2007-03-04 01:05:31 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
sign ur deeds over 2 a TRUSTED family member.
but u must b able 2 TRUST THEM FULLY.
2 do this it must b thru a solicitor & they'll arrange the legal requirements.
do it sooner rather than later.
2007-03-04 01:14:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you sign over your house for the sole purpose of avoiding paying for care then the council will still get their hands on it. If you take out equity release on it then they will get less money but if it is then ut into the bank then once more they can and will get it. If you give away the released equity then you have to survive at least 7 years before it is safe from the local authority and now the tax man. Short answer is that there is no clear cut way of avoiding the inevitable. If any one on this forum finds a way then there is a fortune to be made. Wishing you good health.
2007-03-04 09:14:04 · answer #2 · answered by ANF 7 · 0⤊ 0⤋
You don't say if you have any children or not. If so, sell it to them for cheap say 10k but with the stipulation you can live in it till you die. If you live for seven years after you sell it and then go in a home, the government can't take the property off you. There has to be a seven year gap.
2007-03-04 09:15:32 · answer #3 · answered by Angelfish 6 · 0⤊ 0⤋
You would need to have it signed over to someone or held in trust to them. I am not sure if you sign it over to someone if there would be tax implications.
However, you will need to not require residental care for 7 years or they will still be able to claim on the property.
The benefit of paying for your own care would be that you would have choice about where you go and when. Otherwise if it down to your SW.
2007-03-04 10:37:44 · answer #4 · answered by lovelylittlemoo 4 · 0⤊ 0⤋
I agree with ANF on the legal position. You should have planned your move 7 years ago. I can see a way, but it is of doubious legality.
2007-03-05 17:48:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
one home should be enough for most people.Sell it and invest proceeds so that you can buy yourself extras-personal care costs are free but you may want items not supplied.
2007-03-04 09:17:14 · answer #6 · answered by Clint 6 · 0⤊ 0⤋
If your married change the ownership to :Tenents in common:
instead of :Joint Tenents:
2007-03-04 09:21:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
U need to sign it over to someone else ...
2007-03-04 09:13:22 · answer #8 · answered by jizzumonkey 6 · 0⤊ 0⤋
Buy it, or maybe get a relative to move into it,
2007-03-04 09:09:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
sign it over to someone trustworthy
2007-03-04 09:08:38 · answer #10 · answered by Anonymous · 0⤊ 0⤋