Care Home Costs

[sidkid]

I have heard of people signing their property over to their sons/daughters to prevent the property being subsequently sold to cover care home costs. Does anyone know if this actually works. I understand that a parent needs to survive for seven years after the transaction.

[bednobs]

you are mixing up deprevation f sses t vod carehome cot and avoiding inheritance tax. When it comes to care home costs, there is no time limit when ridding yourself of assets if the primary reason is to avoid the costs

[sidkid]

Thanks bednobs.....so are you saying there is no point transferring assets to avoid care home costs?

[bednobs]

yes. However, i can't even see why anyone would want to - a choice of be stuck with a scummy no-choice council care home because you have no money and have to share a room, or use the money you've saved over your lifeltime to pick the place where you WANT to live. I know what i'd rather do!

[ubasses]

Yes Bednobs is correct, you cannot deprive yourself of assets to avoid costs. When my Mum had to go in I was given a lot of information booklets by her local social services and it mentioned a 20 term. Also having visited many carehomes trying to find the right one (not easy,) I decided I didn't care if she spent every penny on her care, she was not going into anywhere that was not 1st class and specialising in her needs.

[sidkid]

Thanks to you both for your answers (I've just spotted all the related questions below - oops!)