You have to start transferring the old dears assets to other family members when they get to about 60 ish.
Generally if they have enough to live on from the pension just let them have that.
My gran was paying my dad's sister nominal rent for the past about 20 years so when she went to a care home and the house was sold the money was put into funds for other family members.
Obviously you have to have a decent intelligent family.
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Reply to: Care homes fees justified ?
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Previously on "Care homes fees justified ?"
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Originally posted by d000hg View PostMy mum has done some sort of legal thing which 'hides' her assets from the self-funding regulations... she was concerned that all "my inheritance" would be drained away should she decide she needs to enter such a place.
Some sort of trust IIRC, the details escape me though.
To the OP - we were looking at care homes for my mum at the beginning of the year - no dementia, but tendency to be a bit confused. Generally not needing nursing care. It was about £1100pw IIRC. We did visit their 'dementia unit' too - it was very nice, and there was a very high staff to inmate ratio, but I don't want to think about how much it cost! It was a Sunrise home, which might be higher end of scale.
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Originally posted by BigRed View PostHe had worked all his life and paid taxes plus saved carefully and at the end he might as well have not bothered.
It is a very different world from when I was young. I still remember borrowing being called the "never never". Now it requires everyone to spend to keep the economy afloat. There was a bit of an economic lull recently so the government has unlocked access to pensions. So it can to spent. Which I suppose is better than having it go towards nursing home fees.
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Originally posted by ELBBUBKUNPS View PostNot washing hands, we would of looked after her if we could, she lived with my mother circa 300miles away from me, but mother herself is old and was not physically able to care for my nan, hence home last resort.
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Originally posted by JRCT View PostThere are no old people in Scotland. They just look it.
My old folks are the same age as HMQ and DofE, and thank God still sprightly and marbled-up enough to look after themselves with no trouble.
Actually, my father who is 92 still drives them both hundreds of miles, although he has trouble seeing in the dark so they try and drive during the day.Last edited by OwlHoot; 19 November 2015, 15:57.
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There must be some other major costs - profits are surely substantial though.
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Originally posted by ELBBUBKUNPS View PostI didn't know it was free in Scotland, in UK once you are down to last 16k ish the council funding kicks in if family can't top up fees then you have to find a home were the council funding will cover it and that in my nans case is around 1.5hr drive a way, not ideal if you want to visit everyday.
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Originally posted by vetran View Posthttp://www.rcn.org.uk/__data/assets/...237/003860.pdf
Extended Care / Nursing Home Hospital Setting Salary, Average Salaries | PayScale United Kingdom
so costs are say 11 employees to cover 2 positions = £220k. 36 patients * £5k = £180k they may have a point. You may be able to use cheaper staff to supplant the nurses and have a nurse on call.
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That's why you should use a trustworthy financial advisor to help you decide if it's a good idea or not. Interesting, thanks for sharing.
That article (for anyone too lazy to read it) makes vague warnings and urges caution which is sound advice with any substantial financial decision
Anyway, in mum's case if this isn't valid it just puts us back where we were minus the fees. More than likely she'd pass on the house in early inheritance in that case.
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What we know about current staffing levels
– care homes and community
In care homes there is an average ratio of 18 patients
per registered nurse during the day, and 26 patients per
RN at night.
Extended Care / Nursing Home Hospital Setting Salary, Average Salaries | PayScale United Kingdom
so costs are say 11 employees to cover 2 positions = £220k. 36 patients * £5k = £180k they may have a point. You may be able to use cheaper staff to supplant the nurses and have a nurse on call.
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Originally posted by ELBBUBKUNPS View PostI didn't know it was free in Scotland, in UK once you are down to last 16k ish the council funding kicks in if family can't top up fees then you have to find a home were the council funding will cover it and that in my nans case is around 1.5hr drive a way, not ideal if you want to visit everyday.
Didn't know about that hiding asset trust thing I will look into that as though too late my nan its probably not to late for my mum who looks to be going the same way.
1)A Will Trust into which the estate she inherited when my father died is placed - i.e. 1/2 what they jointly owned
2)A Family Protection Trust
Hopefully that might be useful for googling, etc. In some way it means she still owns/has full use of her assets, but they technically are held in trust for myself (I think).
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