care home/care fees

[Rowgtfc72]

Had a visit from my 76 yr old dad to say he had been cold called about putting the value of his house into a trust fund so if he needed future care it wouldn't eat up the value of his home.
Firstly have told him to tell this person he's not interested but we are now wondering if we should put plans in place.
He's been told he would only need to not go into a home for a year after he put his house into trust so he wouldn't have to sell his home.
He's also been told if he signs over his house to relatives he would have to sell his home if he went into care within five years of this.
Difficult conversation to have as it feels like were thinking of protecting our inheritance rather than doing dafs bidding and trying to save what he's spent his life working for.
Any advice would be most welcome!

Hopefully others with more insights will be along soon, but the golden rule is if anyone cold calls trying to talk you into any kind of financial service, avoid avoid avoid. This is probably designed to make someone a lot of money ,and that someone does not include the older persons being targeted. Be very very cautious. You could maybe contact trading standards and ask them if they have heard of this company.

I looked into buying an annuity to pay for my mum's care. Obviously it depends on the individual but the sum was in the region of £100k and would have covered the fees for life. Monthly care home fees were £3000 at that time.

There are financial advisers who specialise in this so get quotes from at least three.

Happy to share any details if you wish. It's not about protecting your inheritance, it's about financial planning and making his hard-earned cash last as long as possible and cover his care needs.

Is he at the stage where it looks like a care home will be inevitable?

Get specialised and INDEPENDENT financial advice before doing anything, but more importantly steer clear of the cold-calling firm.

Thanks for replies. Going to try age UK first and see if they have any advice and will mention the cold caller to them. His mobility is limited as he has fluid retention due to heart problems and everything else is slowly packing up but he was assessed as not needing home care,I don't think he does either and think we would be looking at Stairlifts and mobility scooters long before actual help as he is very independent.
He just dislikes the fact he's paid into the system for years and will have to sell his house if he has to go into a care home.
We are very lucky in a way he's still very mentally capable.

Before you consider a house sale, the first thing to look at is what he has in the way of savings and how these can best be used to protect his future care needs.

Also worth bearing in mind that plenty of people choose to go into residential care, it's not always something that happens due to poor health.

It's good that you are starting to plan these things while he's still able to discuss the options. If anything happens to him at least you will know what his wishes are.

Older people often seem to assume the choice is between a care home and staying at home. However a better option for many is sheltered or warden assisted housing. This enables semi independent living. For example there may be a restaurant so though you have your own flat you can choose to have lunch cooked for you.As well as warden support you are part of a community which is important for many.

Management fees are much much lower than care homes but you need to buy your own flat. (Which can then be resold so you preserve inheritance - though again you need to choose carefully and watch out for flats with unduly restrictive clauses.)

Placing his home in a trust would seriously restrict options. Yes it would put assets beyond the reach of Social Services/Inland Revenue but also beyond your dads reach as well. His money should be spent first on making his life more comfortable.

Trusts and stuff are the preserve of those looking seriously into Inheritance Tax Planning. You need the advice of a specialist lawyer. Not a cold caller...

This could be a chance to have a more constructive talk with your dad. Look up the 24 hour warden sheltered options in your area (not 'retirement living - a whole different thing.) This might be a move that allows him to avoid a Care Home altogether.

Persuading him to move out of his home of 42 years without a large explosive device under him would be a problem!