Gould & Swayne Solicitors of Street, Glastonbury and Highbridge, Somerset, UK
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Nursing Home Fees
Will I have to sell my home if I go into care?
If you need care permanently in a home and you are the sole occupier of the house then you will be expected to sell your house and use the money to pay for the fees of the home.
What happens if my husband or wife is living in the house? Can they still make you sell?
No, the house should be disregarded if it is occupied by your spouse.
Is there any way I can save the house by giving it to my children now?
It is possible to transfer the house to your children and still live in it, but you must think very carefully before doing something like that because if it does not work out it is very difficult to unscramble and can have serious consequences.
What sort of things could happen?
Well, first of all the government has wide powers to undo such transactions if they believe they have been done with the intention of avoiding payment of nursing home fees. Secondly, you will be living in a house which does not belong to you. It would be owned by your children. This means that it will form part of their estates if they die and will be part of their assets if they separate from their spouses or fall into financial difficulties.
But it will save a lot of Inheritance Tax, if I live for seven years, won’t it?
No – you will not save any Inheritance Tax if you reserve any benefit from the assets you give away. By continuing to live in the house you are reserving a benefit and will not save any tax however long you live.
Legal advice may vary according to the circumstances of each particular case. Please contact us for advice.