Mum buying new house. Legal advice please ..

[nick heppinstall]

My Mum is selling up and moving into a smaller house since my Dad passed away last September.

She will be buying it cash and wants someway of ensuring that should she be taken into care it will not be sold to pay for nursing fees.

Any legal eagles know of the best way to go about this if it's possible at all ?

[volvos70t5]

And what let the state pick up the bill for your mothers end of life care when she might be in a postion to pay for it herself? Nice.

[nick heppinstall]

volvos70t5 said:

And what let the state pick up the bill for your mothers end of life care when she might be in a postion to pay for it herself? Nice.

If you read the post I’m asking for advice. Not a Sermon. If you do not have any relevant advice to offer regarding my question then please do not post.

[volvos70t5]

A perfect example of why this country is in such a mess these days. What ever happened to people being responsible for their own actions/welfare without thinking that the state will always intervene with a blank cheque.

[vetteheadracer]

Assuming your dad and possibly mum worked all there lives and paid National Insurance and Taxes why shouldn't the state pay to look after them?
Surely this was the idea that the government sold to them when they were working?

[SlidingSideways]

Could you not buy the house and rent it to her?

Edit - Actually, you'd need to pay tax on the rent you charge. Brain's not quite firing on all cylinders this afternoon!

>> Edited by SlidingSideways on Wednesday 20th July 16:06

[pdV6]

@Volvochappie:

And so what exactly would the point of paying NI contributions all one's life be, then?

>> Edited by pdV6 on Wednesday 20th July 16:04

[nick heppinstall]

volvos70t5 said:

A perfect example of why this country is in such a mess these days. What ever happened to people being responsible for their own actions/welfare without thinking that the state will always intervene with a blank cheque.

Er ... Which part of " If you read the post I’m asking for advice. Not a Sermon. If you do not have any relevant advice to offer regarding my question then please do not post." did you not understand ?

Will you have to have the last word ? All will be revealed ...

[targarama]

Can't she give you a present of a big fat lump of cash and you buy it. Or even gift you the house. Then it is not an asset. Or do they look at it like inheritance tax - there used to be a 7 year get-away-with-it clause. I'm sure someone more knowledgeable will be along shortly.

[pdV6]

targarama said:

Can't she give you a present of a big fat lump of cash and you buy it. Or even gift you the house. Then it is not an asset. Or do they look at it like inheritance tax - there used to be a 7 year get-away-with-it clause. I'm sure someone more knowledgeable will be along shortly.

Loopholes well and truly closed

[gtr-gaz]

anonymous said:

[redacted]

Yes, spot on there.

It's a sad fact, but it's very difficult to leave any inheritance for one's children these days.

The state gets it all in the end, one way or another

[volvos70t5]

nick

It is not a question about having the last word.

If the state picked up the bill for everyone in old age, the figures would be absolutely astronomical. Who will pay for it? The taxpayers of tomorrow. It looks to me that they are going to be digging pretty deep into their pockets: servicing their student loan debt, paying pensions and then also paying people's personal care costs. At some point it must reach breaking point.

And all the time the competitiveness of the UK falls behind because there wasn't the will to deal with the big problems.

[vetteheadracer]

Could your mum put the house in trust and therefore she wouldn't own it, it would belong to the trust. Trustee's would be you and your mum.

Legal bods need to answer this one, try Lu51fer or 5 USA over on the vette forum they are both legal types.

[justayellowbadge]

pdV6 said:

targarama said: Can't she give you a present of a big fat lump of cash and you buy it. Or even gift you the house. Then it is not an asset. Or do they look at it like inheritance tax - there used to be a 7 year get-away-with-it clause. I'm sure someone more knowledgeable will be along shortly. Loopholes well and truly closed

? The 7 year gifting rule is still in existence.

[meeja]

volvos70t5 said:

If the state picked up the bill for everyone in old age, the figures would be absolutely astronomical. Who will pay for it? The taxpayers of tomorrow.

OK then, lets just allow people to live off the state all of their working lives, thereby not amassing a relatively small fortune. That way the there will be nothing for them to put into trust so that the state looks after them in their old age.... the state will have been looking after them for all of their lives.

What would THAT cost?

[jacobyte]

volvos70t5 said:

nick It is not a question about having the last word. If the state picked up the bill for everyone in old age, the figures would be absolutely astronomical. Who will pay for it? The taxpayers of tomorrow. It looks to me that they are going to be digging pretty deep into their pockets: servicing their student loan debt, paying pensions and then also paying people's personal care costs. At some point it must reach breaking point. And all the time the competitiveness of the UK falls behind because there wasn't the will to deal with the big problems.

If I pay National Insurance for 50 years in anticipation of getting a state pension, then I damn well want to get what I'm paying for. If the Government have overspent (which they already have by raiding the pension funds), then that's their problem. Why should the taxpayer help them correct their twisted figures?

I'm happy to pay only into a private pension fund, but the Government won't allow that. They still need the NI payments, even if you contract out of SERPS.

[mybrainhurts]

volvos70t5 said:

nick It is not a question about having the last word. If the state picked up the bill for everyone in old age, the figures would be absolutely astronomical. Who will pay for it? The taxpayers of tomorrow. It looks to me that they are going to be digging pretty deep into their pockets: servicing their student loan debt, paying pensions and then also paying people's personal care costs. At some point it must reach breaking point. And all the time the competitiveness of the UK falls behind because there wasn't the will to deal with the big problems.

Bollox...it's called National Insurance. It's what we pay throughout life. It's meant to cover health care.

Are you suggesting that I should pay when my roof blows off, rather than make an insurance claim?

If other countries can manage to provide free care in old age, why the hell can't we?

[pdV6]

justayellowbadge said:

? The 7 year gifting rule is still in existence.

Sure - but aren't there limits to how much one can "gift" in any one year? So much so that to fritter a house-worth away without attracting taxes would take rather longer than is practically possible...

[justayellowbadge]

pdV6 said:

justayellowbadge said: ? The 7 year gifting rule is still in existence. Sure - but aren't there limits to how much one can "gift" in any one year? So much so that to fritter a house-worth away without attracting taxes would take rather longer than is practically possible...

I think you may be confusing a tax free gift, which is exempt from tax, and a PET 'Potentially exempt transfer' which will be laible to tax if the donor dies within 7 years of the gift.

You can basically give away everything you own, without a tax burden to the recipient. The 7 year rule is stop people using it on the death bed.

[jimothy]

justayellowbadge said:

You can basically give away everything you own, without a tax burden to the recipient. The 7 year rule is stop people using it on the death bed.

In theory then, if I give someone a present then get run over by a bus (why is it always a bus?) the next day, then the government are entitled to a share?