Putting home into Living Trust

2507C0

GrannySomerset

And why should the rest of us pay your care bills if it does come to that? Because that is what is being proposed, and it hardly seems fair.

To me , it is hardly fair that people who have put themselves in debt for 25 or 30 years to buy a home of their own ( not to mention the amount of money spent on maintaining a property) and have done their best to have something to leave their children, have that taken away by exorbitant care fees, whilst someone in the same care facility who has chosen not to go without to buy a home for themselves and their family have there placement paid for by the rest of us.

If people rely on state care to pay their care fees, it is usually because in their working years they were too poor to be able to buy a house or build up a large amount of savings. I met so many people like this when I worked for a big charity for older people.

I cannot understand how anyone, while they were in their right mind would decide that they would rather put their extreme old age/disabled care in the hands of the state, who of necessity will not consider your needs or requirements and wishes when choosing a care home for you, only its price - the cheaper the better.

I can remember the feeling of relief I felt when I realised that if I go into care I can be self-funding, that if my problems are physical not mental, that I can exercise choice over where I go, what kind of place, whether I feel comfortable there, whether the foods suits me, whether I can get a room looking out over trees. If I have dementia, to know that my children would be able to choose somewhere convenient for them as well as me.

I also think it is monumentally selfish and uncaring to not pay for your care when you can afford it, but are happy to rely on people, taxpayers, on small incomes, in housing association homes, who will themselves have to depend on the state because they have so little.

I hold peoplelike that in the same contempt I hold billionaires who have so much money they do not know what to do with it, but wll leave one country for another in order to save money on tax payments.

Wholly agree, M0nica.

These were my thoughts too M0nica.

Of course we don't know why GramaJ is looking at trusts.

Care home fees may be nothing to do with it. I think I have possibly been accidentally sidetracked by comments from 2507C0 and GrannySomerset.

Sorry.

People with assets should pay for their own care, if needed. Why on earth expect our AC and that generation, to carry the burden of paying for you

Both my DM and my FiL had dementia, and both were self funded in their care homes. To me it was something of a ‘luxury’ to be able to self-fund - to be able to choose the time and place, rather than being at the tender mercies of social services, who will often wait until relatives doing their best to care are on their knees with stress and exhaustion - before they will act.
Though given the cost of residential care, TBH it’s not surprising.

A friend, married for many years with four children, put her half of their family home into one of these trusts for her/their children. But she has unexpectedly and sadly died before her much older husband. He needs to downsize but this trust is causing a lot of financial problems although very well meant.

Interestingly her husband, a retired accountant, hadn't thought it was a good idea, and in their case, he was absolutely right!

🌷🌷🌷

Thanks everyone for the comments and experiences. Overall, it doesn’t seem to be a very good option.

I suppose it depends on the thinking behind it.
It must suit some people in some situations.

NotSpaghetti

I suppose it depends on the thinking behind it.
It must suit some people in some situations.

I think it suits the solicitors who peddle these solutions, they can charge ongoing fees for adminstrating the trusts - and dissolving them when the LA ignore them.