Hide your Money....? Best ways

Discussion in 'Diamond Lil's' started by fly_past, Jan 22, 2008.

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  1. When we get old, (which even wet Blobby will ! - sorry) we may have to go into care run by councils.

    Is there any way that you can hide your assets before then so that the council cant sieze them topay for your care, while you wait for god?

    My parents want to leave the house to us children, but still live there.

    Ideas? :thumright:
     
  2. My only advice would be for your parents to sign their assets over to you (the Children) LONG before any kind of state care is on the horizon.
    My mother and father in law have been royally fleeced by a state run care home, with my wifes nan being the only one in the home actually paying for the privilege at a cost of well over £1200 per month until the money had gone down to £20000 iirc and assets were forcibly sold off at a vastly underpriced rate for quick money for the home.

    Be very careful, these leeches have the legal right to pry into all sorts of nook and cranny to find money.
     
  3. also make sure its ironclad... that the parents both get to stay in the house till death or (proven) ill health means they need care

    yes i know its not always nice to think that the children would or could turf out the parents BUT it has been known to happen. also make sure that only blood relatives are the ones left the house.... ie,, if parent out lives the child then the house is left in trust to the grandchildren if any and not the spouse . Make sure said house cannot be sold with out all sibblings agreeing on the sale and the price.
    These things sound easy enough but its these things that can pull a family apart........... so its not just the money grabbing council you need to be wary off.(sadly so)

    P.S.. think there is also a time gap .. somthing like 5 or 7 years between the signing over and parents becoming ill/senile... please make sure your parents take note of the signing over day and keep themselves together till after the allocated time gap is over..........
     
  4. You forgot to mention Josie, that having signed over the house to their offspring, the parents could be evicted and assets sold off should the said offspring become bankrupt or divorced. Also that the parents still living in the house, must pay a full, independently valued, market rent to the offspring, who are then liable to pay tax on it. Otherwise the house is not an 'outright gift', but a 'gift with reservation', which would still be treated as part of your estate for the purposes of death duties.

    2BM
     
  5. I live on the Borders,if I sell up and buy a property a mile over the Tweed I don't have to pay for care.Or a good accountant can find a solution.
    It's funny I thought I served to protect ALL of the UK why does Scotland get this perk plus a host of others?[Don't ask about bone cancer drugs that we can't get yet are availible in Scotland]
    I despise Blair/Brown/Reid/and the useless rest who landed the English in this position.
    We are soft to accept this and I will sell up and move over the border to save my house from the Governments grasping claws.
    All my cash will be protected for my wife, no question.
     
  6. ah ok,, thank you 2BM............ knew i had missed a few tiny bits of info..!!
     
  7. The 7 years that Josie mentions is not reference care home fees it is for IHT. If you die within 7 years of giving a 'gift' it will be counted as part of your estate and you will be taxed accordingly.

    In respect of care home fees - your council can act if you appear to have deprived yourself of assets. Each case will be assessed on matters of fact.

    Tax and elder care planning is a very complex area of the law and your parents Flypast would be best seeking specialist advice.
     
  8. hey i did ok,, since i is not got any smarts like wat rosey as got'd ,,is is jus simple none service folks.......

    (xxxxxxxx)
     
  9. Yes Josie you did very well, and I ain't got no smarties either - or any maltesters!
     
  10. well come here for a gosiip and a hug and i will suply the smarties.... promise xx
     
  11. I've been seeing the government off for years. I've hidden most of my money in Boobs, Jo's and the Palace, and they've never even suspected it!! :w00t:
     
  12. wet_blobby

    wet_blobby War Hero Moderator

    Liar, Liar, pants on fire.... :thumbdown: :dwarf:
     
  13. the major charities ( age concern) can advise nowadays, I know from bitter experience how quickly the social services finacial dept move in when mental health problems become evident, then it is too late to take any legal steps. As for the 7 year law , it seems to depend on your local council, my mum's been in care for over 10 years and it still kills me to write out a 2 grand cheque every month, still somebodies got to pay for the matrons bentley.
    dave
     
  14. Another "slight" problem is if you give it to your children, then they will have serious problems if they are buying their own home, as it will become a second property,
    In that case the mortgage rates would soar

    Jack McH
     
  15. Enjoy spending it on things the barstewards cannot sell... and enjoy giving friends nice pressies! Just remember, them what are responsible and set money aside for a rainy day get fleeced whilst them wot spends all their money gets paid for by you and me!
     
  16. Excess funds can allways be stashed in a Channel Islands bank account. Which I have done in order to avoid a similar problem. The beauty of a CI bank account is that even the mainland branches of whichever bank you choose don't know about the account and neither does anyone else. Oh dear what a shame. :cry:
     
  17. Those of you who are married and have a teenage daughter or two could always try giving excess cash to them, guaranteed to make the stuff disappear.! :thumright:
     

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