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Paying for care home
songee99
Posts: 1 Newbie
Hi apologies if this is old ground - I am also a newbie to this. Have just sold our parents' house and are looking for some ideas to maximise the return on the funds, which we will be using to pay monthly residential care home fees. This means we can't tie it all up for too long, but possibly four or five years might be ok for part of the money. Any thoughts gratefully received.
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Comments
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Generally for this area you are either looking at investments or care annuity.
its impossible to say which option will come out best as its largely dependent on how long parents will survive. Obviously cash savings are pretty much out of the question apart from the necessary reserve and allocation under a portfolio.
Its difficult to go much more beyond that without knowing which route you would be looking to take.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
For 4 or 5 years??Generally for this area you are either looking at investments or care annuity.
its impossible to say which option will come out best as its largely dependent on how long parents will survive. Obviously cash savings are pretty much out of the question apart from the necessary reserve and allocation under a portfolio.
Its difficult to go much more beyond that without knowing which route you would be looking to take.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
For 4 or 5 years??
I was assuming that the OP doesnt know the date of death and was probably looking at cash only options prior to posting.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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LongTermLurker wrote: »I'd be worried if they did, but probably not quite as worried as their parents :eek:
Financial planning would be a doddle if you did know the date of death though.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Care annuities take a lot of the guesswork out and can still leave a capital sum to go into the estate.0
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Or possibly better they should just have not rushed into selling the property and rented it out, using that income to pay for care fees. The property could be gifted and become potentially IHT exempt if of sufficient value. If not of such a value, then the amount will be too small to pay for fees and the wider argument needs to be addressed.0
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