To liquidate everything when I get to 60 and live in luxury hotels until the cash runs out

[Everythingisnumbersnow]

Just thinking who wants to be old anyway plus I really resent the idea of all my money going to dodgy offshore small business owners (aka care home owners).

We'll see how it goes but I'm pretty excited about this.

It doesn’t matter if it’s spent or not. It would simply be your children’s debt to repay. Whether that be via them selling their assets, making monthly payments, or a legal charge made against their home.

maybe you expect to give all your cash to your children who will then also refuse to invest in any assets or belongings, but simply spunk it on disposable intangibles themselves rather than securing a home or any security for your grandchildren?
Because that sounds realistic… all to save your care home fees 😂

most of us don't end up.in a care home. Its about 450,000 which is less than 1% of the UK population.
Only one of my grandparents did, and she chose that rather than living with her daughter. All the rest lived independently until they died. MiL had a huge stroke and is in a care home.

I dont know why you had to talk about kids etc. I never mentioned them. Also, I was not comparing this to anything, just saying this particular scenario is very sad.

Being on your own in a care home is also sad, as having children who dont care about you. But its not an either/ or, its just two unconnected sad situations. I guess its more to do with how you live your life to arrive at that point, of being a frail old person no one wants.

This doesn't make sense. Why are you comparing people on a cruise to people who need round the clock medical grade care?

There is a huge difference between a Retirement Village and a Care Home. A Retirement Village (or sheltered accommodation) is where older people live independent lives, in their own flats, within an elderly community, that has tailored facilities for them, like entertainment venues, restaurants, gyms and nice gardens and communal areas for people to get together. My dad lives in one of these. He bought half the flat for £155k, and he rents the other half, which costs him £723 a month.

A care home is where people end up when their health has deteriorated so dramatically, that neither they or their families can provide adequate care for them (think, incontinent, immobile, dementia etc). These cost around £7000 per month.

Your friends pay £7800 a month (£3900pp) to live on a cruise ship. Now granted, that's cheaper than if they went in to a Care Home, which would cost £14k a month for both of them, BUT, it's significantly more expensive than if they had stayed in their original home, or moved to a Retirement Village.

And no one would move themselves into a Care Home if they were still healthy enough to go on cruises. Would they??🙄

Also, being aware of how much decent care homes cost - about 4k a week - luxury hotel would be a better option all around. Or going on long cruises, I know old ladies who do that.

But this is all only when you are healthy enough. Once your physical or mental health declines, hotels and cruises are not going to be an option.

They will consider a few things:

“If paying for care and support was a significant reason for you giving away your assets”

this is the reason the poster in question is giving away her assets

It's therefore not a comparison.

As someone in their 60’s this sounds fab, can I join you?
Yes you might be one of those ninety year olds still running marathons; but realistically you won’t.
Go for it op!

Luxury hotel where though?

You can stay in a hotel in central Bangkok for £50/night including breakfast, a gym and a rooftop pool. The remaining £32 can get you a lot of pad Thai, massages, and yeah, probably a bit of nurse care too.

I'm not saying it's a complete solution, but you absolutely can live very cheaply in many parts of the world in luxury hotels.

My great grandfather did this. When my great grandmother died he sold their villa and moved into a local hotel. They had lived in Spain for 30+ years. He couldn’t manage a home by himself and didn’t want to move back to the UK to be with family. It worked out well for him and also us as it was easy to visit.
He did come back to live with my nan (his daughter) for the final year and eventually into a care home towards the end. At this point he was well into his 90s.

Nothing wrong with the OP's moral compass?

Euthanasia isn't available so unless op has a life limiting health condition and has booked a trip to Dignitas, the 'state' (Tax payers and other care home residents) will be picking up the tab.

To paraphrase 'I don't want to be screwed by care home owners so I will screw other pensioners and tax payers'

Yes! Always with impeccable manners and very neatly presented!
Makes me think of lovely older neighbours/family members when we were growing up 🙂

Surely all that statistic means is that less than 1% of the current UK population is in a care home? It doesn't reflect what % of people will end up in a home when they reach, say, the age of 90. I accept that most people probably don't, but it certainly won't be less than 1% of current 90 year-olds who are in a home. Both of my parents-in-law ended up in a care home, and my husband's only uncle did too.

So how would they prove this? Have you thought about that, you know, the reasons why the LA may try and claim deprivation of assets?

Ah. In England WSM was on the Eng. Lit syllabus along with F Scott Fitzgerald, Doris Lessing and .... someone else 😀

We also had "The Tenant of Wildfell Hall".

Ahh, I see. I wondered if I had misunderstood. I thought it was those who were in the same care home but being paid for by the council.

You did mention children

Or even worse, being an old, frail person with no children or family who one day realises the money has run out.

I could win the lottery and blow it all up the wall in 10 years and have to live off government help. How far do they look back? 10 years? 20? Your entire life? Are we so controlled by the government that we have to save every penny to pay towards our care? Genuine questions. As far as I was concerned my money is mine to do what I want with. I didn’t realise that if I decide to blow my own cash that I’ve worked hard for on whatever I want my children would be liable to pay it back.
I knew that if I gave my kids money too late that the greedy bastards would come after it. But I thought if it was given 15-20 years before death it was ‘safe’ I will need to research in to how long before it is safe and they can’t come after them. Or else spend every penny and they will unfortunately have no inheritance

What I meant is "no children or family around".

Some people live on cruise ships, they’ve got food, housing and an element of healthcare on board.

The moral compass which needs calling out is that of a state which forces people into care homes to receive inhumane treatment (and often abuse) when they would rather be dead.

I've looked at some of those round the world cruises that are for 110 days. Just thinking if you could afford it you could go round the world in circles, get off one cruise ship and straight back on to another. I've got 3 kids so would want to leave a good chuck to them but I agree with PP that RR would tax fresh air if she could.

spending your own money yourself is not deprivation of assets

you have said yourself you will be passing your children’s inheritance to them many years before you die to avoid losing it in care home fees. That’s exactly what deprivation of assets is. There is no point in your comparing it to other random things which are not deprivation of assets.

before you do this you should consider that local authorities are smarter, more experienced and have greater resources at their hands than you do.

Tossing out these simplistic “yeah but what ifs” isn’t going to stop them getting an order for deprivation of assets against you and recovering your child’s “inheritance” back to pay for your care.

What I’m asking is how long does it have to be before it’s ‘safe’? let’s not call it ‘inheritance’ it’s just money. A gift. Say I gifted my kids £50k a piece at 65 for them to buy an house or whatever and lived until 85 would they have to pay it back?

There is no time limit. It is not at any point normal to pass your wealth and assets onto your children and live with nothing for a significant period of your life.

can you think of any genuine reason why a 45 year old would sell their assets and transfer the wealth to their children and go on to live in i.e a caravan in relative poverty for the rest of their life? A 65 year old? A 75 year old?

It’s not the length of time. It’s the behaviour, which is almost always deprivation is assets. It’s not like you’re the only person to think of it