Advice needed regarding £250,000
Comments
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cashbackproblems wrote: »I forget the term but if hmrc thinks you have spent away cash to be eligable for benefitsit can refuse you the benefit you are applying forDeprivation of assets.
If you have spent the money on a home, it is usually ignored and not considered DOA.
If the current property is suitable, it would be a waste to spend the capital - just think how lovely it would be to have total choice over your lives because it's you paying the bill and you aren't relying on a social worker approving things.
One point worth considering is to divide the money between the two of you. If it's all in one person's name and they have to go into care, the whole amount will be included in the financial assessment which can leave the spouse without any financial reserves.0 -
Temporary protection
Bank or building society customers who come into a large sum of money are also given an extra degree of temporary protection.
"Depositors with temporary high balances will be covered up to £1 million for six months from the date on which the money is transferred into their account, or the date on which the depositor becomes entitled to the amount, whichever is later," the Bank of England said.
"This is to ensure that depositors are protected when they deposit funds over the limit as a result of specified events, including following a house sale or funds received from a ‘life event’ such as a divorce settlement or inheritance, for a period of time until they have had sufficient time to spread the risk between institutions to appropriately protect these funds."I Believe.....
That it isn't always enough, to be forgiven by others.
Sometimes, you have to learn to forgive yourself.
Yesterday is history, tomorrow is a mystery
Today is a gift. That's why it is called the present.
happiness isn't achieved by getting extra things,
but by getting rid of the things that make you unhappy0 -
In an NS&I account there is no limit to the protection by timescale or amount.
It is not a bank as such, but an agency of the UK Treasury.
So that covers their Direct Saver, Income Bond, Premium Bonds and so on.
Edit: I think they don't allow balances of more than two million pounds though (for completeness).I am one of the Dogs of the Index.0 -
People have mentioned Financial Advisors, is there any way of knowing how independant/good they are?
http://societyoflaterlifeadvisers.co.uk/
may be worth a look.0 -
Temporary protection
Bank or building society customers who come into a large sum of money are also given an extra degree of temporary protection.
"Depositors with temporary high balances will be covered up to £1 million for six months from the date on which the money is transferred into their account, or the date on which the depositor becomes entitled to the amount, whichever is later," the Bank of England said.
"This is to ensure that depositors are protected when they deposit funds over the limit as a result of specified events, including following a house sale or funds received from a ‘life event’ such as a divorce settlement or inheritance, for a period of time until they have had sufficient time to spread the risk between institutions to appropriately protect these funds."
As said by Chesterdog, put it in an NS&I account (or indeed two, one for each of you). There is absolutely no timescale you have to "do something" with this money and you can do what you want with it when you want you most certainly do not need to rush into doing anything.
Then you can think about it. If you don't want to buy a bungalow, then you can just spend the money down.
It's very sad that this is stressing you out, there's no need for that at all, it should be a huge burden off you, you can get the help you want when you want and if a bungalow is affordable, one of those as well !0 -
Thanks for all the advice everyone, it's much appreciated and I've taken on board everything that's been said.
Will let you know in due course how it all works out.I Believe.....
That it isn't always enough, to be forgiven by others.
Sometimes, you have to learn to forgive yourself.
Yesterday is history, tomorrow is a mystery
Today is a gift. That's why it is called the present.
happiness isn't achieved by getting extra things,
but by getting rid of the things that make you unhappy0
This discussion has been closed.
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