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Stocks n Shares ISA

Darlo1973 said:
I'm in the process of getting my mam into a care home. The costs are mind boggling and given the prices of NE houses her equity isn't going to last long.
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It's ridiculous mate, my Gran and Grandad were never on benefits, worked their whole lives, had a nice house, savings. Gran ended up in a care home and basically the house sale and savings were all used to pay for the care home costs, yet you have others in there who get it for free, seems mad.
 

Geppetto said:
It's ridiculous mate, my Gran and Grandad were never on benefits, worked their whole lives, had a nice house, savings. Gran ended up in a care home and basically the house sale and savings were all used to pay for the care home costs, yet you have others in there who get it for free, seems mad.
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I'm currently going through the financial assessment process with Durham CC. If you have over £23,500 in total assets then you get no help at all. If you've got a net worth of a few hundred grand then the fees aren't that much of a problem but with a terraced house in Bishop (about £90k) and a few thousand in life savings then it's only about 2 years worth. After that she would have the upheaval of maybe having to move from somewhere she likes to wherever the council say she has to go - or, more likely, I would have to take over paying towards the fees.

I'm not saying that care homes should be free. It is perfectly reasonable for wealthier people to be asked to contribute to their accommodation and care but the costs are getting out of control.

Hopefully another 25-30 years before it becomes an issue for me. Dread to think what it will cost then. If people deliberately start making themselves skint in their 80s after enjoyed a comfortable retirement in their 60s and 70s then the costs to the taxpayer are going to meltdown the economy.
 
Darlo1973 said:
I'm currently going through the financial assessment process with Durham CC. If you have over £23,500 in total assets then you get no help at all. If you've got a net worth of a few hundred grand then the fees aren't that much of a problem but with a terraced house in Bishop (about £90k) and a few thousand in life savings then it's only about 2 years worth. After that she would have the upheaval of maybe having to move from somewhere she likes to wherever the council say she has to go - or, more likely, I would have to take over paying towards the fees.

I'm not saying that care homes should be free. It is perfectly reasonable for wealthier people to be asked to contribute to their accommodation and care but the costs are getting out of control.

Hopefully another 25-30 years before it becomes an issue for me. Dread to think what it will cost then. If people deliberately start making themselves skint in their 80s after enjoyed a comfortable retirement in their 60s and 70s then the costs to the taxpayer are going to meltdown the economy.
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You can give it away as long as you live for two years after the gift. I believe.
 
Darlo1973 said:
I'm currently going through the financial assessment process with Durham CC. If you have over £23,500 in total assets then you get no help at all. If you've got a net worth of a few hundred grand then the fees aren't that much of a problem but with a terraced house in Bishop (about £90k) and a few thousand in life savings then it's only about 2 years worth. After that she would have the upheaval of maybe having to move from somewhere she likes to wherever the council say she has to go - or, more likely, I would have to take over paying towards the fees.

I'm not saying that care homes should be free. It is perfectly reasonable for wealthier people to be asked to contribute to their accommodation and care but the costs are getting out of control.

Hopefully another 25-30 years before it becomes an issue for me. Dread to think what it will cost then. If people deliberately start making themselves skint in their 80s after enjoyed a comfortable retirement in their 60s and 70s then the costs to the taxpayer are going to meltdown the economy.
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But how much tax have they generated and how much revenue have they been paying into the economy doing it? Why should they have to pay for thier ill health when those people who have put only a fraction into the system get it all for free?

There should be zero cost for ill health in this country. None.

Especially while billions is wasted every month on shite in this country and overseas by successive governments
 
im not roland rat said:
But how much tax have they generated and how much revenue have they been paying into the economy doing it? Why should they have to pay for thier ill health when those people who have put only a fraction into the system get it all for free?

There should be zero cost for ill health in this country. None.

Especially while billions is wasted every month on shite in this country and overseas by successive governments
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It's not the healthcare you are paying for. If you were ill enough to be in hospital then it would be free. It's the extra support needed for people who cannot live independently. If care homes were totally free then those who owned their own home would just rent them out to make extra money while they weren't paying for their own accomodation.
 
Darlo1973 said:
It's not the healthcare you are paying for. If you were ill enough to be in hospital then it would be free. It's the extra support needed for people who cannot live independently. If care homes were totally free then those who owned their own home would just rent them out to make extra money while they weren't paying for their own accomodation.
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The minute you’re deemed not fit to live on your own by a healthcare professional then the government should be picking up the tab!
 
Big Jeff said:
You can give it away as long as you live for two years after the gift. I believe.
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I believe it is 7 years for inheritance tax purposes.
As for benefits, it could be called deliberate deprivation of assets, or some such term, and I'm not sure if there is a time limit on that. Others will be more informed on that topic than I am.
I only mention it as we know we are just a chat forum doing our best but, some people may take such comments as gospel and plan accordingly. 👍
 
OldNewtown said:
I believe it is 7 years for inheritance tax purposes.
As for benefits, it could be called deliberate deprivation of assets, or some such term, and I'm not sure if there is a time limit on that. Others will be more informed on that topic than I am.
I only mention it as we know we are just a chat forum doing our best but, some people may take such comments as gospel and plan accordingly. 👍
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Aye fair point.

Keep it under ya floorboards and never go near a bank.
 
OldNewtown said:
I believe it is 7 years for inheritance tax purposes.
As for benefits, it could be called deliberate deprivation of assets, or some such term, and I'm not sure if there is a time limit on that. Others will be more informed on that topic than I am.
I only mention it as we know we are just a chat forum doing our best but, some people may take such comments as gospel and plan accordingly. 👍
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Yes 7 years for inheritance tax, no time limit for deprivation of assets they can go back as far as they want when looking into avoiding care home fees.
Other thing to watch out for is peoples perception that the 7 years for IHT is on a sliding scale where the amount that needs to be paid decreases from 40% to 0% from 1-7 years, this is only the case if you've given away over £325k, not many people will be able to do that.
 
Darlo1973 said:
I'm currently going through the financial assessment process with Durham CC. If you have over £23,500 in total assets then you get no help at all. If you've got a net worth of a few hundred grand then the fees aren't that much of a problem but with a terraced house in Bishop (about £90k) and a few thousand in life savings then it's only about 2 years worth. After that she would have the upheaval of maybe having to move from somewhere she likes to wherever the council say she has to go - or, more likely, I would have to take over paying towards the fees.

I'm not saying that care homes should be free. It is perfectly reasonable for wealthier people to be asked to contribute to their accommodation and care but the costs are getting out of control.

Hopefully another 25-30 years before it becomes an issue for me. Dread to think what it will cost then. If people deliberately start making themselves skint in their 80s after enjoyed a comfortable retirement in their 60s and 70s then the costs to the taxpayer are going to meltdown the economy.
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hopefully theirs a pill available in 25-30 years time
 
Big Jeff said:
You can give it away as long as you live for two years after the gift. I believe.
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Not true at all, deprivation of assets can go back much longer if the council believe funds have been given away to avoid care costs

Matt Hopkins said:
Yes 7 years for inheritance tax, no time limit for deprivation of assets they can go back as far as they want when looking into avoiding care home fees.
Other thing to watch out for is peoples perception that the 7 years for IHT is on a sliding scale where the amount that needs to be paid decreases from 40% to 0% from 1-7 years, this is only the case if you've given away over £325k, not many people will be able to do that.
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Absolutely spot on
 
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