Selling home to fund Care home fees

Biggles

jibberingwreck wrote: »

Not prepared to take any risks with it, so want it somewhere safe, so will probably take advice and put in various accounts.

You speak as though you haven't read the link in post #9. Please do, it's something you should take advice on, even if you choose not to go ahead with it. Without it, you become responsible for ensuring the accounts earn enough to prevent her running out of funds before she dies.

Archi_Bald

jibberingwreck wrote: »

I've also always been told never to put all eggs in one basket.

But that would be precisely what you seem to plan to do - - putting cash into various banks still means you have 100% in cash. Unless there are other assets to pay for the care of your cousin, the money will run out in about 6 years time. You may already have assessed this risk but you are solely responsible since you have the POA.

Archi_Bald

Biggles wrote: »

You speak as though you haven't read the link in post #9.

I think you mean #8?

jibberingwreck

I have read the link, but she also has over £100k invested in Premium Bonds, Isas, stocks and shares and savings accounts. As she is 98 and has severe dementia, I feel I will have enough funds to last another 10 years. However, I will take advice as I realise I cannot risk running out of funds to pay her fees. My mother is also in a care home and has much less money, but I have been told that when her capital reduces to £23,250, the council will help and when it then reduces to approx £14k, the council will pay almost all her fees. Would not this also be the case for my cousin if she lives to 108 ?

Archi_Bald

Under current legislation, councils will fund the care as you describe. What sort of care councils can afford to pay for is dependent on their budgets. If you can fund your care yourself, you have a lot more choices, and probably also get better quality care.

Mojisola

jibberingwreck wrote: »

My mother is also in a care home and has much less money, but I have been told that when her capital reduces to £23,250, the council will help and when it then reduces to approx £14k, the council will pay almost all her fees. Would not this also be the case for my cousin if she lives to 108 ?

Each council sets its own rate for what it will pay for care. I was told very plainly that if my father's money ran out and no-one in the family would pay a top-up fee, the council would move him to a cheaper home.

It is possible to argue that moving a resident would be detrimental to their health and well-being so it's worth thinking about how to show that if your mother's money is likely to run out.

jibberingwreck

Agreed, but many homes won't take my cousin - she is in a sorry state - aggressive, shouting and screaming at staff and doubly incontinent and won't wear pads. Its a sad end for a once very intelligent lady.


As for my mother, we have been told she can stay in her current home with council help if necessary. She is quite happy and has good care. We sold her retirement flat to pay for her care, but she had much less money than her cousin, so it will start running out next year.

Biggles

Archi_Bald wrote: »

I think you mean #8?

? No, #9. There's no link in #8.

Biggles

jibberingwreck wrote: »

As she is 98 and has severe dementia, I feel I will have enough funds to last another 10 years. However, I will take advice as I realise I cannot risk running out of funds to pay her fees.

The premium is based on age and health so, in the circumstances you describe, it would probably be fairly low, so it may still be worthwhile asking the question.

alanq

Does cousin get all the funding from NHS to which she is entitled?

http://www.alzheimers.org.uk/site/scripts/documents_info.php?documentID=104