hydrocarbon
Registered User
- Messages
- 24
Yes, correct.Thus it is not the case that the gift/transfer is only included for 5 years after the date of transfer or 5 years after the date of first application. Is this correct?
- Transfer cash assets > 5 years before: Not included in assessed means
- Transfer cash assets < 5 years before: Included in assessed means for lifetime. The asset cannot be run down to zero as nursing home fees are paid. Can be worse off than if no transfer made..
.....I guess the lesson is to start planning early....
The cash assets can be reduced as nursing home fees are paid. Financial assessment can be redone each year.
The problem with this is people go from being very able to dependent in a very short time. Few people will be willing to transfer their assets where there is nothing wrong with them. It really only occurs to them when they need a high level of care, that they need to do this. At which time its too late...
... With almost half the applicants not declaring a primary residence perhaps there is more of this advance planning going on now than before.....
I think sick elderly people feel aggrieved that because they are ill or need help they have massive costs paid out of their assets they would have preferred to go their children. Where as others with no assets or not needing care are not hit by this.
I guess that's life.
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