Joint Bank Accounts

djrain

Nvmd

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Tigsteroonie

I'd have thought this was up to your Grandmother to decide ...

Are you fearful of her share being eaten in care home fees, or fearful that she may leave it to the cats home rather than to yourselves? It obviously can't be for practical reasons, as surely the joint account would already be in place if she needed help managing her finances.

djrain

nvmd

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jonesMUFCforever

It won't help at all in reducing care fee charges as the account will still have her name on.
Even if she gives the money away the social will see this as a deliberate act of deprivation of assets and charge her anyway.
When she dies the money then automatically goes to the other party to the account regardless of what any will states.
Did the grandfather make the arrangements regarding the pension etc with his pension company? If not granny will get the lot.

innovate

djrain wrote: »

we (& she doesn't too) don't want all her money potentially being swallowed up by carer/home fees.

You, and your gran, are expecting that other people's money is used to fund her carer/home fees whilst you keep her funds? How do you justify this?

Aquamania

djrain wrote: »

Just wanted a bit of advice about the legality/practicality of doing this

My Uncle passed away before Christmas. My grandmother, myself, my sister and my mother are each expecting a large payment each from pension + death inservice policy from work.

My grandmother is 84 and obviously never expected to have this money. She has very little money, a small house and only £2000 in bank/savings. While she is in great health at the moment, one can not predict what will happen in the future if she needs round the clock care/ care home fees plus inheritance tax. We want to know if it is practical for my mother to have a joint account with my grandmother and then for this money to go into there so it is less in her name.

Is this possible?

Tigsteroonie wrote: »

I'd have thought this was up to your Grandmother to decide ...

Me too. What does your Grandmother think?

Archi_Bald

Tigsteroonie wrote: »

I'd have thought this was up to your Grandmother to decide ...

Actually, it may not be, not entirely. For example, if she did decide to give a large junk of it to her daughter/family now, this could still be seen as a case of asset deprivation if she needs council care in the near future.

If she funds all her care needs privately, she can of course do with her money what she likes.

troubleinparadise

Not everyone needs residential care in their twilight years....

With regard to Inheritance Tax, will her estate, with this unexpected windfall, take her over the £325,000 threshold (or £650,000 if there is an unused transferable threshold from a pre-deceased spouse)?

Should Granny need some extra help, she could be supported in staying comfortably in her own home by being able to afford to have a cleaner, meals delivered, lots of carer visits, keep her house as warm as she likes, not worry about her utility bills.

Or just buy more and better quality food, new clothes, taxis to go out - whatever!

The choice should be hers for as long as she is capable, not those who think they should control her life for her.... :eek: