If our assets are in my name only and my husband has to go into care because of his dementia can the state still take my money to pay for his care? The house is is joint names and so is one building society and the bank account but he has shares which could be transferred across to me. How would that stand if the shares were in my name only?
Re care home funding.
- Thread starter Mrs Humphrey
- Start date
Only your husbands sole assets and half of any joint assets are counted.
The house, if you live in it, is an exception and excluded however owned.
Transferring shares to your name would count as deliberate deprivation of assets and the value would be added to your husband's assets as virtual capital.
The house, if you live in it, is an exception and excluded however owned.
Transferring shares to your name would count as deliberate deprivation of assets and the value would be added to your husband's assets as virtual capital.
hi @Mrs Humphrey
this may help to explain
www.alzheimers.org.uk
only your husband's income and saving/assets plus half of any joint assets/savings (NOT your home) as long as both or one of you lives there) are taken into account in any financial assessment not yours ... and he can gift you half of any private pension (not his state pension)
if any shares are currently in your name only right now, that's fine, but it wouldn't be wise to make any change of name now
this may help to explain
Paying for dementia care in England
Dementia care isn't free, and you may need to pay for some of the care you or someone you know needs. We help you understand the different ways to pay for care, and the amount you might be expected to pay.
www.alzheimers.org.uk
only your husband's income and saving/assets plus half of any joint assets/savings (NOT your home) as long as both or one of you lives there) are taken into account in any financial assessment not yours ... and he can gift you half of any private pension (not his state pension)
if any shares are currently in your name only right now, that's fine, but it wouldn't be wise to make any change of name now
