Investment advice

Ldoak1

I would be grateful for some help regarding my father. We have been advised that my father requires 24 hour care which means a home of some discreption that will cater for his needs. We will shortly be in the process of selling his house and would appreciate some help with regards to a safe investment that produces a monthly income that would cover the shortfall in nursing home payments.

Any help would be appreciated.

Thank you

Kohoutek

Are you your father's attorney? You should be able to get NHS Continuing Care which would pay nursing fees in full if your father requires 24 hour nursing care. Have you ever applied for it before?

Ldoak1

Thanks for your reply

Yes, I along with my sister have been appointed with power of attorney and yes we have applied on his behalf for nursing and personal care allowance and have been told, should be in place between 3-5 weeks however my dad will be self funding the accommodation element as he has assests over £22,750.

Kohoutek

You can still get full funding regardless of his assets if your father has particularly complex medical needs, which may be the case since you say he requires 24 hour care.

See here for an explanation ("Full NHS Funding").

soulsaver

I know what a trying experience these circumstances are; you have my sincerest sympathy. Its good that you can at least share the burden with your sister.

I guess that having come to an investment section you've already explored the legal ways of minimising funding care costs, and are comfortable disposing of the family home?

However I'm sure to be able to get some good advice you'll need to provide detail of the ongoing care costs a realistic estimate of the property's value, and other assets.

Linton

You do need professional advice.

The best option may include a care annuity where the insurance company would pay care fees for as long as necessary and so take on the risk of your father living for a sufficiently long time that would otherwise completely deplete his funds.

However this would depend on the detailed circumstances which is why you need the professional advice and should not look to an internet forum to provide a correct answer.