As you (or your parents or other relations) grow older and if you might eventually need nursing care, you will be assessed to establish whether you are able to pay the costs. The costs of care can be substantial. You need to declare any gifts you’ve made within the six months before your assessment and you have to disclose if you’ve disposed of the house you were living in before you entered into care. The information on the disposal of your house applies even if you sold it or transferred the title to a relative many years before.
If you have over a certain level of capital (and that includes the value of your home) you will be assessed as being able to meet the full cost of your care. Your home will not be classed as capital, however, if certain relatives still live there.