Is there any legal/legit way to do this? I don't object to the idea of people paying for their own care if they can afford it, but feel there should be limits and also that help such as CHC should be far easier to get. (I'm also aware the government is planning to make changes to funding but I don't hold out much hope for that.)
On another thread (No house but savings...) the poster's parents are having to pay for their care (at home) because they sold their house, put the money in the bank and now live in rented property. I believe I am right in thinking that if they hadn't sold the house but were still living there and needed care, it would be disregarded in a financial assessment and only their savings (which would be far less) would be counted. Presumably that would result in council contributions happening sooner. Assuming at least one of them remained there till death, the house would be 'saved'.
So what I'm trying to find out is, what's the best way to protect your assets? I live on my own and I'm in the process of buying my house (outright.) I won't have much left in savings (after I do up the kitchen and bathroom!) but I'm still working and don't have heavy outgoings. As I'm convinced I will one day get dementia (a lot of it in the family) I would like to do as much as I can to prepare for my future so that I can pass something on to my 2 children when I die. (Once the house sale is completed I'll be making a will - 50/50 each child and also doing my LPoA.)
As far as I know, you can give X amount per year away without penalty. And you can also give larger amounts away without penalty if you live for 6 years after that. (I'm honestly not sure of these details exactly so please correct me if I'm wrong!) If I do nothing and end up having to go and live in a care home, with not much in savings, my house would have to be sold and the money used to pay for my care. But what if I put my house in my children's names? Is that allowed? How long do the council go back when making a financial assessment? 6 years? 10 years? I would hate to lose my house unnecessarily and leave my kids with nothing.
I do realise that the main difference this would make for me is that my kids would have to go with the council choice of care home and not - maybe - a nicer, more expensive one. But to be honest, if I'm bad enough to need a CH, that probably doesn't matter. Of course, if I have enough warning and am not in complete denial, I'll spend my money on a trip to Dignitas instead...
On another thread (No house but savings...) the poster's parents are having to pay for their care (at home) because they sold their house, put the money in the bank and now live in rented property. I believe I am right in thinking that if they hadn't sold the house but were still living there and needed care, it would be disregarded in a financial assessment and only their savings (which would be far less) would be counted. Presumably that would result in council contributions happening sooner. Assuming at least one of them remained there till death, the house would be 'saved'.
So what I'm trying to find out is, what's the best way to protect your assets? I live on my own and I'm in the process of buying my house (outright.) I won't have much left in savings (after I do up the kitchen and bathroom!) but I'm still working and don't have heavy outgoings. As I'm convinced I will one day get dementia (a lot of it in the family) I would like to do as much as I can to prepare for my future so that I can pass something on to my 2 children when I die. (Once the house sale is completed I'll be making a will - 50/50 each child and also doing my LPoA.)
As far as I know, you can give X amount per year away without penalty. And you can also give larger amounts away without penalty if you live for 6 years after that. (I'm honestly not sure of these details exactly so please correct me if I'm wrong!) If I do nothing and end up having to go and live in a care home, with not much in savings, my house would have to be sold and the money used to pay for my care. But what if I put my house in my children's names? Is that allowed? How long do the council go back when making a financial assessment? 6 years? 10 years? I would hate to lose my house unnecessarily and leave my kids with nothing.
I do realise that the main difference this would make for me is that my kids would have to go with the council choice of care home and not - maybe - a nicer, more expensive one. But to be honest, if I'm bad enough to need a CH, that probably doesn't matter. Of course, if I have enough warning and am not in complete denial, I'll spend my money on a trip to Dignitas instead...