Looking for some experiences and advice please (we are planning to get some proper legal and financial advice too but just for a bit of preliminary research).
It's sadly looking increasingly likely that my MIL is going to be diagnosed with dementia. She is living independently with a partner in his home and coping well for now but we are trying to plan proactively as best we can for an uncertain future.
My SIL now rents out the home MIL used to live in before moving in with her partner. Mortgage not yet paid off. Obviously this is an asset that would be assessed if she were to ever need social care in future.
Is there any kind of protection for a child (albeit a grown-up child!) living in the family home still in a situation like this? I understand there is for a spouse or partner but we're unclear on this.
SIL has suggested they look into putting the house into a trust, however I think this could fall under deprivation of assets. She's understandably anxious to make sure she can stay in her home. She is unlikely to be able to get a mortgage to buy the property (or another elsewhere) due to her financial situation and is quite resistant to the idea that she might ever have to rent elsewhere (for the same financial reasons she's quite unlikely to find anywhere decent for the same price).
It's a really tricky situation that I can imagine will only become more complicated so I'm just trying my best to support everyone by gathering facts. I'd rather MIL had this asset at her disposal in future to fund the best care possible if it ever comes to that - but nor do I want to see my SIL lose her home. I do think she needs to prepare herself for that eventuality though.
Grateful for any advice from anyone who's been in a similar situation. If you read this far, thank you.