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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33310
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My father has transferred some money to me as Mum is in a care

Customer Question

My father has transferred some money to me as Mum is in a care home and I cannot apply for an LPA as she has dementia. Can he gift this to me so it does not look like he has got rid of the money to put their savings below the threshold for help?
Submitted: 3 years ago.
Category: Law
Expert:  Stuart J replied 3 years ago.
How much has been transferred?
Customer: replied 3 years ago.


£10,000.00

Expert:  Stuart J replied 3 years ago.

Do they have a house? Value? How much savings? Has he severed any joint tenancy?

Has he transferred money to you to avoid it going towards care?

Customer: replied 3 years ago.

Yes, but Dad signed up for equity release to free up some cash in their old age - the lender will sell the house in order to get their money back but I am not sure if they have to sell it for market value to give me the difference / extra.Dad still has £12k + in the joint account - this will keep increasing as a monthly pension is credited - this could also put them over the threshold, currently £14k in savings.


 


Yes, he wants to avoid paying full care costs - Mum will have sufficient income in her pension (and Dad's when he is gone) to make her monthly contributions.


 


Dad has cancer and only has 1-3 months left so I want to get this sorted quickly without doing anything illegal!!

Expert:  Stuart J replied 3 years ago.

I am not certain of the position with the Equity release so I will opt out for another expert. No need to do anything as it is now open to all experts.

Please don't reply or it comes back to me. Thanks

Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
Do you mean that your father has transferred this to you immediately so that the fees are paid now?
Claire
Customer: replied 3 years ago.


No, it means I have not had a satisfactory answer to my question to Law Denning who has passed it over to other experts and no one has come back to me with an answer. I am not asking for help with the equity release as I know how this works - perhaps it is worth my Dad changing his will and leaving everything to me rather than my Mum who has dementia and will be incapable? Also, what to do about the money he has transferred to me - can he gift it, are there any implications?

Expert:  Clare replied 3 years ago.
Hi
I am sorry I should have been clearer -I was in fact referring to the gift to you - was this done to avoid immediate liability for care home fees?
Was the money in his name or in their joint names?
Who owns the property?
Claire
Customer: replied 3 years ago.


The money was transferred from Mums savings account into his joint account and then to me.


 


Property is subject to equity release

Expert:  Clare replied 3 years ago.
Hi
I understand about the equity release - but is the house in your fathers sole name or in joint names?
Claire
Customer: replied 3 years ago.

In joint names - is it still an asset when it is owned by the bank?

Expert:  Clare replied 3 years ago.
Hi
Indeed it is - and if it is in joint names then yes it is worth your father making a Will and leaving his share of the property and the other assets to you.
This will also involve "severing the joint tenancy" on the property - not difficult but please make sure that you get expert assistance
I am afraid that so far as the monies he has transferred to you are concerned they will be counted as part of your mothers assets by the Local Authority - but the money held in joint names will not since they belong y to your father as well, and this may relieve the problem.
I hope that this is f assistance to you but do please ask for any clarification that you need
Claire

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