Care home - financial advice

Problem with tenants in common arrangement is it assumes the kids won’t claim their inheritance in cash. E.g. married son inherits his half of the house on death of dad. Subsequently he divorces or dies and his ex demands her share of his assets. Unless he can finance it elsewhere mum might be in shit street.
This happens more often you’d think.
 
Problem with tenants in common arrangement is it assumes the kids won’t claim their inheritance in cash. E.g. married son inherits his half of the house on death of dad. Subsequently he divorces or dies and his ex demands her share of his assets. Unless he can finance it elsewhere mum might be in shit street.
This happens more often you’d think.
As long as a cast iron trust is set up he won't technically own it the trust will.
 
Problem with tenants in common arrangement is it assumes the kids won’t claim their inheritance in cash. E.g. married son inherits his half of the house on death of dad. Subsequently he divorces or dies and his ex demands her share of his assets. Unless he can finance it elsewhere mum might be in shit street.
This happens more often you’d think.
All financial arrangements carry risk Dennis so it's a question of weighing up your scenario against the risk of parents going into care and the council putting a charge on the house. I trust my kids more than the council.....
 
Non-related to the OP but something I just thought of reading the posts on here.

Let's say you have to put a parent into a
care home and it's going to cost 4k a month which would then be taken out of the inheritance on the house that is due to go the the child.
Do people who earn say 2k a month, quit their job to look after the parent themselves in order to protect their future inheritance?
 
would have to echo all the good advice you are seeing here

the only thing I would add is as far as the local authorities and any other agency is concerned, get tough, front them out and do not agree to anything - they rely on people assuming that they have your parents best interests at heart and that because they tell you something it must be right and you have to do it - they dont and you dont

Both my parents succumbed to this awful disease and if I'd went along with everything they said I 'had' to do they would have cleaned them out - but as before good professional advice even if you do have to pay for it is well worth it
 
It is to avoid care home fees if jointly owned you can't place half the property into a trust as property is fully owned by both parties
If the property is transferred into an Asset Protection Trust and is done so for a reason other than avoiding care home costs and is done over 6 months before one someone needs to enter into care the local authority will not look to factor the property into consideration. I recommend this arrangement to a number of my elderly clients. Some balk at the cost (£3,495), others due their diligence and realise that the cost equates to on average 1 months care home costs. On a separate note to the OP, sorry to hear the news.
 

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