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How do you transfer your house to your son to avoid having to use it to pay for care for the elderly should you need it?

by minidriver2007 18 October 2008 |

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manzanilla posted
Simple answer - don't. Local authorities can reverse any such moves if you do end up needing care. And you will be landing your son with tax complications if you don't. Also you may get a lot better quality of care if you aren't reliant on the local authority for funding.
Posted on 18 October 2008 | Love 0 loves Report
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gintor posted
If you can afford it, it is your responsibility to pay for your care, should you need it, not mine as a tax payer.

Do you really think it is right to expect the tax payer to fund your old age so that you can leave money to your son?
Posted on 18 October 2008 | Love 0 loves Report
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Hanala1 posted
You can sell the house to your son for a minimum of £1 plus the cost of legal fees, etc. There is no law that says you can't sell your property for whatever price you want to whomever you want.

As far as I am concerned, the elderly/pensioners have paid into the system and worked hard for everything they have ALL their lives...unlike others I could mention, but won't...and are absolutely 100% entitled in the Winter of their lives to receive all the help they need.

They certainly don't need to be made to feel that, after decades of contribution, they are sponging off the current taxpayers of this country, who should think on that one day they too will be facing this dilemma...and the insult that their lifetime's hard work doesn't entitle them to receive they care they paid for.
Posted on 19 October 2008 | Love 0 loves Report
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sweetlikehoney posted
I know this question was more about money than morals, but I felt compelled...
Hanala, not all elderly/pensioners have paid into the system all their lives.
However, even those who have, I agree that they shouldn't be made to feel they are sponging off the system, but if they can afford care, they should pay for it themselves.

Example - (and I'm sure I know which way you'll go with this) a few years back, I had a council house. I didn't Need it, I could afford to rent privately, whilst others can't, so I moved out.
The more people who depend on the state, the less there is to go round, therefore the people who are worst off, have it really bad.

In answer to the actual question, I agree with Manzanilla's points.
Posted on 19 October 2008 | Love 0 loves Report
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claretandblue08 posted
You may not have to use your house to pay for care.

This, off the top of my head, would be if you had a spouse who didn't need care still resided in the property, if you had a child who was still in full time education living there and possibly even if your home is being resided in by a relative who is disabled. There maybe more but off the top of my head these are the ones I recall.

You have not given enough information to allow anybody to say what options are open to you but I can confirm that HMRC will not let you get away with disposing of your assets cheaply to avoid paying for care.
Posted on 20 October 2008 | Love 0 loves Report
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deeplyblue posted
I think you might look at the factsheets on this topic from the AgeConcern website. They describe their info:

Transfer of assets and paying for care in a care home - Factsheet 40

Many of us would like to protect our savings from having to use them to pay care fees. If you give assets away for this‚ the local authority may treat you as still owning them in a later means test.

Our factsheet explains the rules on ‘deliberate deprivation’ and how transferring your assets can affect you and the person you transfer them to.

It includes information on:

• What is deliberate deprivation?
• Local authority powers to recover transferred assets
• How to challenge decisions about deprivation
• How transferring assets can affect both old and new owners

This information will be useful for anyone who is thinking of giving away or otherwise transferring assets and also anyone who might receive those assets.

You can then see the full sheet, or download it from:

http://www.ageconcern.org.uk/AgeConcern/Documents/FS40Transfer_of_assets.pdf

You might also want to look at:

http://www.ageconcern.org.uk/AgeConcern/Documents/FS38Treatment_of_the_former_home_as_capital.pdf

I think that the advice would probably amount to, "Don't. It won't work, and might make things worse." But you will have a good, straightforward answer from the Age Concern site.
Posted on 21 October 2008 | Love 0 loves Report
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minidriver2007 posted
I can't find it now hence my question, but I seem to remember the Old Fool's Retirement Guide recommending transferring your property and I was hoping to hear from those of you who've done it. Perhaps local authorities have now clamped down on such a selfish option which most of you would obviously applaud.
Posted on 22 October 2008 | Love 0 loves Report
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Nosht posted
Probably put your property(s?) into a trust for the benefit of your dependants but this can be expensive to adminster.
Sell/give your property to your son by all means, its yours to do what you want & if he lives abroad then he (or the sale) cannot be touched.
If you wanted to give him your house out of the goodness of your heart as opposed to trying to get rid of assets then does this also come under the retrospective rules of disposing of assets?
What a country that we cannot do some good for our children!!!!!!!!!!!!!!!!!

Regards,

N.
Posted on 04 May 2009 | Love 0 loves Report

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