Selling a home to pay for care home costs.

[Mr Andy]

Originally Posted by Dinglebert

Probably becaus you want the better house and better living standard while you have it. The point as others have stated is if you want to pass it on then do so while you can. No point in hanging on to it you won't get to keep it.

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Yep, just give it away whilst you can still watch your family enjoy it.

[Dinglebert]

Originally Posted by Mr Andy

No way around that if you leave it until too late. Id advise to start drawing down money/assets from 70 onwards.

80 is probably too late.

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I'll keep it safe for you if you want.

[sophiepop]

Originally Posted by Mr Andy

Yep, just give it away whilst you can still watch your family enjoy it.

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We plan to do this (if we are lucky enough to have any money). My parents just will not spend their money and it makes me so cross that they have saved all their lives and are not enjoying the money they worked hard for

[Feebee2]

My mother went into a care home last year. TBH I always felt I would resent the cost. However now I have a completely different view.
She went into a lovely local home with a garden view room. She made the move when she was ready and they cared for her beautifully till she passed away, even though the GP wanted her to be admitted to hospital.
Funding her own care gave her choices and it was worth every penny.

[Feebee2]

Originally Posted by sully301

Some people qualify for just the nursing home element of it but few fully funded continuing health care. The key is to have unpredictable needs that need the skilful intervention of 24 hour nursing care.

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Definitely not easy to qualify, DH gets CHC and is cared for at home.

[tspill]

Originally Posted by Mr Andy

My advice would be to transfer the title deeds to your children or whoever as soon as possible and spend all your cash whilst your body is still working and you can enjoy it. Why old people hoard their money, especially in their 80s/90s is beyond me. I would be spending every penny and enjoying every moment I could, and if I wasn't physically able to I'd be giving money away to family.

Not sure I really understand it when people say 'well at least they got to choose their own care home and it was lovely'. If I have dementia I won't care where I am, but I certainly wouldn't want to have lost everything I had worked for all my life.

It actually pays not to have savings/assets once you get to a certain age in the UK.

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This is very dangerous advice and fraught with complexities. Anyone considering this needs to take serious legal advice before embarking on this path.

[Noodle500]

Age UK has some helpful information
Fact sheet FS46 covers paying for care


ageuk.uk

[sully301]

Say you've given away all your assets and the state declines to pay for a care home for you? You have to have really high needs to qualify. Having property/savings would then enable you to choose what care you received.
Personally I don't ever want to go into a care home and would have live in care if need be.
I have also seen some people give away all their assets to family then things have turned nasty.

[Noodle500]

Also worth a read about Gifts and tax
gov.uk/inheritance-tax/gifts

[pinkandfluffy]

I am NOK to my uncle who had to go into a care home last year due to a serious decline in mobility and physical health. He has capacity to make his own decisions and has refused to sell his house. He has a very good private pension along with his state pension - social services take all but £35 per week of this. The house will be sold when he passes away and all money will be recouped by the council - his estate will be left with £50k (we are in Wales). He is in the best place, looked after well, and whilst generally accepting that he will never return home, he point blank refuses to sell the house.