Best Review - Top 3 benefits of retaining their home for elderly parents

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t is often a worry question – will the family home need to be sold to fund care? If what is meant by “care” is “moving into a residential care home” then often the answer will be “yes, because it is too expensive”. A study by the Live-in Care hub found only 27% of the population has considered how to finance care, and many of the rest will find that they are forced to sell, or mortgage, property in order to fund care in the future.

Retaining the family home is more than just the feeling of injustice of being forced to sell up. There are several benefits to keeping the house which we will examine below.

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There’s no place like home care


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We all want to know where our roots are, and it can become increasingly important as we get older to feel that we are still rooted to our past. Many dementia sufferers need to remain in familiar surroundings to avoid acute anxiety, panic, confusion and to reduce their risk of falling. Live-in care offers a real alternative to selling up and moving into a residential facility, allowing your parents to retain their home.

Staying put also avoids the stresses caused by the actual move itself. Many care homes don’t allow pets, meaning that your parents can keep their companions. Even if you do find a facility that allows animals you may find that the pet is also anxious and unsettled by the move, with some escaping and returning to where they consider home, which is clearly going to upset and unsettle your parents further.


Top 2

You can visit more easily

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Once the family home has been sold there is nowhere for you to stay when you come to visit. There is literally no substitute to walking in through the front door, knowing which room you’ll be sleeping in, and potentially leaving belongings in if your visits are frequent. If you don’t live locally enough to make day trips a possibility you will need to look for accommodation close to your parent’s care home, and even then you’ll only get to see them for a few hours, as opposed to living with them as you would if you visited in their own home.

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The government may end up with less of the cash


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Talk to an independent financial advisor qualified in later life finances about your exact circumstances, but you may find that inheriting the family home results in more of the capital finding it’s way to you and your siblings and less lining the pockets of the Treasury.

Where a relative, such as a spouse, over the age of 60 is living in the home it may not be taken into consideration when assessing whether or not your parents will need to pay care fees. Again, the precise circumstances need to be looked at with precise savings and income playing a part in whether or not you reach the threshold.

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