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  #61  
Old 19-05-2017, 01:26 PM
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Originally Posted by Maz View Post
Needs repeating. The (asset) richer you are, the more it will hit you.
it needs clarifying but would be spectacularly stupid if so ie currently you only pay for the care home if you are the last survivor. Surely they aren't saying if your husband gets dementia then the joint Estate has to start paying then ?
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  #62  
Old 19-05-2017, 01:30 PM
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Is there a danger here regarding the delivery method of this?

Presumably the private sector will have to come up with "products" to allow the elderly to get the equity out of their homes but keep them until they die. Surely these products could end up influencing how the property is treated in future, for example, causing offspring to need to sell at a lower price / quicker etc.

What about the cost of premiums etc?

More clarity needed here.
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  #63  
Old 19-05-2017, 01:31 PM
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Originally Posted by eaglejez View Post
it needs clarifying but would be spectacularly stupid if so ie currently you only pay for the care home if you are the last survivor. Surely they aren't saying if your husband gets dementia then the joint Estate has to start paying then ?
I was trying to work this out but couldn't. The suggestion that both systems are now aligned suggests not but I am very suspicious.
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  #64  
Old 19-05-2017, 01:32 PM
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I was trying to work this out but couldn't. The suggestion that both systems are now aligned suggests not but I am very suspicious.
I thought similar but like you I'm not so sure. Never underestimate the stupidity of politicians
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  #65  
Old 19-05-2017, 01:34 PM
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This could well start to unravel once people look into the details. There will be so many special case exemptions that it will become meaningless. Is the 100k per person or couple, for example.
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  #66  
Old 19-05-2017, 02:32 PM
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So should I transfer the ownership of our house to our children?
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  #67  
Old 19-05-2017, 02:42 PM
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Originally Posted by Nth Kent Eagle View Post
This could well start to unravel once people look into the details. There will be so many special case exemptions that it will become meaningless. Is the 100k per person or couple, for example.
I'm pretty sure, under the 23K situation at least, that if one of a married couple had to go into care, the assets were not affected, i.e. Care home is 'free' and the remaining spouse (partner?) continues to retain all rights to the assets etc.
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  #68  
Old 19-05-2017, 02:42 PM
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So should I transfer the ownership of our house to our children?
I would if I was in your position. Provided I trusted them!
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  #69  
Old 19-05-2017, 02:43 PM
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Originally Posted by Lombardo 888 View Post
I'm pretty sure, under the 23K situation at least, that if one of a married couple had to go into care, the assets were not affected, i.e. Care home is 'free' and the remaining spouse (partner?) continues to retain all rights to the assets etc.
I'm sure a tory politician will be able to clarify succinctly.
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  #70  
Old 19-05-2017, 02:45 PM
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Retiring shortly.
So should I transfer the ownership of our house to our children?
We are going to have wait for the full details and then presumably it has to go through parliament, then you need to get professional legal advice before taking action. At present you can put half of your house into a trust fund through a will to one or more your kids, so half the value is protected in this way. What happens after this new Tory threat goes through, we have yet to learn.
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  #71  
Old 19-05-2017, 02:48 PM
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Retiring shortly.
So should I transfer the ownership of our house to our children?
My wife and her brother have looked into this for their mother. Their understanding is that If this happened and it was remotely suspicious that it was done to avoid care payments, they would take the asset back anyway, and the law fully backs them up. It is actually quite difficult to avoid it.

Also, you need to be sure re your children's marriage. If they split up, the son/daughter in law will get half your house.
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  #72  
Old 19-05-2017, 02:55 PM
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Also, you need to be sure re your children's marriage. If they split up, the son/daughter in law will get half your house.
Or worse, if one of the children died, the estate might become liable for inheritance tax, meaning the house had to be sold. It's unlikely, but it happened to a friend of my Dad.
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  #73  
Old 19-05-2017, 03:12 PM
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Originally Posted by SE25 exile View Post
We are going to have wait for the full details and then presumably it has to go through parliament, then you need to get professional legal advice before taking action. At present you can put half of your house into a trust fund through a will to one or more your kids, so half the value is protected in this way. What happens after this new Tory threat goes through, we have yet to learn.
Only half into a trust fund? How is it that really wealthy seem to get all their houses into trust funds and avoid inheritance tax?
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  #74  
Old 19-05-2017, 03:46 PM
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Only half into a trust fund? How is it that really wealthy seem to get all their houses into trust funds and avoid inheritance tax?
I don't think they manage to avoid all inheritance tax, that's a bit of a myth. It's not unusual for their kids to have to sale stuff (e.g. art) to pay those bills.

But if they have more than one house, some do take action to reduce their tax liability by handing these over to their kids, whilst still retaining for themselves the main one that they live in. The parents will do this when they are maybe around their 50s or so, so there's a strong chance they will outlive the inheritance rules which revolve around dying within 7 years of their gift. You have to declare gifts of money etc when you go through probate.

Some of these activities won't avoid all tax, but can make a reduction. Ofcourse there is also the risk, as others have said above, that your kid then blows this money or loses 50% in a messy divorce etc. That's partly why some use Trust fund arrangements to try to mitigate that risk.

Last edited by Yoda; 19-05-2017 at 05:27 PM.
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  #75  
Old 19-05-2017, 04:06 PM
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it needs clarifying but would be spectacularly stupid if so ie currently you only pay for the care home if you are the last survivor. Surely they aren't saying if your husband gets dementia then the joint Estate has to start paying then ?
I didn't think of this.

So without it being clear, and fearing the worst, an old couple could end up being done over big time?

Old married man gets ill, requiring lots of medical care.
After several years, he dies.
His half of the estate is used to pay for the medical care.
His wife now has to leave her house because she only owns half?!

That Will not happen, will it? Surely not?!
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  #76  
Old 19-05-2017, 04:15 PM
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I didn't think of this.

So without it being clear, and fearing the worst, an old couple could end up being done over big time?

Old married man gets ill, requiring lots of medical care.
After several years, he dies.
His half of the estate is used to pay for the medical care.
His wife now has to leave her house because she only owns half?!

That Will not happen, will it? Surely not?!
not sure they'd kick her out but if she wanted to downsize she'd have a big bill. And anyway the estate would be a lot less. It would start the payment clock ticking as soon as someone was ill rather than only when they are on their own.
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  #77  
Old 19-05-2017, 05:12 PM
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The suicide rate amongst the elderly will increase .
I'm hoping for an ethical euthanasia policy so I can legally and easily pop off before I end up in a overpriced shithole of a care home.
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  #78  
Old 19-05-2017, 05:15 PM
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The Standard mentions tonight that an average terrace in
Hartlepool is around 76k. So a woman up there with, say, 20k savings would now be able to pass on the lot rather than just 23k. This tax does then benefit those with modest homes and savings in the more downbeat regions but looks a seriously contentious and probably unpopular tax in the south east. They'll have to amend it to, at the very least, make it 100k per person.
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Old 19-05-2017, 05:35 PM
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The Standard mentions tonight that an average terrace in
Hartlepool is around 76k. So a woman up there with, say, 20k savings would now be able to pass on the lot rather than just 23k. This tax does then benefit those with modest homes and savings in the more downbeat regions but looks a seriously contentious and probably unpopular tax in the south east. They'll have to amend it to, at the very least, make it 100k per person.
This is part of the reason why I thought the proposals under Cameron's govt were fairer.

It was something like every pensioner could be liable to paying up to a certain cap level for their nursing care (I think it was 70K). This meant someone unlucky enough to become seriously ill and exceed that limit, would be supported. Otherwise we're penalising pensioners who become long-term ill, which we wouldn't do to any other age group.
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Old 19-05-2017, 05:37 PM
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I'm hoping for an ethical euthanasia policy so I can legally and easily pop off before I end up in a overpriced shithole of a care home.
No offence, but at this rate your kids might be tempted to assist you with that!
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