Selling a home to pay for care home costs.

[munmun]

Originally Posted by Donz1979

Doesnt answer your question but our system is so wrong, someone works hard for own house, it gets taken away if put in care. Someone has zero and its all paid for. Is it actually worth the stress of mortgages!

See more...

I totally disagree but accept others have other views.

I am more than happy to pay for my continued elderly care when needed. The state does not have the funds to pay for everyone so those who have the ability to pay do so and get to choose their place of care. Those who are state funded have very little choice.

[mitch84]

The issue is that a large chunk of our population are no longer happy to look after their elderly. This is an issue as providing care for all the elderly who are no longer able to be independent is hugely expensive, and of course the state cannot be expected to pay for it for everyone. We are living longer and longer; and when the family have wealth to do so they need to cover this.
What rankles me is the adult children of these elderly who CAN look after their parents, but WON’T for whatever reason (I would take one parent but not the other so I can’t talk). There can be all sorts of valid reasons for this of course, but I don’t think they can complain about their inheritance being used to fund it (but they do).
It’s a complex situation of course, and so many nuances to it, but we do have to be realistic here

[Dinglebert]

Originally Posted by Donz1979

Doesnt answer your question but our system is so wrong, someone works hard for own house, it gets taken away if put in care. Someone has zero and its all paid for. Is it actually worth the stress of mortgages!

See more...

I understand that point of view, however, it can be looked at the opposite way. Why should others in part pay for someone who has a multiple million pound house to stay in a nursing home just so their children can get the house when they die?

[Donz1979]

Originally Posted by Dinglebert

I understand that point of view, however, it can be looked at the opposite way. Why should others in part pay for someone who has a multiple million pound house to stay in a nursing home just so their children can get the house when they die?

See more...

Or other way why should we work hard for houses etc and others sit on backside with all handouts!

[Mr Andy]

Originally Posted by Dinglebert

I understand that point of view, however, it can be looked at the opposite way. Why should others in part pay for someone who has a multiple million pound house to stay in a nursing home just so their children can get the house when they die?

See more...

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.

[Dinglebert]

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.

See more...

I agree with the majority of what you say. The only proviso is that people enter homes for different reasons other than failing memory. to be stuck in some of them I have visited as a nurse would be a mare for your final years.

[Guest]

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.

See more...

What about Deprivation of Assets?

[Mr Andy]

Originally Posted by Dinglebert

I agree with the majority of what you say. The only proviso is that people enter homes for different reasons other than failing memory. to be stuck in some of them I have visited as a nurse would be a mare for your final years.

See more...

Oh absolutely. Sorry I should have explained I would only feel that way if you get dementia/Alzhemiers disease.

[Dinglebert]

Originally Posted by Donz1979

Or other way why should we work hard for houses etc and others sit on backside with all handouts!

See more...

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.

[Mr Andy]

Originally Posted by Nanna Frozen

What about Deprivation of Assets?

See more...

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.