Putting an elderly parent's house in to a trust
Discussion
Cannot give an authoritative answer to your direct question.
But perhaps something else to consider.
Instead having the potential care home scenario it may be worth looking into nursing care in her own home. By my reckoning it is a cheaper option and probably more beneficial (depending on the dependancy)
But perhaps something else to consider.
Instead having the potential care home scenario it may be worth looking into nursing care in her own home. By my reckoning it is a cheaper option and probably more beneficial (depending on the dependancy)
If your Mum does have to go into care (hopefully a long time in the future) wouldn't she and you want her to have the best care possible. If you work the system so it appears she has no assets won't the government put her into the cheapest care home possible?
Isn't it better to sell your assets to fund as nice a care package as possible (hopefully by the time your assets are gone you'll be to ga-ga to notice you've been moved to a s
t hole).
Note: I don't have the first clue about planning to looking after elderly relatives.
Isn't it better to sell your assets to fund as nice a care package as possible (hopefully by the time your assets are gone you'll be to ga-ga to notice you've been moved to a s
t hole).Note: I don't have the first clue about planning to looking after elderly relatives.
anonymous said:
[redacted]
Your sister seems to be the driver of this. On what is she basing her thinking? Has she consulted any professionals on this or is she just basing her opinions on conversations she's "overheard" somewhere.These schemes can be quite complex and can have taxation implications beyond what was originally envisaged.
Inheritance Tax is a real issue when offloading property into trusts and the government have a nasty habity of closing such schemes without much warning.
I thought public servants were totally against tax planning as being immoral?
She may very well have it all worked out but in my experience the setting up of such prperty owning trusts are quite complex and ALL aspects of their establishment need to be looked at - whether they be the social care side of things, Inheritance Tax, Income Tax and Capital Gains Tax - not to mention the actual costs of seting up the trust and the annual cost of its administration.
Don't go into anything like this wothout EVERYTHING being examined with a fine tooth comb.
She may very well have it all worked out but in my experience the setting up of such prperty owning trusts are quite complex and ALL aspects of their establishment need to be looked at - whether they be the social care side of things, Inheritance Tax, Income Tax and Capital Gains Tax - not to mention the actual costs of seting up the trust and the annual cost of its administration.
Don't go into anything like this wothout EVERYTHING being examined with a fine tooth comb.
Fittster said:
If your Mum does have to go into care (hopefully a long time in the future) wouldn't she and you want her to have the best care possible. If you work the system so it appears she has no assets won't the government put her into the cheapest care home possible?
Isn't it better to sell your assets to fund as nice a care package as possible (hopefully by the time your assets are gone you'll be to ga-ga to notice you've been moved to a st hole).
Note: I don't have the first clue about planning to looking after elderly relatives.
Or you can pay (from her assets) for her to go into an average care home. The money will run out within a year. She will then end up in a cheap place anyway.Isn't it better to sell your assets to fund as nice a care package as possible (hopefully by the time your assets are gone you'll be to ga-ga to notice you've been moved to a s
t hole).Note: I don't have the first clue about planning to looking after elderly relatives.
This is why you need to get pro advice but both together and in the company of your mother.
It's a family matter and needs to be discussed as a family.
Same genes do not mean same way of thinking and parental bereavement can easily lead to sibling issues when it comes to money.
It can get very unpleasant very quickly and without it needing to.
Best ot head it off early and via the matriarch while your father is still alive, as after that event your mother may not care enough.
It's a family matter and needs to be discussed as a family.
Same genes do not mean same way of thinking and parental bereavement can easily lead to sibling issues when it comes to money.
It can get very unpleasant very quickly and without it needing to.
Best ot head it off early and via the matriarch while your father is still alive, as after that event your mother may not care enough.
As others have said I would concentrate on your dad and giving him and mum some quality time together.
The are a number of Trust schemes out there but as Eric Mc has said they do not suit everyone and can have IHT complications for you and your siblings later.
With regards to your mum going into a care home trust me regardless of what condition or level of lucidity she has when she requires care, you will not want to see her go into a sh!te hole.
Your mum may well have lost her faculties come that time, but you and your sisters will still hopefully be lucid and very much aware of the care she receives and her surroundings.
Talk to a good Tax Advisor or to a company like this:
http://www.eldercare-solutions.co.uk/
I am in no way affiliated but we have had clients use them and their services.
Going into care doesn't have to mean that you lose or use all of your mums capital there are a number of solutions out there and they do not cost you all of your inheritance which is what you seem to be wanting to protect.
Also be vary weary of any scheme that seeks to deprive your mum of her assets and therefore financial security and independence, the local council and social services financial officers are pursuing every avenue open to them to ensure that people have not purposely deprived themselves.
The are a number of Trust schemes out there but as Eric Mc has said they do not suit everyone and can have IHT complications for you and your siblings later.
With regards to your mum going into a care home trust me regardless of what condition or level of lucidity she has when she requires care, you will not want to see her go into a sh!te hole.
Your mum may well have lost her faculties come that time, but you and your sisters will still hopefully be lucid and very much aware of the care she receives and her surroundings.
Talk to a good Tax Advisor or to a company like this:
http://www.eldercare-solutions.co.uk/
I am in no way affiliated but we have had clients use them and their services.
Going into care doesn't have to mean that you lose or use all of your mums capital there are a number of solutions out there and they do not cost you all of your inheritance which is what you seem to be wanting to protect.
Also be vary weary of any scheme that seeks to deprive your mum of her assets and therefore financial security and independence, the local council and social services financial officers are pursuing every avenue open to them to ensure that people have not purposely deprived themselves.
Gassing Station | Finance | Top of Page | What's New | My Stuff