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Home care costs -protect property
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Posted June 13, 2012 at 8:46PM
We were talking the other day about long term care in a nursing home (something neither of needs yet) and (as far as we can tell) if you have assets - including a house- you have to sell that to pay for nursing care until your assets are down to about £11000.
Is this correct?
Is there a way a trust fund or similar (after all MP's and the Wealthy do it) can be set up so that all your assets are legally protected, or even just 50% so the non- care patient is not brought to their knees and loses all that has been worked for.
Or should we just spend everything and when we are are skint tell the state to lok after us.
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Posted June 17, 2012 at 11:32PM
rdave13, "children then sell your home to them for an agreed price and rent it from them"
that caused me some (ongoing) heartache, had mine arranged like that and it worked very well for a lot of years, until child's partner caused a rift - as spider9 said "(that's usually where the troubles start!)" Ended up having to buy it back and then downsize or I'd have been homeless and penniless. It's certainly beggered up my retirement plans.
Am still not sure of how to arrange things for the future so will study all info gleaned from this thread.
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