ChatterBank4 mins ago
Hiding Assets
44 Answers
There was recently a post about whether you could sell your home to children to later avoid having to pay care home fees. Well putting the house aside, I wondered about protecting your assets. As far as I am aware, if you have a stash of cash, you somehow need to get it out of the banking system otherwise the authorities can quite easily find it. putting it into the stock market or buying premium bonds won't keep it hidden because they can find money that has been invested like that.
So to get cash out of the banking system and away from the authorities, it would hardly be recommended to take the cash out of the bank and Stuff it under a mattress, so what about buying something valuable like jewelry or antiques maybe then keep them in a safety deposit box? Is there any way the authorities could get hold of something like that and claim it back towards paying care costs?
So to get cash out of the banking system and away from the authorities, it would hardly be recommended to take the cash out of the bank and Stuff it under a mattress, so what about buying something valuable like jewelry or antiques maybe then keep them in a safety deposit box? Is there any way the authorities could get hold of something like that and claim it back towards paying care costs?
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Aah, I see! All the more reason for refusing to disclose assets mentioned in Wills to the local authorities. They do not have the power to insist that this information is disclosed. The sentimental value of items left to children in Wills often far exceeds monetary value and Councils do not have the authority to insist that family heirlooms are sold to reimburse funding no matter how insistent they are that they can do so.
You and your siblings remain the only source of information regarding your parents assests as far as the local authority is concerned. They can only work on the information you and your siblings provide them with when assessing the fees due. Left too their own devices, they will strip you all of every penny they think they can lay their hands on. Please don't be fooled or overwhelmed by their powers.
You and your siblings remain the only source of information regarding your parents assests as far as the local authority is concerned. They can only work on the information you and your siblings provide them with when assessing the fees due. Left too their own devices, they will strip you all of every penny they think they can lay their hands on. Please don't be fooled or overwhelmed by their powers.
That's interesting information MTbowles, particularly the point you mention about "the sentimental value of items left to children in Wills often far exceeds monetary value and Councils do not have the authority to insist that family heirlooms are sold to reimburse".
Just going back to the original question I asked which was about maybe buying something valuable to then pass on that the authority can't touch rather than just having a stash of cash that will be taken to pay for care, as in my parents case!
Just going back to the original question I asked which was about maybe buying something valuable to then pass on that the authority can't touch rather than just having a stash of cash that will be taken to pay for care, as in my parents case!
MTBowels, that is nonsense.
Firstly a Will once Probate is granted is a public document.
Secondly, any creditor of the deceased can compel the executors to liquidate any assets to pay a debt that has accrued in the deceased's lifetime.
Faiure to disclose assets in order to obtain funding would be fraud.
Firstly a Will once Probate is granted is a public document.
Secondly, any creditor of the deceased can compel the executors to liquidate any assets to pay a debt that has accrued in the deceased's lifetime.
Faiure to disclose assets in order to obtain funding would be fraud.
That's interesting Barmaid. We started paying for the care my parents received even before they went into a care home as they had carers visiting their own home every day until this just became unmanageable.
Once they went into the home as residents we continued to pay, I'm not sure how it all worked as my brother handled everything as he was given power of attourney. He knew we would have to pay as my parents owned their home and that they had savings. Whilst they were in the home my brother put the house up for sale and it was sold.
When my parents died, we had paid for everything so I assume that the authorities didn't come looking at the will as they had no need to.
Once they went into the home as residents we continued to pay, I'm not sure how it all worked as my brother handled everything as he was given power of attourney. He knew we would have to pay as my parents owned their home and that they had savings. Whilst they were in the home my brother put the house up for sale and it was sold.
When my parents died, we had paid for everything so I assume that the authorities didn't come looking at the will as they had no need to.
Barmaid, I suggest you read my my previous posts with some assiduousness before telling me I'm talking nonsense.
Before you start discussing fraud and suchlike, I'd refer you to my earlier comment regarding a discussion I had with the local authority when I said I wished to take up the deferred payment route. My experience having spoken to others in a similar position is that local authorities are reluctant to disclose that they can offer the next-of-kin a deferred payment agreement if they request it. Yes, it is amongst the legalese present on the document that the next-of-kin has to sign following the admission of their relative to a home, but they prefer not to inform the relatives simply because of the cost to them of administering such an agreement.
In my case, I was initially told that the local authority did not operate such a scheme and all payments had to made monthly from income received by the resident. Given that the cost of residency is anything between £500 and £1000 per week, the impracticality of settling the fees by this route soon becomes apparent when the resident has no capital and relies on state income. I'm sure you'll agree with this.
I'm grateful for you comments regarding creditors forcing executors to liquidate any assets, however once again, you've misunderstood. I had an agreement in place to defer the costs until after my mum's death. Due to the agreement, the local authority had to wait for payment in the weeks following that sad occassion. I had informed them that the only capital assets were in the form of my mother's home and they would have to wait until it was sold.
My Solicitor advised me that the local authority could jump up and down as much as they wished, but they could NOT force me to sell my mum's home. I do appreciate your opinion appears to give the contrary view.
The Will had absolutely nothing to do with these events and our solicitor advised me to seek a POA quite early on after my mum had been put into residential care to protect her assets. Throughout the time she was in the home, around three years, I was harrassed at least monthly by the council team responsible for the collection of the fees despite the deferred payment agreement having been in place since around the third month following her admission. They even phoned me one day to tell me they would liquidate my own assets and officially rescind the POA.
Before you start discussing fraud and suchlike, I'd refer you to my earlier comment regarding a discussion I had with the local authority when I said I wished to take up the deferred payment route. My experience having spoken to others in a similar position is that local authorities are reluctant to disclose that they can offer the next-of-kin a deferred payment agreement if they request it. Yes, it is amongst the legalese present on the document that the next-of-kin has to sign following the admission of their relative to a home, but they prefer not to inform the relatives simply because of the cost to them of administering such an agreement.
In my case, I was initially told that the local authority did not operate such a scheme and all payments had to made monthly from income received by the resident. Given that the cost of residency is anything between £500 and £1000 per week, the impracticality of settling the fees by this route soon becomes apparent when the resident has no capital and relies on state income. I'm sure you'll agree with this.
I'm grateful for you comments regarding creditors forcing executors to liquidate any assets, however once again, you've misunderstood. I had an agreement in place to defer the costs until after my mum's death. Due to the agreement, the local authority had to wait for payment in the weeks following that sad occassion. I had informed them that the only capital assets were in the form of my mother's home and they would have to wait until it was sold.
My Solicitor advised me that the local authority could jump up and down as much as they wished, but they could NOT force me to sell my mum's home. I do appreciate your opinion appears to give the contrary view.
The Will had absolutely nothing to do with these events and our solicitor advised me to seek a POA quite early on after my mum had been put into residential care to protect her assets. Throughout the time she was in the home, around three years, I was harrassed at least monthly by the council team responsible for the collection of the fees despite the deferred payment agreement having been in place since around the third month following her admission. They even phoned me one day to tell me they would liquidate my own assets and officially rescind the POA.
I instructed an estate agent/auctioneer to sell my mum's house one month after her death. The intervening period had been used to clear the property contents. The auctioneer had the property up for auction online after a further two months and the property was sold six months following her death.
The point is that I made only nominal initial payments to the local authority for the first few months and they were forced to wait for full payment until around 44 months after her admission (The three years she was in care, the six months it took to sell the property and two months before the money was released to me by the solicitor). As I said, my solicitors advised me that the local authority had no means of forcing me to expediate the process and it turns out, he was correct.
The point is that I made only nominal initial payments to the local authority for the first few months and they were forced to wait for full payment until around 44 months after her admission (The three years she was in care, the six months it took to sell the property and two months before the money was released to me by the solicitor). As I said, my solicitors advised me that the local authority had no means of forcing me to expediate the process and it turns out, he was correct.
I know alberqerty. To be honest, I was waiting for them to threaten to take my first born as well as send the plague of locusts! It just goes to show how threatening these people can be when they claim that they are protecting public funding.
At one point, I was in tears listening to these threats and asked the woman if she would like to be treated in this manner if her nearest and dearest was in a home. She had the gall to tell me she would find it acceptable.
At one point, I was in tears listening to these threats and asked the woman if she would like to be treated in this manner if her nearest and dearest was in a home. She had the gall to tell me she would find it acceptable.
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