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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34276
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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I am a 67yr old female. I own, without mortgage, a four bed

Resolved Question:

I am a 67yr old female. I own, without mortgage, a four bed house. I have three adult children who I would like to benefit in my will in equal shares. My main asset is my house, valued around £350,000. I will have a small spousal maintenance; a £3000 car, about £500 monthly pension, around £5000 savings.
My oldest son lives with me because of a disability which means I act as his unpaid carer.
I would like some advice about the best way to protect the value of the house should I need residential care at anytime. I wonder about selling the house to my son with a reduction of 1/3rd so that my other two children would benefit from what capital or property I own at the time of death.
Would this be foolish if I need to pay for care later on?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Can your son afford to purchase a share of the property?
Clare
Customer: replied 2 years ago.

He might be able to raise some funds but once he is owner or part owner my other two children would be disadvantaged....?

There is a possibility of my being left a £200,000 bungalow by an elderly aunt. she is 94 yrs old

Expert:  Clare replied 2 years ago.
Hi
If your son is able to "buy int" the property then that would protect the house - although obviously the cash that he gives you will be at risk shoudl you go into care.
You may feel that this is worth it in order to preserve half of the value of the property which you can then leave equally between your children.
Your other children will not be disadvantaged as they will still inherit their share of whatever estate is left at the time of your death - which will include half of the house which might other wise have been lost.
If you are left the bungalow by your Aunt you may wish t consider gifting it on to your children by way of a Deed of Variation to avoid it too being at risk of Care Home fees and of course Inheritance Tax
I hope that this is of assistance - please ask if you need further details
Clare
Customer: replied 2 years ago.

Thank you. I am not familiar with either 'buy in' or 'deed of variation'.

Who would I go to in order to action either process, and to work out when or how much inheritance taxi might forfeit?

Expert:  Clare replied 2 years ago.
Hi
The Deed of Variation relates to "re writing" a Will after the Testator has died.
Provided all the executors and beneficiaries agree then a Will can be changed - but nothing can be done until you do inherit the property at which point you will need to discuss the matter with the solicitors handling the estate
The "Buy in" simply relates to your son son buying part of you property
Clare
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