Where to invest money from house sale-advice please-NOT into yr pocket!

AlexanderGR8

I am selling my father's house-he is now in a nursing home.I'd like advice on safe investments-avoiding tax where possible(£250K approx to invest).Some of the funds would have to be accessible,although he has sufficient savings/income for several years.He is a tax payer.I am considering Premium bonds and National savings-but what else can you suggest please?Grateful for any help;)

Jimmbron

You mention tax - I think this is the biggest thing to look into. "Care fee planning" can be quite complex, but if done well can create significant tax efficiencies. I'm not expert enough to give any specific suggestions, but I'd recommend at least googling it

oldvicar

If spending some of the money on an annuity which will provide nursing home fees for as long as may be required sounds useful, then do find a suitable advisor. Even a bank could probably help (even if not independant).

I have a relative in a nursing home whose assets were not as great as your father's and so were were insufficient to buy an annuity to meet the level of fees required ... its now a question of whether the assets we have will last long enough and what the state will provide when they run out.

CB27

For that amount of money and for the purposes you need such as possible annuities, reduction in tax liability, etc, I would suggest sitting down with an IFA and discussing several options.

If I understand it rightly, this is your father's money and not yours, so as boring as it may sound it's best to go for a safe option.

dunstonh

I am considering Premium bonds and National savings

Premium bonds are rubbish value and there are no current NS&I products that offer anything attractive.

So, why are you considering them?

Even a bank could probably help (even if not independant).

Banks dont transact in this area.