keep property in old age

[sillac]

If one of us has to go into a home, how do we prevent the goverment taking the cost of care out of our property?.
Kind regards
Ray

[buildersmate]

By the other one continuing to live in the property.

[sillac]

Thanks buildermate.
But as I have been given to understand they the gov. will take the equivalent of half the value at the time of the survivors death.There is some law or laws that can prevent this happening , i.e a trust law or tennant in tenure law . It is these that I am trying to find
Kind regards
Ray

[Ethel]

You are trying to pass the burden of your care to the taxpayer so that your children can profit.

It is a very complex area of trust law and you should pay a professional for the correct advice.

[sillac]

Thank you Ethel,
I have paid tax all my working life and fortunately have never had to want any thing from any goverment even schooling for my child, which was a struggle for his mother and me. With no intention of been a burden to the tax payer, I am just seeking information about what laws there are. If and when I get some information I shall then seek legal advice.
Kind regards
Ray

[LoftyLottie]

There are ways round it, but don't leave it too late! For instance gifting your home to your children. Speak to a good accountant. I had a one hour appointment for free and learned a lot.

[LoftyLottie]

Ethel, sillac asked for advice not for moral judgement.

[Ethel]

I too have paid tax all my working life and still do pay tax and work, well beyond retirement age.

The fact is if you don't pay for your care, the taxpayer does.

Gifting your home to your children could be problematic - if they divorce or become bankrupt, for example.

If you intend protecting your assets you need advice now, and from a solicitor who specialises in trusts, not an accountant

[Ethel]

I did give advice, Lottie - I advised him to get specialised from a trust solicitor, which is perfectly correct

[buildersmate]

Some information here.
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/InheritanceTaxEstatesAndTrusts/DG_1001 0868

[Ethel]

If we all did that, doc, there would be nothing for you to take.

The government has no money - it is tax payers money.

[buildersmate]

Somewhat surprisingly perhaps, the Government's own website mentions this is even a possibility.

[bednobs]

you have never attended school yourself? never been to the gp? children never immunised? never had your country defended? never called an ambulance? never reported a crime? never had dangerous ciminals put out of harms way? never driven on a road? or walked down a pavement? never been to the library? never been to a museum? never voted? never asked for help from an MP? never had your country governed?

If you dont intend to ever be or want to be a burden on the taxpayer then if you need care in your older age you should expect to pay for it (as things stand at the moment). if this has to be done from your property when you are both dead, what's the problem?

[Ethel]

doc - my money will go to providing the care I need, should I need it. In the meantime I continue to earn good money, and I enjoy it as well.

I hope to God I never need to take one penny from the State, except for the state pension which I have paid for and am still paying for in my taxes.

[Drisgirl]

My parents whislst of sound mind and body have arranged for their house to be in the names of their 3 children.As has my husbands.

See its the age old thing -my Mum and Dad grafted and built their house and added on when they had saved enough money -that is my dad did the grafting no firms in to do it for them..They had a Reliant Robin and we had caravan holidays.They have NEVER claimed in their lives BUT by the same token they could have had a nice Council House -claimed benefits -not that im suggesting council tenants do but they have the extra money for holidays and nice gear the lot.

I have worked my arse off to have my own house even to the detriment of my helath -byt did I get a help when i had a breakdown when i was struggling with mortgage childcare coucil tax -did I heck BUT i would have had i been a Council tenant.

So tell me -who are the mugs -the ones who work hard to leave their children something and do without or them that are happy to take cheap lodgings.foreign holidays and all the luxuries which can be afforded to them safe in the knowledge that they will get free care in a home????