Hi everyone,
I have tried to find the information I require through the fact sheets but wanted to ask the advice of you all on here.
Myself and my husband plan to buy a house with an annexe so my parents can live with us. Since dementia runs in my family, there is a chance that my father will develop dementia and then may enquire care in the future. My father will sell his house and will give the proceeds of the sale as a gift to us so that we can buy a house big enough so that we can live together but the house will be in my name. There is no indication at this stage that he is likely to develop dementia as he is currently fit and well, and he is only in his 50s so it is likely that if he did develop it, then it may be a few years away yet.
We have other reasons for wanting to live together and it is not about needing to care for my parents in their older age, as they are still fit and well. However my concern is that in the future a financial assessment for care may conclude that we need to sell part of the house to pay for his care if he requires it.
Has anyone had any experience of this situation and any advice to us about what to do? Would it be best for us to rent a room to my parents to ensure we were in a protected position if he / they require care in the future? Or is it simply okay that we own the house and it will only be his / their assets that are counted? It is likely to be several years after the house purchase that a financial assessment would be conducted and we would be upset if it was deemed that we had tried to reduce their assets to avoid paying care.
Sorry for the long post and thanks for reading. Looking forward to hearing your thoughts
I have tried to find the information I require through the fact sheets but wanted to ask the advice of you all on here.
Myself and my husband plan to buy a house with an annexe so my parents can live with us. Since dementia runs in my family, there is a chance that my father will develop dementia and then may enquire care in the future. My father will sell his house and will give the proceeds of the sale as a gift to us so that we can buy a house big enough so that we can live together but the house will be in my name. There is no indication at this stage that he is likely to develop dementia as he is currently fit and well, and he is only in his 50s so it is likely that if he did develop it, then it may be a few years away yet.
We have other reasons for wanting to live together and it is not about needing to care for my parents in their older age, as they are still fit and well. However my concern is that in the future a financial assessment for care may conclude that we need to sell part of the house to pay for his care if he requires it.
Has anyone had any experience of this situation and any advice to us about what to do? Would it be best for us to rent a room to my parents to ensure we were in a protected position if he / they require care in the future? Or is it simply okay that we own the house and it will only be his / their assets that are counted? It is likely to be several years after the house purchase that a financial assessment would be conducted and we would be upset if it was deemed that we had tried to reduce their assets to avoid paying care.
Sorry for the long post and thanks for reading. Looking forward to hearing your thoughts