I posted a question on this forum last year and received some useful answers so here I am again.
I've just returned to the UK for a few months to help Mum (nearly 87 y.o.) cope with Dad (83) who has Alzheimer's.
Unfortunately I can only stay in the UK for a few months and Mum can't look after Dad alone so it's likely that he will have to go into care later this year.
I've been abroad for the best part of 30 years so I'm not particularly knowledgeable about my parents' affairs or UK law but I do know that back in 2014 they consulted a solicitor who helped them make wills, financial powers of attorney and change the status of the property to tenants in common.
On Tuesday my brother and I will accompany Mum to meet another solicitor for a review of the situation so I would would like to be better informed when I meet him.
So my first question is .. how does tenants in common status benefit them? From what I've read a law change means that since 2007 married couples have been able to transfer their inheritance tax allowance to each other anyway without changing to tenants in common status. And how does it protect the property from being used to pay for care home fees?
Second, my parents have always been generous to my brother and I on birthdays and at Christmas. Long before Dad showed any sign of memory problems they were giving us £1000-£2000 per year each (it's all documented in bank statements and savings books) and in recent years as my parents have become less active and spent less from their pensions and savings on themselves they have given us £3000-£5000 per year each. If these gifts have been happening on a regular basis over many years, could they be regarded as deprivation of assets? I would be interested to read the experiences of others.
Thanks
I've just returned to the UK for a few months to help Mum (nearly 87 y.o.) cope with Dad (83) who has Alzheimer's.
Unfortunately I can only stay in the UK for a few months and Mum can't look after Dad alone so it's likely that he will have to go into care later this year.
I've been abroad for the best part of 30 years so I'm not particularly knowledgeable about my parents' affairs or UK law but I do know that back in 2014 they consulted a solicitor who helped them make wills, financial powers of attorney and change the status of the property to tenants in common.
On Tuesday my brother and I will accompany Mum to meet another solicitor for a review of the situation so I would would like to be better informed when I meet him.
So my first question is .. how does tenants in common status benefit them? From what I've read a law change means that since 2007 married couples have been able to transfer their inheritance tax allowance to each other anyway without changing to tenants in common status. And how does it protect the property from being used to pay for care home fees?
Second, my parents have always been generous to my brother and I on birthdays and at Christmas. Long before Dad showed any sign of memory problems they were giving us £1000-£2000 per year each (it's all documented in bank statements and savings books) and in recent years as my parents have become less active and spent less from their pensions and savings on themselves they have given us £3000-£5000 per year each. If these gifts have been happening on a regular basis over many years, could they be regarded as deprivation of assets? I would be interested to read the experiences of others.
Thanks