Hi,
My husband, who I care for, know that there is every chance that at some point in the future we are probably going to end up in some kind of care home.
We have a daughter (married with children) who lives some distance away and we would not want to have to have her give up everything to care for us.
When we first married we worked hard in order to buy our own house, we have never had holidays abroad or owned a new car (until motability) we were always determined that we wanted to be able to leave our daughter something when we were gone. We no longer have any savings (we don't get enough in benefits to save).
We feel very strongly that yes we made a choice to buy our own home in order to leave something to inherit but had we decided to go down the rented/social housing route + holidays and cars we would probably been in a position to give our daughter financial help prior to our demise we therefore strongly object that we will have to at some point have to have our home sold to finance a care home when had we chosen the other route it would be a care home would be free.
Is there anyway we can gift our home to our daughter now and remain living in it the value of our home is well below the inheritance tax level and assuming we live 7yrs + after gifting it we thought we would be ok to do this however during my research I came across this..................
"With regard to the gift of your home, there are certain exceptions to this rule if there is an unforeseen change in your circumstances in that you become infirm and are unable to maintain yourself through either old age or illness etc. In addition your occupation of the house must be only what might be expected as provision for your care and maintenance by the donee (person you have given the property to). Bear in mind for this to apply the donee must be a relative."
Does the 7year rule come into play with this or is the length of time irrelevant?
I fully appreciate that any advice anyone gives us is not neccessarily absolutely correct but I am asking for advice in the sense of guidance so that we know whether or not to go to a solicitor and talk to them (they charge now NO LEGAL AID anymore).
We would of course discuss this with our daughter and son in law in order to guarentee that it would be legal and that should they split up or fall out with us we would not be made homeless.
The other alternative that I have come across is perhaps Tennants in Common where we would give our daughter 98% and my husband and I keep 1% each.
Any advice anyone?
My husband, who I care for, know that there is every chance that at some point in the future we are probably going to end up in some kind of care home.
We have a daughter (married with children) who lives some distance away and we would not want to have to have her give up everything to care for us.
When we first married we worked hard in order to buy our own house, we have never had holidays abroad or owned a new car (until motability) we were always determined that we wanted to be able to leave our daughter something when we were gone. We no longer have any savings (we don't get enough in benefits to save).
We feel very strongly that yes we made a choice to buy our own home in order to leave something to inherit but had we decided to go down the rented/social housing route + holidays and cars we would probably been in a position to give our daughter financial help prior to our demise we therefore strongly object that we will have to at some point have to have our home sold to finance a care home when had we chosen the other route it would be a care home would be free.
Is there anyway we can gift our home to our daughter now and remain living in it the value of our home is well below the inheritance tax level and assuming we live 7yrs + after gifting it we thought we would be ok to do this however during my research I came across this..................
"With regard to the gift of your home, there are certain exceptions to this rule if there is an unforeseen change in your circumstances in that you become infirm and are unable to maintain yourself through either old age or illness etc. In addition your occupation of the house must be only what might be expected as provision for your care and maintenance by the donee (person you have given the property to). Bear in mind for this to apply the donee must be a relative."
Does the 7year rule come into play with this or is the length of time irrelevant?
I fully appreciate that any advice anyone gives us is not neccessarily absolutely correct but I am asking for advice in the sense of guidance so that we know whether or not to go to a solicitor and talk to them (they charge now NO LEGAL AID anymore).
We would of course discuss this with our daughter and son in law in order to guarentee that it would be legal and that should they split up or fall out with us we would not be made homeless.
The other alternative that I have come across is perhaps Tennants in Common where we would give our daughter 98% and my husband and I keep 1% each.
Any advice anyone?