[Brillopad]

Originally Posted by Toy Soldier

The obvious workaround, if you have the funds, is to actually SELL your property to a child as soon as they are responsible adults... but give them the money to buy it (so effectively buying it from yourself, but in their name) so that it's not just signed over but actually sold.

The other option, if you're not sentimentally attached to the property, is to actually sell it and use the funds to buy non-traceable assets like bearer bonds / gold / rare coins / art / other collectibles or I guess, these days, bitcoin? And give those to your offspring with no papertrail.

You have been giving this some thought.

[jaxie]

Already have a plan for my dotage. As with TS suggestion, you just have to outwit them.

[Brillopad]

Originally Posted by jaxie

Already have a plan for my dotage. As with TS suggestion, you just have to outwit them.

The cogs are going round as we speak.

[smudgie]

Originally Posted by Toy Soldier

The obvious workaround, if you have the funds, is to actually SELL your property to a child as soon as they are responsible adults... but give them the money to buy it (so effectively buying it from yourself, but in their name) so that it's not just signed over but actually sold.

The other option, if you're not sentimentally attached to the property, is to actually sell it and use the funds to buy non-traceable assets like bearer bonds / gold / rare coins / art / other collectibles or I guess, these days, bitcoin? And give those to your offspring with no papertrail.

Diamonds TS, diamonds.

[Cherie]

Originally Posted by Toy Soldier

The obvious workaround, if you have the funds, is to actually SELL your property to a child as soon as they are responsible adults... but give them the money to buy it (so effectively buying it from yourself, but in their name) so that it's not just signed over but actually sold.

The other option, if you're not sentimentally attached to the property, is to actually sell it and use the funds to buy non-traceable assets like bearer bonds / gold / rare coins / art / other collectibles or I guess, these days, bitcoin? And give those to your offspring with no papertrail.

So you "sell" to your child, if they go on to buy their own home, they will be liable to capital gains tax on your property something they wouldn't be liable for if they inherited it...you would also have to have a contract that you live in it during your lifetime...offspring have been known to screw over their parents as well, the second option is probably more sensible if you want to retain some control over your assets

[user104658]

Originally Posted by Cherie

So you "sell" to your child, if they go on to buy their own home, they will be liable to capital gains tax on your property something they wouldn't be liable for if they inherited it...you would also have to have a contract that you live in it during your lifetime...offspring have been known to screw over their parents as well, the second option is probably more sensible if you want to retain some control over your assets

The point is that they won't inherit it at all of you end up in dementia care because your assets will be dissolved to pay for that care until there is nothing left to inherit...

But yes, I did mean to add in that first post that it's only the way to go for people with close relationships with their offspring, and who know their offspring to be trustworthy. I thought I had said that but, reading it back, can see that I forgot .

Of course you shouldn't sign over your home to Nasty Nick Cotton, but some people are lucky enough to have the sort of relationship with their parents where it wouldn't even be a concern. Apparently. I'm guessing really since I've never been particularly close to either of my parents and one is already dead .

[Tarryn]

I just read about this. It's awful.
My Mum's house is worth 130 thousand & it's her only asset, she has no savings & it has taken her 27 years to pay it off. My sister is in her late thirties & lives with her but cannot work due to long term illness. What would happen to her?. I'm really worried. Would she be made homeless ?.

[Cherie]

Originally Posted by Tarryn

I just read about this. It's awful.
My Mum's house is worth 130 thousand & it's her only asset, she has no savings & it has taken her 27 years to pay it off. My sister is in her late thirties & lives with her but cannot work due to long term illness. What would happen to her?. I'm really worried. Would she be made homeless ?.

Not sure what would happen in that instance, if it comes into force it might be worth putting a life time tenancy in place for your aunt.. so they can't sell it in her lifetime? under the proposed rules, your Mum would be entitled to keep 100,000 but I don't know how they would get the 30,000 owed apart from selling later on..

[user104658]

Originally Posted by Tarryn

I just read about this. It's awful.
My Mum's house is worth 130 thousand & it's her only asset, she has no savings & it has taken her 27 years to pay it off. My sister is in her late thirties & lives with her but cannot work due to long term illness. What would happen to her?. I'm really worried. Would she be made homeless ?.

I know that when it's a partner, they can't touch a house if there is someone still living there. I have to admit though that I don't know to what extent this applies to adult children, if they're not named in the ownership papers. It's probably worth looking into to sort it out before it becomes an issue.

[Cherie]

Originally Posted by Toy Soldier

The point is that they won't inherit it at all of you end up in dementia care because your assets will be dissolved to pay for that care until there is nothing left to inherit...

But yes, I did mean to add in that first post that it's only the way to go for people with close relationships with their offspring, and who know their offspring to be trustworthy. I thought I had said that but, reading it back, can see that I forgot .

Of course you shouldn't sign over your home to Nasty Nick Cotton, but some people are lucky enough to have the sort of relationship with their parents where it wouldn't even be a concern. Apparently. I'm guessing really since I've never been particularly close to either of my parents and one is already dead .

Money is a funny old thing though and even the closest of families can be split by it, my brother owes his nephews (my sons) money from a family estate, but he has decided to not to give it to them as the family member gifted to him originally but then changed her mind to include other family members (my kids weren't born when she gifted the property to him), she changed her will, he is the executor but won't honour it, the amount of money would be swallowed up by legal fees if we were to challenge it, and the best part about is he doesn't feel he has done anything wrong even though one of my sons is his Godchild. pratt!

[Tarryn]

Originally Posted by Toy Soldier

I know that when it's a partner, they can't touch a house if there is someone still living there. I have to admit though that I don't know to what extent this applies to adult children, if they're not named in the ownership papers. It's probably worth looking into to sort it out before it becomes an issue.

It's really worrying. What about people who live with their parents to care for them ?. Would they be kicked out when they died ?. It's such a disgusting proposal. It means the people with houses not worth much would lose everything they worked so hard for while rich people would not lose much. Typical Tories.

[Cherie]

Originally Posted by Tarryn

It's really worrying. What about people who live with their parents to care for them ?. Would they be kicked out when they died ?. It's such a disgusting proposal. It means the people with houses not worth much would lose everything they worked so hard for while rich people would not lose much. Typical Tories.

From what I can gather this wouldn't be an issue unless you wanted state help as well, that said no on can be a full time carer without some help

[smudgie]

So, it now appears there could be a cap as well as a floor.
I don't know how much it well help very much if you live in London or other very expensive areas.
A guarantee to be left with at least £100 grand is better than the current situation of £23grand, but it would be reassuring to know that there is a cap on what you would have to pay, give people hope of actually keeping more of their hard earned cash.
Depends on what the cap is set at of course, and if it goes beyond being looked at in the green paper.

[Alf]

If the Tories ask for a dementia tax, just don't pay it, tell them you forgot.

[Beso]

Originally Posted by Cherie

Any ideas of a figure yet Parm?

no point in offering up figures as the goalposts will be moved a few times yet.

but if old doris can spend the winter piling logs onto her coal fire without a care in the world then she can help pay her way.

£90 grand in savings and ownage of own house...i would have them paying till they keeled over and died.

[Tarryn]

Is this only for those who need care for dementia ? What about those who get other conditions & need care ?.
It's so unfair to punish people at the bottom end of the property ladder & only have their house as an asset. Some mega rich people have multiple homes & will pay very little.
I would never vote for the Tories, they disgust me.

[Cherie]

Originally Posted by Tarryn

Is this only for those who need care for dementia ? What about those who get other conditions & need care ?.
It's so unfair to punish people at the bottom end of the property ladder & only have their house as an asset. Some mega rich people have multiple homes & will pay very little.
I would never vote for the Tories, they disgust me.

No "its been dubbed the dementia tax" by the opposition it is in effect and old age/illness tax

[Cherie]

Originally Posted by parmnion

no point in offering up figures as the goalposts will be moved a few times yet.

but if old doris can spend the winter piling logs onto her coal fire without a care in the world then she can help pay her way.

£90 grand in savings and ownage of own house...i would have them paying till they keeled over and died.

Come on it will start somewhere? whats your wealthy pensioner, 12,000 13, 14, 15, 16, 17, 18 you must have a figure in mind?

[Beso]

Originally Posted by Cherie

Come on it will start somewhere? whats your wealthy pensioner, 12,000 13, 14, 15, 16, 17, 18 you must have a figure in mind?

i added it..glasses are free on the nhs btw.

[jaxie]

Originally Posted by Alf

If the Tories ask for a dementia tax, just don't pay it, tell them you forgot.

You're a funny guy, Alf!

[Tarryn]

Originally Posted by Cherie

No "its been dubbed the dementia tax" by the opposition it is in effect and old age/illness tax

This will force a lot of people to shoulder the burden of looking after a loved one alone & not ask for help through fear of what might happen. In an age where people can't afford to rent or buy their own home many more people remain with their parents.

[smudgie]

Originally Posted by parmnion

i added it..glasses are free on the nhs btw.

Are they?
To whom exactly?
We always have to pay for ours, as do pensioners.

[Cherie]

Originally Posted by parmnion

i added it..glasses are free on the nhs btw.

do you get them free? I dont

so in your opinion owning your own home and 90K in the bank is a wealthy pensioner

what income will you get from living in your own home, nada unless you rent out a room, but there will be repair bills over the years, boiler breakdown, boiler service, roof repairs insurance etc

90k in the bank on a generous 1 per cent would give your an income of 900.00 a year on top of your state pension, you would get no where near 1 per cent these days, most of it would be on 0.25 per cent.

90k would soon dwindle away if you were drawing on it to subsidise your state pension, if you drew out 6,000 a year, giving you an extra 500 a month or 125 a week it would be gone in 15 years....happy old age!!!

[Beso]

Originally Posted by Cherie

do you get them free? I dont

so in your opinion owning your own home and 90K in the bank is a wealthy pensioner

what income will you get from living in your own home, nada unless you rent out a room, but there will be repair bills over the years, boiler breakdown, boiler service, roof repairs insurance etc

90k in the bank on a generous 1 per cent would give your an income of 900.00 a year on top of your state pension, you would get no where near 1 per cent these days, most of it would be on 0.25 per cent.

90k would soon dwindle away if you were drawing on it to subsidise your state pension, if you drew out 6,000 a year, giving you an extra 500 a month or 125 a week it would be gone in 15 years....happy old age!!!

Thats when they should get extra money. Once its all spent.

[DemolitionRed]

Originally Posted by parmnion

no point in offering up figures as the goalposts will be moved a few times yet.

but if old doris can spend the winter piling logs onto her coal fire without a care in the world then she can help pay her way.

£90 grand in savings and ownage of own house...i would have them paying till they keeled over and died.

So you're all for privatizing the NHS then? I mean, this is what this is; this is the start of it.

Since when was dementia not an illness?