Enduring power of Attorney - Investments

Gemius

I'm not sure where to post this question but here goes. My wife has Enduring Power of Attorney for her father whose house has had to be sold to pay for his care. Does anyone know if there are any restrictions on where she can invest the money and/or advice on the best place for it. There will be a regular deduction being made all the time.

EdInvestor

Do not forget to consider an "immediate needs annuity" to cap the cost of the care. These plans top up the parent's pensions, Attendance Allowance etc, to pay the cost and are tax-free when paid to the care home.

http://www.sharingpensions.co.uk/annuity_immediate_needs.htm

Although the cost will take a chunk out of the capital, this will leave the remainder of it available for an inheritance.

Whereas investing the money and trying to pay the cost of the care from the interest usually means you run out of money quite rapidly, and Dad ends up in the care of the council, with no inheritance left for the family.:(.

dunstonh

Depending on the amounts involved, a conventional investment or an immediate needs annuity may be the best options. There are pros and cons to both.

Gemius

We hadn't thought of an Annuity so we will be investigating them now.

Many thanks to both of you.