Discussion
Hi
Slight problem with regards to inheritance of a family home. Since my mother has been worrying over care costs if she owned her own home she has decided to put the family home in the name of my only sibling. Obviously I am not too happy about this. Is there anyway I can protect my inheritance of half the value of the family home. My mother is still alive.
Any info is gratefully received.
Rgds
Richard
Slight problem with regards to inheritance of a family home. Since my mother has been worrying over care costs if she owned her own home she has decided to put the family home in the name of my only sibling. Obviously I am not too happy about this. Is there anyway I can protect my inheritance of half the value of the family home. My mother is still alive.
Any info is gratefully received.
Rgds
Richard
mike570 said:
E55 Max said:
It is not your inheritance if it has not been left to you, so nothing to protect!
Not really a helpful post - I can completely see where the OP is coming from and I would be concerned to.Has the transfer already taken place?
Has she got other assets equal to the value of the house she could leave you?
If we look at it another way, his mother may be protecting her grandsons inheritance by ensuring that the house is not sold after her death and the money squandered?
The other thing that could be done if he so wished is that he could ask his mother to give him a life interest in the property, so he could live in it and maintain it duringhis lifetime, but not sell it.
But quite why he should be worried that the house is staying in the familly I am not sure!
But quite why he should be worried that the house is staying in the familly I am not sure!
richarda0109 said:
Hi
Slight problem with regards to inheritance of a family home. Since my mother has been worrying over care costs if she owned her own home she has decided to put the family home in the name of my only sibling. Obviously I am not too happy about this. Is there anyway I can protect my inheritance of half the value of the family home. My mother is still alive.
Does he/she live in the house? Do you live in the house?Slight problem with regards to inheritance of a family home. Since my mother has been worrying over care costs if she owned her own home she has decided to put the family home in the name of my only sibling. Obviously I am not too happy about this. Is there anyway I can protect my inheritance of half the value of the family home. My mother is still alive.
If he/she doesn't, is Mum paying rent?
There's every chance the local authority will seek to disregard the transaction if push comes to shove. I agree with other comments that you're screwed though - the house is gone as far as you're concerned and you and your sibling will never speak to each other again.
M001 said:
Is the reason she has done this, is to try and avoid care home charges should she need to go into care?
If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
http://www.pistonheads.com/gassing/topic.asp?h=0&a...If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
Wacky Racer said:
M001 said:
Is the reason she has done this, is to try and avoid care home charges should she need to go into care?
If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
http://www.pistonheads.com/gassing/topic.asp?h=0&a...If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
richarda0109 said:
Is there anyway I can protect my inheritance of half the value of the family home. My mother is still alive.
As long as your mother is mentally fit to make the decision then no, there is nothing you can do at all.Have you tried talking to her explaining your concerns?
M001 said:
Wacky Racer said:
M001 said:
Is the reason she has done this, is to try and avoid care home charges should she need to go into care?
If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
http://www.pistonheads.com/gassing/topic.asp?h=0&a...If so, it might not work as councils can take a dim view and claw it back. There has been a recent thread regarding this.
scotal said:
black1 said:
nor was i !
Sorry for your loss, but that did make me laugh.i used to take her to the pub for fish n chips at diner times,she always had a double wiskey
then when she wobbled out the pub she blamed it on a stroke she had years ago !
Edited by black1 on Thursday 12th January 14:56
Thanks all for your comments. Obviously the "there is nothing you can do" comment wasnt useful but was blunt enough. The house is the only asset that my mother has and I know it was the wish of my father before he died 2 years ago that the house should be split equally between his 2 sons when both of them have gone.
I am savvy enough to explain to my mother that what she has done will lead to disagreements between my brother and I since money always divides families. In fact my mother suggested to my aunt and uncle to do the same which they did (the eldest boy had the house transferred to him) and now they are both dead the arguments have kicked off.
Yes my mother transferred the house so that she would not have to pay for care and she is too stubborn to get the deeds changed to both names even when I suggested that I would pay for the solicitor.
Obviously my elder brother is laughing about it but he has 3 kids and a wife who are eyeing the property. It just makes me so mad to think that my 2 kids will get nothing when my father worked hard all his life and as you all know the current economic climate is a worry for us all so anything like an inheritance should not be given up lightly.
Regards
Richard
I am savvy enough to explain to my mother that what she has done will lead to disagreements between my brother and I since money always divides families. In fact my mother suggested to my aunt and uncle to do the same which they did (the eldest boy had the house transferred to him) and now they are both dead the arguments have kicked off.
Yes my mother transferred the house so that she would not have to pay for care and she is too stubborn to get the deeds changed to both names even when I suggested that I would pay for the solicitor.
Obviously my elder brother is laughing about it but he has 3 kids and a wife who are eyeing the property. It just makes me so mad to think that my 2 kids will get nothing when my father worked hard all his life and as you all know the current economic climate is a worry for us all so anything like an inheritance should not be given up lightly.
Regards
Richard
richarda0109 said:
Yes my mother transferred the house so that she would not have to pay for care....
That does often seem to work, but it shouldn't (ie it's not supposed to, not that it's wrong). Councils don't seem to have aggressively pursued these issues in the past but that has to change. Of course not paying for care means your Mum could end up in a dump.richarda0109 said:
It just makes me so mad to think that my 2 kids will get nothing when my father worked hard all his life
Why should they get anything? Did your Dad work hard all his life with the aim of leaving his grandkids a few bob?mike570 said:
Passing the house over to avoid paying care fees won't work - and you mother has (stupidly) probably incurred a CGT bill along the way.
Is your brother really that much of a cock that he won't just sign over half the house to you as a gift?
I really feel for you - it is a ridiculous situation you have been put in.
Surely the disposal of the house by his mother is actually free of Capital Gains Tax as it is her Principal Private Residence, whereas a gift of a second property would not be covered by such an exemption and any gain may be chargeable?Is your brother really that much of a cock that he won't just sign over half the house to you as a gift?
I really feel for you - it is a ridiculous situation you have been put in.
Unless I have missed something the use of the phrases 'stupidly' and 'cock' is somewhat ironic.
OK I have to retract some of what I said as I didn't read the OP properly
I thought it was going to your son not your brother.
But what stands is that she has left it to your brother, I agree with other posters saying if he was a decent man he would give you half, but that is down to him now.
Basically you have to live your life with the expectancy of getting no inheritance, if you do this anything that comes is a bonus.
The most important thing is not to fall out with you brother over money, difficult, but you can't replace him.
I thought it was going to your son not your brother.
But what stands is that she has left it to your brother, I agree with other posters saying if he was a decent man he would give you half, but that is down to him now.
Basically you have to live your life with the expectancy of getting no inheritance, if you do this anything that comes is a bonus.
The most important thing is not to fall out with you brother over money, difficult, but you can't replace him.
Gassing Station | Finance | Top of Page | What's New | My Stuff