Nursing Home Cost

discovery101

Registered User
Messages
26
Hi there....and sorry in advance if this is in the wrong thread.

My Mam is getting on and I am doing my best to look after her.

If my Mam had to go into a nursing home am I right in saying all her assets would be taking into account including pension and used towards her nursing home costs?

Or if she signed the land over to her sibling it would only be her pension they would take.

Any info would be appreciated.
 

sooty

Frequent Poster
Messages
117
Have a look at this from the Fair Deal website - its really good. She would need to have had the land signed over more than 5 years ago.

Never an easy decision when a parent has to go into care - i had to do the Fair Deal application twice for both parents so if you have any other questions feel free to ask.

"You will pay 80% (40% if you are part of a couple) based on your assessable income.
Assessable income is your total income minus allowable deductions. Income is any money you receive on a regular basis.
You will also pay 7.5% (3.75% if you are part of a couple) of your assets such as land or property. The first €36,000 (€72,000 if you are part of a couple) of your assets is excluded from the assessment.
If your assets include your land and property, you can defer paying the 7.5% contribution based on this by applying for an optional nursing home loan.
If you sell an asset, such as your home, after your first assessment the proceeds of the sale become a cash asset. The three-year cap will no longer apply. You will need to pay a contribution of 7.5% based on this cash asset.
You can request another financial review 12 months after your last review. However, the HSE may review a financial assessment at any stage."


Hope this is of some assistance.

Sooty
 

discovery101

Registered User
Messages
26
Thank you Sooty for your response, most welcome.

Just on a slightly related issue....if the parent was to sign the house and land over to her son what would be the main advantage of doing this would be?
The parent already has a will made and son has a property other then the family home.

Thank you in advance.
 

noproblem

Frequent Poster
Messages
1,864
I think assets need to get signed over 5/6 years before applying but not 100% certain.
 

sooty

Frequent Poster
Messages
117
No advantage in signing off in relation to fair deal unless she intends not be in nursing care until 2025 - it needs to be signed over 5 years previous to application being made.
 

discovery101

Registered User
Messages
26
No advantage in signing off in relation to fair deal unless she intends not be in nursing care until 2025 - it needs to be signed over 5 years previous to application being made.
Thanks Sooty.....is there any advantage singing everything over even if I continue looking after her and no nursing home needed at the end of the day ?
 

noproblem

Frequent Poster
Messages
1,864
I'd imagine there is. If for example your mum lost her memory, became mentally ill, got dementia and couldn't do anything for herself, etc, then she wouldn't be able to chose what to do with her assets, make a will or anything. So, doing all that now can avoid those type of problems. You should also do the same, never know who's going to go first. Never forget that coz, it happens.
 

BigBoots82

Registered User
Messages
24
Watch out for taxes on transfer (cgt, stamp duty, cat etc.). Better from a tax view to get a will in place now which would allow for transfer at the time of death
 
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