from it as much as possible.

 

[biggs682]

My wife has been through this, it's an awful process. We're making damn sure we've got enough cash to make our own choices when that day comes, and protect our daughter from it as much as possible.

We had about 4 -6 weeks notification that we needed to find one .

 

[fossyant]

We had about 4 -6 weeks notification that we needed to find one .

You don't get long sometimes. MIL had a fall, ended up in hospital, then onto a respite unit for some time. She decided she wasn't doing the rehab to get moving again, so that unfortunately forced the family's hand and she has to go into Nursing care as she couldn't be cared for at home - needed hoisting from bed to wheelchair, then wheelchair to chair, and that needed two carers at a time, which wasn't possible in her house.

Costs were £50k per year even with Local Authority covering some of the cost. We did get to chose a home, it was nice but a bit too big - i.e. lots of patients and associated staffing shortages.

 

[Emanresu]

Have you checked the life expectancy of people who actually live in care homes? As soon as you need one, you're on the slippery slope. Have a look at section 4 / Figure 2.

There is a balance between asset protection and quality of life. If a relative goes on about Asset Protection send them to a care home for a month's respite. They'll be able to judge the issue for themselves if AP is the way they want to go.

https://www.ons.gov.uk/peoplepopula...pectancyincarehomesenglandandwales/2021to2022

 

[Kingfisher101]

You can always look after the person yourself and then keep the house.
When my Mum had a massive stroke and was at end of life I had a right battle on with the hospital to keep her there for a few days to die in peace. I seriously wouldn't wish this on anyone. It was really appalling.
A neighbour has just gone into a care home and its 1.5K a week.

 

[Beebo]

Have you checked the life expectancy of people who actually live in care homes? As soon as you need one, you're on the slippery slope. Have a look at section 4 / Figure 2.

There is a balance between asset protection and quality of life. If a relative goes on about Asset Protection send them to a care home for a month's respite. They'll be able to judge the issue for themselves if AP is the way they want to go.

https://www.ons.gov.uk/peoplepopula...pectancyincarehomesenglandandwales/2021to2022

I agree that the usual life expectancy of some one in a care home is likely to be fairly short. But even 2 years could cost £150k.

The “nightmare” scenario for someone is they live for 8-10 years and run up a £700k bill whilst having a very poor quality of life. But that is fairly rare.

 

[Kingfisher101]

I agree that the usual life expectancy of some one in a care home is likely to be fairly short. But even 2 years could cost £150k.

The “nightmare” scenario for someone is they live for 8-10 years and run up a £700k bill whilst having a very poor quality of life. But that is fairly rare.

I don't know, I've known quite a few elderly people with bad dementia living for years in care homes.

 

[Rusty Nails]

I don't know if the system in Wales is different to that in England or Scotland but am surprised that some people say there is no difference in quality of care between the LA and more expensive private care homes. I have had a lot of experience of visiting elderly relatives in care homes, and did work in a few of them before I retired, and I found a huge difference in quality depending on how much you were prepared to pay. I even fell out with a cousin because he put his father, who had dementia, in the cheapest care home in the area. It was a smelly sh*thole and what made it worse was that his father's estate was worth close on a million and inheritance tax free. As it happens, luckily he only had to live there for five months before he died and my scumbag cousin didn't lose much out of "his" inheritance.

I have no problem with all my assets being used to ensure that, should the worst happen I, and particularly my wife, have enough to fund many years in a comfortable care home not a slum.

My kids know this, have been helped with buying their homes, have good jobs and no real concerns over money and know that they have to take their chances on how much, if any, is left.

I would obviously prefer to leave them as much as I can but they know and agree that I have not worked all my life to ensure that they will be OK financially when I go.

 

[Bonefish Blues]

What's worse is that local authorities typically don't pay the 'rack rate' (simply, they refuse and name their rate) and so in practice the private residents will be subsidising the LA residents.

 

[Emanresu]

If you look again at life expectancies between care home and non-care home, could it be said that putting family member in a care home is, on balance, reducing their life expectancy. And the moral question (since we can't do politics), should the information be made available so the person can make their own judgement about the possible outcomes?

The LA will look at the possibility of deprivation of capital before agreeing to pay.

https://www.ageuk.org.uk/informatio...paying-for-a-care-home/deprivation-of-assets/

 

[Kingfisher101]

My wife has been through this, it's an awful process. We're making damn sure we've got enough cash to make our own choices when that day comes, and protect our daughter from it as much as possible.

It's not always about the cash its about where they have vacancies as well. There a massive recruitment and retention problem in this sector and a lot of homes have had to shut or downsize because they just can't get the staff.

 

[Bonefish Blues]

It's not always about the cash its about where they have vacancies as well. There a massive recruitment and retention problem in this sector and a lot of homes have had to shut or downsize because they just can't get the staff.

I know. I used to work in sector.