Who's name should the cash be in?

atush

I agree about a Deed or variation where she could assign some of the estate to your or other siblings/grandchildren. The adult members could keep the money in long term savings to be drawn on to keep up with care home fees later.

But the power of attorney would be a great idea as you could run her accts for her, do her online banking and pay her bills etc.

le_loup

Power of Attorney is perfect in these circumstances. The money does not have to be transferred to you but you can give as much or as little help as needed. Ofter, older ladies are in this situation when a husband, who has dealt with "the money" in the past, dies.
Investigate it, it will help enormously.

cottager

cing0 wrote: »

I don't know one person who has 'enjoyed' their savings to an extent that they have decreased over time before death. Old people have outdated attitudes that they should save and leave it to their kids etc.

I'd go along with that -- not in all cases I know of, but very many. They either want to keep the nest-egg together for their family, or have it there towards later care if needed, whether urged to the contrary or not.

When my mum became ill, I had a simple mandate from her bank to operate her account, arranged while she was still well enough to come with me to the branch to set it up, sign the forms etc. Very easily done, and it meant I could write cheques to settle bills, draw cash out for shopping and so on; but this was about 12 years ago so online banking didn't come into it -- I'm sure it can be arranged now as part of the same process. But of course the mandate ceased when she died a couple of months later, and the account closed immediately the bank saw the death certificate.

PoA would IMO be much better.

Jake'sGran

le_loup wrote: »

Power of Attorney is perfect in these circumstances. The money does not have to be transferred to you but you can give as much or as little help as needed. Ofter, older ladies are in this situation when a husband, who has dealt with "the money" in the past, dies.
Investigate it, it will help enormously.

My investments have done well but I have a serious heart condition and therefore cannot enjoy it. My husband is clueless about financial matters and I have warned my daughter who is the main beneficiary in my will, that it would be best if she had power of attorney in respect of her father's finances after I pop off. What a weird situation!

Can someone confirm the following? I always thought that money left by one spouse to another was tax free.

The latest nursing home to be built in this area costs £500 per week. My daughter has always said that I would never need to be
cared for in one of these places and I am glad about this although I don't think the need will arise.

One of my friends transferred ownership of the house she lived in to her son some years ago. She was obviously advised to do this by her friend's husband - a solicitor. She has got to the stage where she cannot do housework etc and has now gone to live in a very nice council flat nearby and is claiming various benefits. Her son is living in the family house.

I realise that this post is rather peculiar; I just wanted to show how many different scenarios there are when one gets older.

hellsbells6182518

'Ofter, older ladies are in this situation when a husband, who has dealt with "the money" in the past, dies.' That's exactly it, my Mum used to get 'housekeeping money' from my Dad and that was it, never had a bank account etc and so it's fairly daunting for her.

Issue one was the nursing home scenario - I was under the impression that the quality of care was the same regardless of whether you paid for it or not (I have friends in both situations in the same home). However, that obviously doesn't include private homes which I'd not thought of! I'd get the best for her so in which case it negates the need to 'protect' the money.

Issue two was my Mums general lack of awareness of money. Would a PoA be able to create/move/close accounts or just be able to deal with those accounts already in existence? I'm not sure about the online banking solution as I know many banks have external devices that require you to insert your card to be able to make a payment, etc. I know my bank goes as far as to say that this device is required to just log on. Just thinking out loud though.. would PoA mean I would get my own card? If so, that gets rid of this issue.

The Deed of Variation - I wish I'd known about this! It'll be two years in August and so probably won't have time to get it set up.

Torry_Quine

hellsbells6182518 wrote: »

'Ofter, older ladies are in this situation when a husband, who has dealt with "the money" in the past, dies.' That's exactly it, my Mum used to get 'housekeeping money' from my Dad and that was it, never had a bank account etc and so it's fairly daunting for her.

Issue one was the nursing home scenario - I was under the impression that the quality of care was the same regardless of whether you paid for it or not (I have friends in both situations in the same home). However, that obviously doesn't include private homes which I'd not thought of! I'd get the best for her so in which case it negates the need to 'protect' the money.

Issue two was my Mums general lack of awareness of money. Would a PoA be able to create/move/close accounts or just be able to deal with those accounts already in existence? I'm not sure about the online banking solution as I know many banks have external devices that require you to insert your card to be able to make a payment, etc. I know my bank goes as far as to say that this device is required to just log on. Just thinking out loud though.. would PoA mean I would get my own card? If so, that gets rid of this issue.

The Deed of Variation - I wish I'd known about this! It'll be two years in August and so probably won't have time to get it set up.

Yes, people get the same standard of care and that includes private homes.

POA would be able to do the things you want including opening new accounts. Some banks give you your own card, you would have to check with bank in question.

le_loup

Jake'sGran wrote: »

Can someone confirm the following? I always thought that money left by one spouse to another was tax free.

Yes it is.
Sorry if you thought my earlier comment to be a bit sexist ... it wasn't intended and I'm sure there are loads of people where the money handling boot is on the other foot.

atush

Jake's gran, you need to think things thru with your daoughter and plan accordingly. Their might be some ill will, but is yo have all the paoerwork done in advance, and do leave him to inherit somehting (as opposed to having daughter control everything ) that might help. But the value of the hme caqn be protected from your mum
s care bills as it is deemed to belong to your dad as well. Other assets and monies will be different.

As far as what I have seen and experienced (which is limitied)

Yes, people get the same standard of care and that includes private homes.

This isn't true. some homes are better than others so charge more. And these will be very hard to get into. Research your local area authority more closely in this area.

My MIL was over 95 when she died. 10 years after her husband. Who like the above case, was just given grocery and 'pin money' and so scrimped and saved. When he died and she saw what was left, and what he had squirreled away in the house she was furious. She had been trying so hard to keep up with inflation and fet she struggled to not fall behind.

She was still cautious and didn't splurge. But we did get her to spend money occasionally esp on redecoration or some new and needed items. Couldn't get her to splurge on the odd taxi though, when she needed it. She had gotten too used to denying herself (even though he didn't deny himself the odd pint int he pub over the road when he could still wlk there!!).

Torry_Quine

atush wrote: »

This isn't true. Some homes are better than others so charge more And these will be very hard to get into. Research your local area authority more closely in this area.

The better homes may charge more but that doesn't mean that residents who aren't self-funding get different care. It can be difficult to get into the home you want but that isn't necessarily the most expensive as standard of care is not necessarily linked to cost.

atush

That is of no practical help if the home you want is full for NHS transfers, or too expensive and needs a top up and ther isn't hte cash there.