My parents are elderly and live together in the family home. The home belonged to my mother initially but ~20 years ago she put one of my siblings on as a co-owner. As time passes, I am concerned about the implications of this arrangement for their long-term care.
For example, if my mother needed to avail of the Fair Deal (nursing home loan) scheme, would she need the explicit permission of the co-owner (her adult child)? I have looked at the Fair Deal information online but their case studies seem to only refer to co-ownership of the family home with a spouse.
More worrisome, if my father were to need nursing care could he avail of the Fair Deal Scheme listing the family home as an asset? As I understand it, in putting my sibling on as a co-owner my mother included a clause to say that my father could live in the family home as long as he needs to (but otherwise he gave up his inheritance right). But residing in the family home and availing of it as an asset are different issues. My sibling does not live with my parents. Any advice welcome.
For example, if my mother needed to avail of the Fair Deal (nursing home loan) scheme, would she need the explicit permission of the co-owner (her adult child)? I have looked at the Fair Deal information online but their case studies seem to only refer to co-ownership of the family home with a spouse.
More worrisome, if my father were to need nursing care could he avail of the Fair Deal Scheme listing the family home as an asset? As I understand it, in putting my sibling on as a co-owner my mother included a clause to say that my father could live in the family home as long as he needs to (but otherwise he gave up his inheritance right). But residing in the family home and availing of it as an asset are different issues. My sibling does not live with my parents. Any advice welcome.