Inheritance.

[Deluks]

I think elderly parents should live out their twilight years without the stress of offspring badgering for money.

It is wise for parents to make financial arrangements giving due consideration for care home fees, funeral costs and tax planning, but that doesn’t mean handing it over.

The problem here....

If the offspring don't badger their parents for money, they'll never be able to get on the property ladder, and then when they get to the age of needing care, they'll have no means to pay for it, so we're back at square one.

 

[Mottie]

I assume your MIL gets attendance allowance

Just started getting it.

NHS funded nursing care?

Not that I’m aware of.

 

[ReganAndCarter]

The Tories said they were going to limit social care costs. The limit was supposed to be brought in in a few months time.

Kier Stalin cancelled it. He just can't keep his hands out of the pockets of older people to give to his preferred groups. Will have to gold out of their teeth next.

 

[ReganAndCarter]

There's something like a 7 year rule.

Think that's for giving money away to avoid inheritance tax, not care home costs.

 

[motorbiking]

7 year rule applies to inheritance not means testing for care home funding.

 

[Mrs Ten Names]

The Tories said they were going to limit social care costs. The limit was supposed to be brought in in a few months time.

Kier Stalin cancelled it. He just can't keep his hands out of the pockets of older people to give to his preferred groups. Will have to gold out of their teeth next.

The policy was first created in 2014 by he coalition government.
It was repeatedly postponed, by the Tory government.
The Tory government postponed it yet again until October 2025.
The Labour government have now cancelled a policy (a policy created by a Tory/Lib Dem government, and cancelled numerous times by a Tory government) that was not due for implementation until October 2025.
And now there is a Labour government (after just 6 weeks) the typical Tory supporters are up in arms about Labour cancelling a policy not due to be implemented for another 15 months anyway.

Labour have said they will look at the problem holistically.

The question is: what now? The government has said it will ‘grip’ the crisis in social care and doing that means tackling the fundamental issue – the widening gap between the population’s need for support and the availability of publicly funded care.
Tackling this unfairness is the key reform required but sometimes its importance gets overlooked because the current publicly funded system is already creaking at the seams. As a result, care staff are underpaid so there are not enough of them, quality is variable, and there is a postcode lottery between local authorities as to who is able to access the care they need. But just providing more funding for the current unfair system is not enough: the fundamental need is to make the system fairer, with more people able to access care that is, at least in part, funded by the state. This would be the marker of a more decent society.

https://www.kingsfund.org.uk/insight-and-analysis/blogs/labour-cap-on-care-costs

 

[gas112]

Gave both the kids 6 figures each as their early inheritance to put towards houses and then loaned them another large amount of money to complete the purchases which they pay me back each month interest free no point them getting stuck with paying interest to a building society and if we peg it early the debt dies with us . Cant see me or the mrs having to go into care but i thought better get rid of some money just now just in case . Kids have been told that we will be spending all our other money as we choose .

 

[ReganAndCarter]

My Old Man is 91. Got kidney disease, prostate cancer with urinary catheter, alzheimers, vascular dementia, insulin resistant diabetes, atrial fibrillation, high blood pressure, had brain haemmorage, TIA/mini strokes, mostly deaf. Bit like the cat with one eye, half an ear, no tail, three legs - answers to the name of Lucky.

Anyway, I digress. Parents don't really get on, but Mum looks after some of his needs at home with daily visits from carers at minimal cost plus daily visit from district nurse. God bless my mother - your hard work is protecting my inheritance.

 

[martygturner]

Just some basic planning sorts most things out, if a parent has to leave a house move a family member in and pay rent, whilst a few years of rent that goes to the government seems an issue compared to the inflated costs of getting a housing charge its negligible currently the chair home levy against a house is charged at 9% interest , they run up 60k costs interest is charged on that sum at death x years outstanding not per year ie yr 1 10k + 900 intrest, its 60k , so interest is say for a 5yr loan is 27k...,. ,

whilst both parents are alive have the house put into tenants in common, they both own a share and a share of a house is worth nothing , you also need to have a set of wills written that sets up a life trust for each parent, ie I leave my share to my children but my wife can continue to live in the house until..death or any other specific, eg remarry. This does not mean that she can be evicted only that ownership passes, a permanent move to a care home is an option. Place any cash into an insurance bond, insurance is another disregard for social care costs as long as it has a life insurance element no matter how negligible.

 

[Nwgs2]

That wont work I'm afraid, it will be seen as avoiding paying care costs.

7 year rule