Investing lump sum for care home fees

xylophone

This is joint pension income?

How much is MIL's and how much is FIL's?

Is each parent entitled to AA (possibly at different rates)?

Is either parent in need of nursing care?

http://www.ageuk.org.uk/documents/en-gb/factsheets/fs10_paying_for_permanent_residential_care_fcs.pdf?dtrk=true
http://www.nhs.uk/chq/Pages/what-is-nhs-funded-nursing-care.aspx

The above might be worth a browse.

grizzly1911

SmilingAlbert wrote: »

Tricky: as my dad once sagely observed, the trouble with dying is that you never know when it's going to happen and it makes planning tricky...


Albert

My dad used to say the same. he used to refer to care/nursing homes as departure lounges too. "Luckily" he got a VIP check in.

SmilingAlbert

Yes it's joint pension income.


FIL is £42k, MIL is £8k or so


We have to look in to the AA, NHS stuff


It may help a bit I dare say, but this is a new territory for us, lots of homework to be done...

xylophone

Is MIL being funded from her/FIL's current savings? If so, you have factored in how long these are likely to last?

Incidentally, AA is not means tested.

Biggles

SmilingAlbert wrote: »

Never going to get a £400k annuity that pays out that much I reckon, so a combination is going to be needed.

Sure, you'll need the income from an annuity plus their pension income, that's usual. But you need the figures from an IFA first before you know where you are.

atush

They will probably be in 2 different homes (one has greater needs than other).

I would not assume they can't get differing levels of care in t he same home (and for you to get a discount). Look into it, as surely they would be happier if they could at least see each other?

Eco_Miser

Some care homes certainly do offer differing levels of care in the same home - to the extent of a nursing home and a care home occupying the same building.