Inheritance

[crapmemory]

Is there any way myself and my husband can "give" our house to our two sons while we are still alive? TIA

[woofgang]

indeed PP, just pointing out (and I misunderstood you) that this is not about sons inheriting but sons being "given" the house (and why the inverted commas?) while the parents are still living.
For your comfort, medical palliative care, including hospice care is still considered to be a function of the NHS and therefore free at point of use so not subject to financial assessment.

[crapmemory]

Just for the record I and my husband have worked hard and now own our house outright. We just wanted to know how we could help our sons and their families while we are still alive. It does seem to me that we are penalised regarding care in later life than the people who have no assets. Thank you all for your input.

[AuntLydia]

FWIW My parents had legal advice when in their 60's and changed there Title to Tenants in Common. When my father died his share went in equal parts to me and my siblings. We now own half the house, my mother the other half. Not sure what would happen if she had to go into a home, but we legally own half the property now so only 50% of the value of the property is classed as part of her assets. This way if she does have to liquidate her assets to pay for care ( before or after her death) they can only legally take 50% of the house. This may be an option for you.

[woofgang]

Aunt Lydia, they don't take anything. What they do is calculate how much public money they are allowed to spend on you/one depending on what the assets are. Whatever the homeowner does, its important to do it early...as the link I posted says, councils don't have to prove that an asset was disposed of to avoid care fees, they just need good reason to believe it.

[fiction-factory]

> We just wanted to know how we could help our sons and their families while we are still alive.

I can't see how giving them the house now would help them while you are still alive- unless you move out and they move in or they sell it/rent it out.

If the aim is to see them benefit from your asset while you are still alive then you could take out equity release and give a chunk of hte proceeds to your children now

[woofgang]

same thing ficfac. If the council have good reason to believe that you have done it to decrease assets in order to avoid paying care fees then they can calculate the value of the house as though you had not done it.

[fiction-factory]

I agree, woofgang. It depends whether the whole thing is being done as an attempt to avoid care fees or whethe rteh priority is to do as stated (" help our sons and their families while we are still alive").

[Peter Pedant]

// We just wanted to know how we could help our sons and their families while we are still alive.//

sell up - downsize and give them the difference

you have had the advice about off loading assets to avoid care fees, and there are rules about doing the above ( pre-owned assets)

see
https://www.hwca.com/app/uploads/2015/02/Inheritance_Tax_Avoidance_Pre_Owned_Assets.pdf

and you will see that it rehearses alot of the above as well