father moving to sheltered housing

KATYTATEY

hi. I wonder if anyone can help. My father has recently sold his house and wants to set up accounts for the grand children with the money from the house as a gift.
However I think that maybe in a few years my father may need to have residential care so I don't know if it's worth setting up the accounts as I have heard a number of things about gifting. My dad receives mobility but no other benefits at the moment.
Some have said buy something as investments and some have said dont bother to even set up the accounts as the money will need to be given back if he goes into residential care?

Any help with this would be great as I dont want to break rules or be met with a huge bill for his care if I dont get it right
thanks

Newly_retired

How old is he?
Is he in good health?
Does he have reason to believe he is likely to need residential care?
If not, and assuming he is not so very old as to make it likely, as long as the intention is not to deliberately avoid care home fees, then it might be OK. But there is no time limit for a local authority to look back and see if deprivation of assests has occurred.

KATYTATEY

Thanks very much.

my dad is in great health apart from some memory loss and confusion which i am getting checked out, but he manages well on a daily basis.

i want to be able to do what my dad wants, but also to stick within the rules.

would he be better giving small amounts on a regular basis

KATYTATEY

sorry he is 71 too

opinions4u

Google deprivation of assets.

Small gifts will (probably) be fine. But gifting larger amounts up to the whole value of the house? There are risks there.

Mojisola

If he's showing signs of memory problems, see if he will let you set up a POA for future use if it becomes necessary.

It would be better if he kept his money for the moment but left some to the grandchildren in his will.