Financial Good News.......well for me at least.

[tiffyanna]

I was on here a while ago but lost my details so have rejoined.
Well after the financial assessment of my mother was finally decided I thought I would let you know how things went.
As mum's house was transfered into my name 19 years ago the Local Authority can not prove that it was done/not done to avoid care home fees (it wasn't), therefore they are now paying the fees minus her pension etc etc and I am free to sell the house (to be honest I had got to the stage where I didn't give a dam, as mum was looked after and happy).
What I will be doing is paying my morgage off and giving my 3 children the cash to spend NOW, I will then be transfering my house into my children's names and hoping that I won't have to go into care for the next 19 years (that will make me 70).
Sorry if the above is not what some people want to here but mum worked all her life and struggled, I have worked all mine (to date) and struggled as well so my kids are having our share not the LA!.
This does show that the LA do have a cut off time and might help others who are wondering how to protect their home, I say transfer it now and hope you are alzheimer's free for the next 19 years.
Thank you everyone for your previous help and advise and I will be making a donation to the Alzheimer's Society.

 

[Noorza]

Do get legal advice as I believe one risk (no expert) is that by transferring your home into trust for your children now, that if they marry and then divorce the ex spouse will have a claim on your property as a part of their exes assets.

I am no expert and this could be wrong, but double check the pitfalls before making the final decision.

Even then 3 children with three 3 spouses = 6 potential shares, if one divorces that would remove one share leaving 5/6ths which is more than stands currently. If that makes sense. I'm no expert just thinking it would be good for you to check this out.

 

[beech mount]

Ditto to what Noorza says, children can and do change upon marriage leaving you where?.....
John.
,

 

[Lindy50]

Really pleased for you tiffyanna

It's good to know that the assessment was carried out fairly and that you will not be worse off following it. Also that your children will benefit .....wish I could do that for my two.

I'd echo what others have said, though, do double check the implications of giving your house to your children.

All the best

Lindy xx

 

[meme]

good news indeed...great for your children to have cash now also...

 

[Chemmy]

A cautionary tale...

My ex-neighbours put their house into a family trust to avoid inheritance tax twelve years ago and are now living in a bungalow owned by their DIL, again bought this way for tax reasons, who they do not like.

It makes them very vulnerable if anything happens to their son,who is not in good health. So yes, giving your home away in advance can benefit your heirs, but I'm not convinced its in your own best interests.

The original house is now being sold and this has caused a huge rift within the family as there is also disquiet over one of the children's partners financial situation. He was not on the scene when the trust was formed,so circumstances with relationships can and do change.

My neighbour really regrets having given her home away in advance.

 

[vernumamy]

I was on here a while ago but lost my details so have rejoined.
Well after the financial assessment of my mother was finally decided I thought I would let you know how things went.
As mum's house was transfered into my name 19 years ago the Local Authority can not prove that it was done/not done to avoid care home fees (it wasn't), therefore they are now paying the fees minus her pension etc etc and I am free to sell the house (to be honest I had got to the stage where I didn't give a dam, as mum was looked after and happy).
What I will be doing is paying my morgage off and giving my 3 children the cash to spend NOW, I will then be transfering my house into my children's names and hoping that I won't have to go into care for the next 19 years (that will make me 70).
Sorry if the above is not what some people want to here but mum worked all her life and struggled, I have worked all mine (to date) and struggled as well so my kids are having our share not the LA!.
This does show that the LA do have a cut off time and might help others who are wondering how to protect their home, I say transfer it now and hope you are alzheimer's free for the next 19 years.
Thank you everyone for your previous help and advise and I will be making a donation to the Alzheimer's Society.

That's great news, and I agree with all you say.

However, you need to cover your back on anything and everything that you do, make sure you look into all the different circumstances as best you can, that may crop up in the future, to protect yourself.

Good luck and all the best.