10 Jun

My daughter is helping us buy our retirement home – what if we go into care?

I’m worried she won’t get her contribution back if the property is sold to pay for our careQ Our daughter is contributing 25% of the price of our new retirement home. This enables us to buy it yet allows us to keep some savings in our own bank account. If one or both of us needs to go into a care home at some point will her contribution be safeguarded?SVA I assume that you are worried that if your home had to be sold to produce the cash needed to pay the cost of going into a care home, your daughter wouldn’t get her contribution back. However, even though you and your husband legally own the property, because your daughter has contributed to the purchase price, she can establish what’s called a “beneficial interest” in the property that gives her the right to a share in the proceeds from any sale of the property. So you don’t need to worry on that score. Continue reading…

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