Gifting etc Clarification

A question about : Gifting etc Clarification

I am not entirely clear about the interrelationship between planning for Inheritance Tax purposes, and trying to alleviate the 'going into care' black hole. I understand if I gift money to my children it will not count for IHT purposes if it is done more than seven years before I die; but does this count as 'wilfully depriving' oneself of assets for the Local Authority capital calculation?
If for example I were to sell my house tomorrow and gift the proceeds to my children, then in eight years time require residential nursing care, would the children still be on the hook?

Best answers:

• No, not really. It's more a case of seeing what trumps what in terms of IHT/Social Care. Can I do something which is perfectly reasonable under IHT rules only to see it quashed by the LA.