Thanks. If assets are distributed in a timely fashion to avoid FD does the State pay for nursing home care ?Your last line is linked to your 3rd line. The 5 year limit means the assets will not be taken into account for FD. Other benefits may arise if the friend loses the ability to control own affairs. Of course, some thought needs to be given to the desirability of shedding so much assets, family dynamics, leaving the friend without much in the way of assets. Overall, though, it's a good idea.
Somewhat, the remaining income and assets are assessed under the FD scheme. At a minimum, 80% of 50-100% of his/her income will be required to be paid towards nursing home care plus a percentage (7.5%) of any remaining assets, over the threshold (36k/72k) etc.Thanks. If assets are distributed in a timely fashion to avoid FD does the State pay for nursing home care ?
In this case, the asset disposed of within the 5 years will be included in the financial assessment. A PPR will be included for 3 years.I’m curious as to how it works.
What happens if there was a gift that is in excess of the 36k/72k within the 5 years and 0 liquid assets are reached ?
The person or couple are still in fair deal.
The 36/72 are the amounts of savings discounted in the financial assessment: 72 for a couple, 36 for solo. If the cash runs down but is still assessed, the person still owes the money and it can come from the 20% of income or the 'Nursing Home Loan' can be applied for, which will be discharged on the death. Of course, the additional assessment of the gifted assets can be adjusted each year as the 'notional' amount dwindles.Is the maximum penalty for gifting liquid assets to family only 36k/72k.
Does this question make sense ?
My apology if not.
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