So how do you go about protecting your assets? And pitfalls.

[dottyd]

Has anyone any current advice?
Has anyone managed to do this?
Are there any pitfalls?

I'm sure there must be loads.
One for starters must be pitting your home in your children's names . Then one of them gets divorced andv the other partner claims their share of your house.

Or am I just making that one up.

I would love to be able to leave something to my children. Wouldn't we all.

 

[Caroleca]

It seems to me that if you want to leave something for your children the best way is to give them something while everyone is still healthy...which means. Part of your saving account. But who can afford that? The house is another story ...it really does suck!!

 

[jenniferpa]

Protecting your assets from whom?


For a start if one partner has dementia and the other lives in their home, even if the partner with dementia has to go into care, the home is totally disregarded. So you don't need to do anything about that. If you own said home and are concerned that you might predecease your partner, then you can change the ownership of the home to tenants in common unilaterally, which allows you to leave your share of the property to someone else (such as your children).

 

[marionq]

Has anyone any current advice?
Has anyone managed to do this?
Are there any pitfalls?

I'm sure there must be loads.
One for starters must be pitting your home in your children's names . Then one of them gets divorced andv the other partner claims their share of your house.

Or am I just making that one up.

I would love to be able to leave something to my children. Wouldn't we all.

No you're not making it up. It happens. Either with divorce or the early death of a married child. So you need to think carefully what you are doing with property. With a married couple tenants in common agreements protect the property for the one remaining in the house if the other goes into care.

 

[Pickles53]

Has anyone any current advice?
Has anyone managed to do this?
Are there any pitfalls?

I'm sure there must be loads.
One for starters must be pitting your home in your children's names . Then one of them gets divorced andv the other partner claims their share of your house.

Or am I just making that one up.

I would love to be able to leave something to my children. Wouldn't we all.

If you put your house in someone else's name and continue to live in it rent-free I think you may also be liable for some tax on the 'benefit'. Also if you are not in perfect health now you have to think about potential deprivation of assets issues.

I didn't expect to inherit anything from my parents; I wanted them to spend the money they had earned in enjoying their own retirement after hard-working lives. It wasn't to be, but I'd rather have them here now than an inheritance.

I think it's better to help children while you're here especially with savings rates so pathetically low.

 

[Chemmy]

Beware of unintended consequences....it could even provide an incentive for a less-than-happy partner to seek a divorce.

There are also issues with gifting assets and continuing to benefit from them, such as carrying on living in the house.

A new income tax charge is levied on the previous owner of an asset if they continue to be able to enjoy use of it. The rules are referred to as the Pre-Owned Assets (POA) rules. They are aimed primarily at land and buildings but also apply to chattels and certain interests in trusts

Personally I would not give away assets I might need for my care. I have read enough to know that I don't want the LA to decide where I can see out my days and my children have already been advised that I expect them to find me the most suitable CH if/when necessary.

In some way, this is in itself a 'gift'. I don't expect them to have to struggle looking after me, making themselves ill in the process, fighting the LA for funds for respite or permanent care. They understand that they are welcome to any inheritance AFTER my death, but until that time, those assets are mine and are to be used appropriately.

My parents probably inherited around £500 in total from their parents and managed just fine. Both my grandads were miners and lived in rented properties. The expectations of some of today's generation for five or six figure windfalls are a relatively new phenomenon, mainly due to exorbitant house price inflation in the last few decades.

Give away what you can afford when you are alive if you want to, but I'd say be very wary of making them think that the state should look after you if you need it. You don't want to encourage behaviour that we've all read on here from time to time when you're the one on the receiving end.

 

[LadyA]

Protecting your assets from whom?


For a start if one partner has dementia and the other lives in their home, even if the partner with dementia has to go into care, the home is totally disregarded. So you don't need to do anything about that. If you own said home and are concerned that you might predecease your partner, then you can change the ownership of the home to tenants in common unilaterally, which allows you to leave your share of the property to someone else (such as your children).

Not over here, sadly. A proportion of the family home is taken into account.

 

[jaymor]

Has anyone any current advice?
Has anyone managed to do this?
Are there any pitfalls?

I'm sure there must be loads.
One for starters must be pitting your home in your children's names . Then one of them gets divorced andv the other partner claims their share of your house.

Or am I just making that one up.

I would love to be able to leave something to my children. Wouldn't we all.

It is nice to think you can leave something for our children and my will gives my children and my grandchildren equal shares of whatever my estate is providing I don't need it for care in my lifetime. They understand everything there is to know about care and are happy to see every last penny spent on my care if needed. When looking for care homes they too saw what is available and what little choice you can have.

Like Chemmy I have spoken to my children and I don't want them looking after me. My husband spent 11 years fighting Alzheimers and I spent those 11 years fighting for him but there was just me and I had no one else to worry about. I did sacrifice my relationship with my family, could not go to birthday parties, see the Christmas plays the grandchildren were in, never go on holiday with them. The older grandchildren passed from children to adults and I saw nothing of that. I don't want that for my children, I don't want to take my children away from their children.

So hopefully I will stay fit and well and my wishes will be executed in my will but until then I can just give them my time and the assurance I won't steal their lives and when I no longer need money it is theirs with my love but until then it is MINE.

 

[Beetroot]

Beautifully put Jaymor.

 

[Chemmy]

I don't want that for my children, I don't want to take my children away from their children.

That's it in a nutshell, Jaymor. Better than a dozen trips to Disneyland or a new car.

 

[dottyd]

That's brought tears to my eyes jaymor. What a lovely post.

It's brought a lot of sadness up for all of us I think.

Haven't slept well after yesterday's dst meeting. Heard mum in her other home had put a plastic bag over her head which staff had struggled to get off. Discussed dnr..decision. So was still awake at 2-3am!

I have a health condition which could well put me in a home without dementia setting in.

Aargh. Live for now.

Got a nice holiday coming up next month.

 

[Chemmy]

I have a health condition which could well put me in a home without dementia setting in.

Aargh. Live for now.

Got a nice holiday coming up next month.

Sorry to hear that, but that's even more of a reason for maintaining the ability to self fund, as you are likely to be so much more aware of where you are.

Enjoy that holiday.

 

[jaymor]

That's brought tears to my eyes jaymor. What a lovely post.

It's brought a lot of sadness up for all of us I think.

Haven't slept well after yesterday's dst meeting. Heard mum in her other home had put a plastic bag over her head which staff had struggled to get off. Discussed dnr..decision. So was still awake at 2-3am!

I have a health condition which could well put me in a home without dementia setting in.

Aargh. Live for now.

Got a nice holiday coming up next month.

You are the important one in all this, your needs come first and you deserve to have choice, a choice your funds will give you. Enjoy your holiday and take care of yourself.

 

[Chemmy]

Following on from this, one thing that a lot of us currently in good health should be considering is how able we will be to keep our independence if our health takes a turn for the worse.

Should we move somewhere with a downstairs bedroom and bathroom or is our staircase capable of taking a stairlift?

Is the garden becoming unmanageable?

What happens if I can't step into the bath any more?

Suppose a deterioration in my eyesight or a heart condition means I can't drive?

Are we stuck out in the sticks or should we move somewhere where we have access to public transport and shops?

Dementia aside, there are lots of things that might make us less independent than we are now. I think we owe it to our children to put our own house in order too whilst we can.

And on a selfish note, I want a say in how my life pans out, if at all possible.

 

[Pickles53]

I would not give away assets I might need for my care. I have read enough to know that I don't want the LA to decide where I can see out my days and my children have already been advised that I expect them to find me the most suitable CH if/when necessary.

In some way, this is in itself a 'gift'. I don't expect them to have to struggle looking after me, making themselves ill in the process, fighting the LA for funds for respite or permanent care. They understand that they are welcome to any inheritance AFTER my death, but until that time, those assets are mine and are to be used appropriately.

My parents probably inherited around £500 in total from their parents and managed just fine. Both my grandads were miners and lived in rented properties. The expectations of some of today's generation for five or six figure windfalls are a relatively new phenomenon, mainly due to exorbitant house price inflation in the last few decades.

Give away what you can afford when you are alive if you want to, but I'd say be very wary of making them think that the state should look after you if you need it. You don't want to encourage behaviour that we've all read on here from time to time when you're the one on the receiving end.

Chemmy you put this brilliantly. Exactly how I feel.

 

[Pickles53]

Following on from this, one thing that a lot of us currently in good health should be considering is how able we will be to keep our independence if our health takes a turn for the worse.

Should we move somewhere with a downstairs bedroom and bathroom or is our staircase capable of taking a stairlift?

Is the garden becoming unmanageable?

What happens if I can't step into the bath any more?

Suppose a deterioration in my eyesight or a heart condition means I can't drive?

Are we stuck out in the sticks or should we move somewhere where we have access to public transport and shops?

Dementia aside, there are lots of things that might make us less independent than we are now. I think we owe it to our children to put our own house in order too whilst we can.

And on a selfish note, I want a say in how my life pans out, if at all possible.

Very important questions for all of us. Another reason for keeping control of our homes and savings so we can fund any adaptations needed.

 

[care2share]

Very important questions for all of us. Another reason for keeping control of our homes and savings so we can fund any adaptations needed.

And of course, putting the all important LPAs in place. Without it our children may be unable to help us even if they are willing and able.

 

[jaymor]

Putting a LPA in place is very important and easy to do, choosing the right person to carry out the ' in the donors best interests' seems to be the difficult bit.

 

[dottyd]

I'm forever telling people to move to single storey living.
I constantly used to get on to my aunt and uncle to sell their house and move to a bungalow when they were 70 . They refused. Laughed it off.
One died and the other couldn't manage.

Luckily I was able to convert my mums house but because of dementia she didn't get much use out of her house before she had to go into a home.
I'm in a bungalow.
My dh had a stroke this year. He's not paralysed thank god but the stroke has robbed him of a lot of his sight and long before the age of retirement...he's not able to drive anymore.

Please folks ...take this as a warning and yes sort out your accommodation when you are in your. Early 60s , especially if you have an empty nest and are rattling around in a house too big for your needs.
You never know just what is round the corner.
Had my husband had a paralysing stroke...we could quite easily have managed where we live but not everyone is quite so fortunate.

 

[LadyA]

We deliberately bought a bungalow when we bought this house as William was in his late 70s at the time - and I wanted to be able to clean the windows and gutters etc myself. It's the garden that will do for me eventually - it's well over half an acre, and very awkward, so a ride on mower can't be used.