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Asset Protection

Family, children, advice, schooling, finance for children, all things kids.
AsleepInYorkshire
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Asset Protection

#420068

Postby AsleepInYorkshire » June 16th, 2021, 10:09 pm

Last Monday my Mum completed palliative radiotherapy. On the Thursday before we were told that the Father-in-Law won't walk again. He's been in hospital for 20 weeks after a heavy fall. His options are limited as he cannot lift himself out of his bed. The Mother-in-Law is waiting for a pacemaker as she has, amongst other medical issues, a serious heart condition. Just before I go any further can I just say I have offered to adapt his current home but MiL doesn't think she can cope with the building process, so he's heading for a care home, albeit we don't know if it's a permanent solution.

They own a semi detached home which is worth about £150K with a £45K mortgage. The home is roughly 575 FT2 without the conservatory and there's a single detached garage at the rear. I've done an outline budget and reckon I can remove the conservatory, add a traditionally constructed extension and utilise the garage to form the following additional rooms downstairs
  1. Bedroom 3 x 2.4m
  2. Wet room 2.4 x 2m
  3. Lounge 3.45 x 3m (Replaces conservatory and will allow year round use)
I've worked out that the overall cost of repaying the mortgage and adding the new building work will come to £85K*. These costs include moving MiL into a letting for 6 months whilst the builders are busy. I thought of a BTL mortgage to cover those costs as a means of funding. Rough cost for interest only £180/month. There would be no margin or profit making from the process.

I'd welcome constructive thoughts about the concept please.

In addition I've become aware of what the future holds for me and my good lady. We have one child. She's 14. Our needs aren't great. We have no debts but I'm "woefully" short on my private pension. We are working on that currently. I've always "hankered" after an extension on the rear of our home. Single storey, 12m x 5m or approximately 646 FT2. The thought was that as we aged we could "live" downstairs. Does this have legs? Again I'd welcome constructive thoughts.

AiY
*I am a Quantity Surveyor my cost predictions will be accurate.

swill453
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Re: Asset Protection

#420077

Postby swill453 » June 16th, 2021, 11:25 pm

Puzzled. If FiL is in a care home and MiL can't cope with the building process, why are you planning an extension for their house?

Scott.

AsleepInYorkshire
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Re: Asset Protection

#420079

Postby AsleepInYorkshire » June 16th, 2021, 11:49 pm

swill453 wrote:Puzzled. If FiL is in a care home and MiL can't cope with the building process, why are you planning an extension for their house?

Scott.

These costs include moving MiL into a letting for 6 months whilst the builders are busy.

AiY

Dod101
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Re: Asset Protection

#420086

Postby Dod101 » June 17th, 2021, 7:35 am

AiY

That is a handful to cope with for you as well as for in laws. If you are able to adapt their house to allow father in law to return home will there be carers available to come in as often as required? That is surely fundamental irrespective of whether the alterations are a goer.

To be direct, the other point is that with the various medical conditions what sort of life expectation is there for each of the them? In other words you could undertake the various extensions etc and find that a few months later everything changes again. Do you have medics/ local authority help that you can rely on for advice? You or someone needs to to be able to stand back without emotion and do a realistic assessment of what might be best.

These seem to be to be the basic issues irrespective of whether you or they can afford the costs involved.

It is a situation that none of us will ever want to be in and I wish you are your family well.

AsleepInYorkshire
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Re: Asset Protection

#420119

Postby AsleepInYorkshire » June 17th, 2021, 10:54 am

Dod101 wrote:AiY

That is a handful to cope with for you as well as for in laws. If you are able to adapt their house to allow father in law to return home will there be carers available to come in as often as required? That is surely fundamental irrespective of whether the alterations are a goer.

To be direct, the other point is that with the various medical conditions what sort of life expectation is there for each of the them? In other words you could undertake the various extensions etc and find that a few months later everything changes again. Do you have medics/ local authority help that you can rely on for advice? You or someone needs to to be able to stand back without emotion and do a realistic assessment of what might be best.

These seem to be to be the basic issues irrespective of whether you or they can afford the costs involved.

It is a situation that none of us will ever want to be in and I wish you are your family well.

Hi Dod,

Thank you for your help. Always welcome. The FiL's care needs revolve around his Parkinson's and the recent injuries to his legs. He's sound of mind. From what I've been told if he's at home he will need carers to come around 3-4 times a day. The basic mechanism he struggles with is getting out of bed into a wheelchair and also onto the toilet. So yes there's a significant hurdle there. Fortunately I have a little knowledge of fitting out both new and existing homes with the correct equipment, including structural adaptations for supporting the weight of a person from above head height and moving them over distance through the house from such support.

Yes I completely agree the level of care in the situation is paramount. I can certainly provide whatever is needed to move him around, including wet rooms and other needs. There are grants available, but I've not factored them into any costs as yet.

I don't perceive any immediate timelines for "end of life". Indeed quite the reverse. And my current thought process is that moving him away from his wife and into care may create some different problems emotionally. As you've said a difficult position to deal with.

Thank you for your kind words too. Greatly appreciated

AiY

1nvest
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Re: Asset Protection

#420755

Postby 1nvest » June 19th, 2021, 3:35 pm

AsleepInYorkshire wrote:From what I've been told if he's at home he will need carers to come around 3-4 times a day. The basic mechanism he struggles with is getting out of bed into a wheelchair and also onto the toilet.

Varies from one local authority to another, but generally the cost of a carer coming in is around £25/hour. The carer doesn't get paid that so the standard can be low. The times they arrive can also vary massively. Seems to be that their agencies expect them to magically appear at their next appointment seconds after having left their prior appointment when in reality they may be travelling by public transport from one to another. At least through a agency however you do get someone, at some point, actually arriving. If you source a carer more directly then that might stop or see missed appointments and/or you might be considered a employer and as such have to fund the likes of holidays, sick days, maternity ...etc. Anything above £16K of assets/savings has the local authority pretty much assuming you're self funding and IME their assistance drops off to more or less being to just provide a number of web links for local care agents/care homes.

Pretty unpleasant to be left in a nappy overnight, expecting a carer early morning only to have them arrive closer to lunchtime, along with a rather rushed get-job-done and off to their next appointment type situation. So for me I ended up doing the care directly, son looking after mum. Care home wise as she has dementia costs are around £85K/year for a care home placement that can rise if more intensive care becomes required. If/when capital is exhausted then the local authority will cover the costs, but in a care home that likely leaves a lot to be desired.

I'm fortunate in that mum no longer has to be lifted from bed to chair and her dementia is relatively mild enough that she can now self care more with me just being there as a support/prop (she had a fall in January, broke her hip/thigh and then contracted Covid whilst in hospital where she had to be isolated - and where they suggest the anaesthetic from the hip surgery induced dillerium/dementia). Longer term (only son) ??? Taiwan looks appealing as out there the care quality is superior and cheaper. £50K/year for a nice villa, full board and one on one carer. Being 'single' and that could be a viable interesting experience for us both in a otherwise stressful/difficult position.

pje16
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Re: Asset Protection

#420765

Postby pje16 » June 19th, 2021, 4:25 pm

sorry to hear about your parents situation
I've been when with my Mum (RIP) had dementia, so I know none of this easy
not sure if this thread will help, my thoughts are the 2nd post on it
viewtopic.php?f=95&p=418295


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