Financial stuff

Share your ideas about the practical side of caring.
Thinking ahead to the possibility of my wife having to go into care home at some time in the future, is there anything I should be doing now to minimise the costs to us?

We own our home outright in joint names, my wife has more than the £23.500 threshold in savings,(I don't think it's relevant, but I also have more than that).

Current benefits are just the higher rate of Attendance Allowance for my wife and zilch for me as I'm in receipt of State Pension.

Wills are in place leaving all to each other, or to our son If we were to both die at the same time.
Marshalling assets / income ahead of a possible move into a retirement home ?

Age UK guide ... in .pdf format ... almost " The Bible " in this area :

https://www.ageuk.org.uk/globalassets/a ... es_inf.pdf

As for " Marshalling " , specialist advice is to be recommend ... in writing ... so many mines.

Ownership ... tenants in common / joint tenants .. and wills ... both high on that agenda.

Several threads touch apon these essentials , and how they effect the game plan.

Whatever transpires , highly probable that your cash strapped LA will seek to challenge any aspects ... if they elect to do so.

Also , the Green Paper due by the end of the year ... may have changes to the present System ... for background :

https://www.carersuk.org/forum/support- ... ness-32659


CAVEAT EMPTOR !

( Buyer beware )

What may work now is not guaranteed to work tomorrow.
Yes, defo, from what I've read on this forum in my time, put your property into 'tenants in common' not joint tenants (which is the more usual).

That way, if YOU go under a bus and your wife is still alive, she does NOT automatically inherit your share of the house which would then be used to continue to fund HER care.

Make sure you don't have mirror wills, so you can leave YOUR house and assets to your son, to keep them out of your wife's estate and so safeguard them from being used for care fees.

Horrid, but essential. (I'm sure your son will agree!)

Yes, it's 'only fair' that a homeowner should pay their own care home costs (as in, otherwise the tax payer has to!), BUT, that should be their OWN assets, not their spouse's. I think it's perfectly fair to leave YOUR share to your son, not your wife.
My mum kept losing her Halifax book. In the end the manager of the Halifax did a home visit to do a new account (took a lot of persuading!) and he suggested that I was a joint signatory, as they didn't have a way of recording the third party mandate I had at the time.

Later, when I was seriously ill, mum needed carers. As her Halifax money was in joint names, only HALF of it counted as being hers, because I had free access to it as well. Mum always said I could take whatever I needed from it, but I never did. I knew that after she died, it would all become mine.

So if your wife has a joint account with you, only half of it counts as hers!!

Does she have mental capacity?
Yes definitely look up tenants in common (for owners not tenant)
Thanks all, I think a trip to the solicitors is in order soon, we're going to have to sort out the "tenants in common" thing and alter our wills by the sound of things.

Does changing from *joint tenants* to *tenants in common* not come under *deprivation of assets*?
That's where the legal advice comes in.

Marshalling / avoiding ... a rizla cigarette paper between the two ... at times.

Deprivation of assets ... a minefield if ever there was one.

Many links and advice out there ... try Age UK for starters :

https://www.ageuk.org.uk/information-ad ... of-assets/

Golden rule at the moment appears to be ... if there is a chance to save monies , an LA will probe ...

For some , pacifying their local LA is one thing ... don't forget the Taxman .. or Taxwoman ... further down the line.

Ownership ... joint tenants / tenants in common :

https://www.which.co.uk/money/mortgages ... lkh0x4ct97


The following article from the Guardian opens up Pandora's Box on the care homes issue :

https://www.theguardian.com/money/2014/ ... e-solution
"Does changing from *joint tenants* to *tenants in common* not come under *deprivation of assets*?"

Interesting - and scary! - question!

One might argue that the point about 'deprivation of assets' is that those assets are ALREADY OWNED by the person 'getting rid of them' (ie gifting them to children or whatever).

However, to simply 'change your will' (which is essential what you can do once you are tenants in common not joint tenants) is to 'promise to dispose' IN THE FUTURE.

????

But it's definitely a scary thought - I'm sure local authorities would LOVE to claim it as deprivation of assets!
Marshalling ... avoiding ... that rizla cigarette paper looks thinner everytime ?

Same thought when considering the Taxman ... or Taxwoman.

There are schemes ... and there are schemes.

Will it take a court case to see which work ... or don't ?

Social care ... should / could / would ... NEVER yes or no ?
I can not imagine an LA asking the question "From what date did you become tenants in common?" if you have lived together for many years before ------but then you never know I suppose. I doubt most of them would ever have heard of it.