Selling home to fund Care home fees

jibberingwreck

Thanks - will do;-)

jibberingwreck

We have applied for NHS Continuing Care but I will read your link - thanks;-)

troubleinparadise

jibberingwreck wrote: »

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 ?

Sadly, due to your cousin's age and concurrent dementia, I suspect that you will have enough funds to cover your cousin's care home fees for life from the sums you have available without needing to resort to an annuity as suggested.

Yes, your cousin would also receive LA funding if the funds fall below the threshold above. You might want to check with the care home what their policy is on "a home for life" - some do their best to accommodate a resident even when changing from self-funding to LA funded, but not all.