Cost for staying in care homes for the elderly.....scary

[Deleted User]

Trusts are a dark side of financial planning. Also google ‘deprivation of assets’.

One ‘simple’ option is to have house set up as Tenants In Common (versus the more usual Joint Tenants) in order to facilitate some inheritance, I believe. A task I will more actively investigate later.

On the bright side, relatively few people end up in care: 4% of the total population aged 65 years and over, rising to 15% of those aged 85 or more, see here. Of them, the average time spent is under 2 years.
Naturally there will be outliers who break the average - I am sure dementia care is up there - but is is still the minority overall.

I appreciate what you're saying but it's perfectly legal and relatively simple, you're the main beneficiary and then there's the Trustees, your kids, you have sole power over what happens to everything in the trust up until you 'lose it' or sign power over to a trustee.

Or just do nothing and hope it doesn't come to that.

 

[ClichéGuevara]

I appreciate what you're saying but it's perfectly legal and relatively simple, you're the main beneficiary and then there's the Trustees, your kids, you have sole power over what happens to everything in the trust up until you 'lose it' or sign power over to a trustee.

Or just do nothing and hope it doesn't come to that.

Is it something I could set up myself, or which is better an IFA or a solicitor?

I'm thinking of doing that for my home, and suggesting my parent does the same once I've gone through it.

 

[Drago]

As previously stated the auntie is 96.
Broke her hip in October.
Had Covid twice.
Prior to that she was sharp and quite mobile.
Now back in her flat she is starting to struggle.
She has a carer 4 times a day but sadly it looks like a care home beckons.
1st one I phoned......£1500 PER WEEK !!
2nd one......£1100 per week.
She worked till she was 80 and has some savings but that is not going to last long.
Might have been better peeing it against the wall (or the female equivilent)

Yet if she'd spent her life as an unemployed pithead waster dope smoker and had no assets or savings she would get it for free.

 

[Eric Olthwaite]

Oddly enough, it's not quite that easy...
Want better social care? Stop voting Tory!

I would have thought the current system suits lefties just fine.
Got money? Pay through the nose.
Got no money? The state will pay.

 

[Mr Celine]

Its perfectly legal, 2 lads at work did it for their Parents. Its different to 'signing your house over ' its a fund with you as the Principal Benificiary and Trustees who will take over if things go t*ts up.

Google it.

I don't need to google it, I'm a welfare rights officer.

Nobody's suggesting this practice is illegal. The question is will it be effective?
It's unlikely to be if the home owner requires care in the near future, and who knows what the law will be beyond that?

 

[Juan Kog]

Taking a slightly different slant and not Daily Mail, my mum had a variety of jobs including cleaner and dinner lady. When she retired the small pension from the dinner lady job meant she had to pay for glasses, dental treatment etc. In retrospect in retirement she would have been better off not getting a job. Mind you it paid for my TV 21 comic

@midlife , well done to your mum . My Mum in law , who lives with Mrs JK and I is approaching 101 . My own parents were in a similar position, small private pensions . My parents were becoming increasingly less mobile, so applied for a stair lift for there housing association maisonette , the housing officer who visited to assess them also asked questions about income . I remember she said I will organise a visit from the “ Money Advice unit “ ,it was run by the county council . Result my parents were entitled to some top up benefits. So midlife my point is some benefits advice may result in your Mum being entitled to some top up benefits also.

 

[Mr Celine]

Feel the pain.

My mum, brought up five of us kids on her own, my dad passed when I was five.

She held down three jobs, no going to social, bought her own house, worked and paid tax and NI all her life.

Now at just shy of 101 she has to pay for everything because she commited the crime of trying to better herself and buy her own house.

Live in a council house, spend all your handouts on drugs, drink or down the betting shop and you will be sorted.

Whilst I realise this post will be unpopular with the looney left it just happens to be the way it works .

F-------- disgrace.

My bold.
Means testing seems to be more popular with the right, particularly since 2010 with the abolition or reduction of several contributory benefits.
I believe it's also the right that believes that the state shouldn't interfere with your life, ie you pay for your own care.
It was an icon of the right who said there's no such thing as society.

If you vote for these people don't be surprised to find society won't provide for you.

 

[Deleted member 26715]

I appreciate what you're saying but it's perfectly legal and relatively simple, you're the main beneficiary and then there's the Trustees, your kids, you have sole power over what happens to everything in the trust up until you 'lose it' or sign power over to a trustee.

Or just do nothing and hope it doesn't come to that.

Do not think you are immune from Social Services, the 7 year rule mentioned above does not apply to them, also if they can prove you have set up your trust to circumvent the payment then it becomes invalid &they can still get their hands on it. This is paraphrased from a solicitor I recently visited as we were looking to do exactly this, although the Tenants in Common is good advice

 

[fossyant]

Worth checking what visiting rules are at present with Covid. Our nursing home is not following guidance, and hiding behind local authority, in that they have been massively restricting visits, even through a glass window. The home isn't allowing any children to visit at all (even window visits), so MIL still hasn't seen her great grand child who is now one, and she's another great grand child due soon, and won't see that one.

 

[numbnuts]

I'm glad I ain't got on money, and no I didn't pi$$ it up against the wall either

 

[Dave7]

I'm glad I ain't got on money, and no I didn't pi$$ it up against the wall either

Due to a few good years with my small company we have a tiny pension but a wedge of money in the bank.
I am aware of the 7 year rule and I had a crystal ball we could plan better.
We have given our kids such things as our 2nd car (13 plate) and 2 nearly new bikes.
We are, by law, only allowed to gift so much money per year.
It is a real dilemma.

 

[cisamcgu]

If I ever need a care home I will be very pleased if I have money to pay for it. If you pay, you get to choose which home.

I can never understand this obsession in the UK with passing on house and money to kids. This is the reason that 90% of the wealth in the UK is owned by 5% of the families, or some such madness.

If you have money then you pay, if you don't have money the state looks after you for the smallest amount of money possible. I know which situation I would like to be in !

 

[Deleted member 26715]

If you have money then you pay, if you don't have money the state looks after you for the smallest amount of money possible. I know which situation I would like to be in !

In which case you are very fortunate, I'm sure we'd all like to be in the same situation, sadly we all won't be

 

[Eric Olthwaite]

I can never understand this obsession in the UK with passing on house and money to kids.

Do you have children and own your own home?

 

[cisamcgu]

In which case you are very fortunate, I'm sure we'd all like to be in the same situation, sadly we all won't be

If you don't have the money then the state pays