Autumn statement,Budget

[ditchman]

18 minutes ago, Grandalf said:

Yes Ditchman, it is.   I know you have been through all this yourself.

the way it was explained to me that if joint ownwership and your wife goes into care and you sell your house the govt will take 50% off you............luckerly in my case the house was in my name with my wife written in as right of abode...........you need some serious advice.......get it..

[Lloyd90]

3 hours ago, ditchman said:

the way it was explained to me that if joint ownwership and your wife goes into care and you sell your house the govt will take 50% off you............luckerly in my case the house was in my name with my wife written in as right of abode...........you need some serious advice.......get it..

 

The best thing said there is "you need to get some serious advice", as asking people on the internet who don't work in the sector and have little experience of it doesn't help anyone. 

[enfieldspares]

IHT (Inheritance Tax aka death duties) is a tax paid on the deceased estate of those who distrust their families.

If a parent gifts a house to a heir during that parent's lifetime (and survives seven years) no IHT is payable. I would imagine the same is true if the parent gifts their house to an heir more than seven years before having to go in to care.

Some might call not doing so lack of forward planning when actually it's that the deceased didn't trust their kids.

[discobob]

2 minutes ago, enfieldspares said:

I would imagine the same is true if the parent gifts their house to an heir more than seven years before having to go in to care.

Councils have the right now to look back indefinitely - say you was diagnosed with something that would mean you eventually would need long term care, and you gifted your property to your kids, then 9 years later you end up in a home, the council will come after you

 

3 minutes ago, enfieldspares said:

Some might call not doing so lack of forward planning when actually it's that the deceased didn't trust their kids.

My Ghanian Loving mother is one of these - when my Dad died, I said to her to write to probate to step out of the will and his half would pass to me, therefore protecting at least 50% of the estate. She didn't

When she was sectioned, in a session with the doctors on the first morning she turned round and said that I had tried to steal her house off her!!!

[TOPGUN749]

On 18/11/2022 at 09:25, TOPGUN749 said:

I can assure you that the working tax credit  system is not means tested! It it based purely on income,not savings.The only thing they ask is about interest on savings if it’s over £300 a year.So as I said my brother is entitled to claim this cash and be given all the top ups and handouts for working a few hours for £180 a week,pay no tax or national insurance ,his wife refuses to work at all so extra allowance for her.Everyone thinks it’s means tested but it isn’t unlike the newer universal credit which is.There may not be a lot of people still in the working tax credits system,and not many with huge wealth,but for some it still applies,in fact I know of a couple who had a big inheritance,owned 3 houses,and were still allowed working tax credits and child tax credits based on income of one postman’s wage!