Barmeyoldbat
Mr B and I have become tenants in common with our house. This allows us to leave our half share in the house to whoever, our son in this case. So if one of us goes into care they can only use half the value of the property for finance. If one of us dies then the property is half owned by our son and still only a half share can be used for finance. Better than losing all. Before anyone comes back and tells me it’s immoral than I would say no more than people hiding money so as not to pay tax or the large firms paying little or no tax. MPs tax expenses etc are another one. No I don’t think this bill is fair as only the rich will gain.
I don’t think it’s wrong to make this provision when you are married, but it is unfair that single home owners cannot do the same to have half the value our homes discounted if we go into care.
I review my finances with an adviser every year and when my funds allow, I give some money to my children, not huge amounts of tens of thousands of pounds but enough to be a surprise bonus for them with their first house purchases.
Mind you, I bought a new car this year so I hope they are not expecting an extra Christmas present this year! Only joking, my children are very independent and always tell me I don’t need to give them anything as they want me to spend it on myself!