Meeting Nursing Home Fees.

WoodySenior

We are in the situation where Mum and Dad have gone into a Nursing Home and we are in the process of selling their Flat to meet the the cost of their care. After allowances etc. but including their amount that they can retain which is £46,500 there will be about £69,000 to invest with the proceeds of the investments going to the Nursing Home until the County Council has to step in. To avoid tax complications I thought ISA's in their names up to the current limits but where else to put the remaining funds so that a weekly/monthly income is generated. All ideas on this gratefully received.

Savvy_Sue

I'm assuming that someone has Power of Attorney for Mum and Dad, so I'd strongly recommend getting proper (ie paid for) financial advice on this because you have to be very responsible in spending someone else's money.

I think there may be annuity kind of things which offer a guaranteed income for the rest of their life, or specifically to cover their care home fees. I'd browse around the AgeUK website, also Independent Age (used to be known as Counsel and Care), and there may be other sites which specialise in this area.