Financing Retirement Home Living.

WoodruffsDad

My mother-in-law who is 90 is in hospital following a series of falls in her home. The consultant has recommended that she moves into a retirement home to live out her remaining time in safety and comfort.

I would like to know how her chosen retirement home living would be financed.

My mother-in-law has about £30k in the bank and as well as her state pension she receives two small pensions from a previous employer of her late husband and from the R.A.F. which he served in.

She also owns a flat in a sheltered housing scheme which is probably worth about £140k.

Will she need to sell her home to finance her retirement home living?

xylophone

It looks as though she will be wholly self financing - have you looked into Attendance Allowance?
http://www.ageuk.org.uk/home-and-care/care-homes/paying-for-permanent-residential-care/ might help.

WoodruffsDad

xylophone wrote: »

It looks as though she will be wholly self financing - have you looked into Attendance Allowance?
http://www.ageuk.org.uk/home-and-care/care-homes/paying-for-permanent-residential-care/ might help.

Thank you. I'll check it out.

kidmugsy

You might also like to check the sort of annuity she could buy to fund this. If the annuity payout goes straight to the nursing home, she won't have to pay tax on it.

TableTop

This is a complicated subject so do some research - this is a useful site:
http://www.independentage.org

le_loup

WoodruffsDad wrote: »

Will she need to sell her home to finance her retirement home living?

Almost certainly. But, then again, she won't need it anymore.

WoodruffsDad

le_loup wrote: »

Almost certainly. But, then again, she won't need it anymore.

But then, on a purely mercenary note, bang goes my wife's inheritance!

margaretclare

WoodruffsDad wrote: »

But then, on a purely mercenary note, bang goes my wife's inheritance!

Oh-oh. So that's the 'hidden agenda' here. Might have guessed.

Your wife's 'inheritance' as against this:

The consultant has recommended that she moves into a retirement home to live out her remaining time in safety and comfort.

Safety and comfort. May we all enjoy that in the remaining days of our lives, and use whatever resources we have towards that end.

There is no such thing as an inheritance until someone has died. There is no automatic God-given right to any inheritance. Things like this make my blood boil.

atush

there is an easy way round the inheritance issue.

Take her into your home, and look after her 24/7 (in a downstairs room/bathroom).

There she can live her remaining years in comfort, and safety. And you will get your inheritance.

WoodruffsDad

margaretclare wrote: »

Oh-oh. So that's the 'hidden agenda' here. Might have guessed.

Your wife's 'inheritance' as against this:



Safety and comfort. May we all enjoy that in the remaining days of our lives, and use whatever resources we have towards that end.

There is no such thing as an inheritance until someone has died. There is no automatic God-given right to any inheritance. Things like this make my blood boil.

My post was made "tongue in cheek"! We don't NEED the inheritance. My mother-in-law's safety and comfort is paramount in her remaining years.

Please try and obtain a sense of humour!

seven-day-weekend

The problem is, Woodruff's Dad, that we get so many people asking how they CAN avoid paying the fees so that they can have an inheritance, without due regard to the elderly person's welfare, that the sense of humour has gone a bit AWOL. Sorry if you have been wrongly put into that category.

Like someone has mentioned, I would look into Attendance Allowance, but she may still have to sell her flat to fund her place in the home. It might be best to get professional advice.