Fair Deal Scheme Succession Planning

[eisfspike]

Hi There,

Would anyone know of any tax accountant which specialises in the fair deal scheme? From speaking to my current tax accountant I am told that there is actually not manay people out there who can advise on this system as it is overcomplicated.

My wife is in a nursing home under the fair deal scheme. All my assets were valued etc 5 years ago and a proportion paid. I beleive now the house is off limits and i am paying a % of my salary to the HSE. I am wondering from a succession point of view I have my own business and house. If something should happen to me do all my assets go to the government (via my wife) as opposed to my children? My house is in the names of myself and my wife so what would happen in this scenario?

If anyone could advise or let me know of a good accountant who knows this system I would be very grateful.

Thank you.

 

[cremeegg]

Its really not that complicated.

The amount your wife has to pay the home each month is assessed at the outset. This reflects her income and her assets and unless she availed of the loan scheme there is nothing to pay except the bill each month. After 3 years the value of her share of the home drops out of the calculation and so less has to be paid each month.

If she availed of the loan scheme, there is in effect a mortgage on the home. This increases by a monthly amount each year for 3 years, then it stops increasing. If you sell the house you will have to repay that amount.

To get any better advice you need to give more info. How long has she been in the home for example. What assets has she other than her share of your home.