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Selling Home To Fund Moving To A Care Home.
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As I understand it, if an elderly person was to gift their house to their children but then needed to move into a care home within 7 years, the house can be used as an asset and be forcibly sold to pay for care. What would happen if the house had been sold by the children and all the cash from the sale spent and they had nothing left?
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I think it goes without saying, that people have to pay for where they live, bills, food and so on. But there is also help for people genuinely struggling.
Your home isn't "forcibly" sold, if you choose to move somewhere where everything is included- you can just pay it yourself if you like. But many can't afford to, so have to use their assets.
An "inheritance" doesn't exist, until the person has died and finances are settled.
Your home isn't "forcibly" sold, if you choose to move somewhere where everything is included- you can just pay it yourself if you like. But many can't afford to, so have to use their assets.
An "inheritance" doesn't exist, until the person has died and finances are settled.
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