Protecting savings from nursing home costs

83dons

This may be slightly contentious but if someone pays tax all their life I don't believe they should lose all their savings to nursing home costs should they get ill in their old age.

My relative is currently paying about 600 a month for council sheltered accommodation in Scotland which is fine. Should her health take a turn for worse she may require a nursing home which I believe can be expensive and the council will just drain her savings.

What is best way to protect your savings to avoid them being touched by the government should a nursing home be required in the future? Give the assets to relatives now? Invest them in property here or abroad? Essentially she wants to ensure her assets go to her family and do not end up bring drained away through state nursing home charges.her assets are less than the tax threshold for inheritance tax.

missbiggles1

83dons wrote: »

This may be slightly contentious but if someone pays tax all their life I don't believe they should lose all their savings to nursing home costs should they get ill in their old age.

My relative is currently paying about 600 a month for council sheltered accommodation in Scotland which is fine. Should her health take a turn for worse she may require a nursing home which I believe can be expensive and the council will just drain her savings.

What is best way to protect your savings to avoid them being touched by the government should a nursing home be required in the future? Give the assets to relatives now? Invest them in property here or abroad? Essentially she wants to ensure her assets go to her family and do not end up bring drained away through state nursing home charges.her assets are less than the tax threshold for inheritance tax.

Who are you expecting to pay your relative's care home fees while she hangs on to large amounts of savings?

Archi_Bald

duplicate thread: https://forums.moneysavingexpert.com/discussion/5254571

atush

Basically, they dont take ALL your savings, but will leave you with some (is it 23K, 16K? Etc I can't remember?).

Suffice to say this is the amt you will inherit when they a re gone, so stop worrying.

83dons

Refer above comments to para 1 if my post. I understand this is contentious but if someone pays all their life towards tax and national insurance they should get free healthcare from cradle to grave IMO and not see their life savings frittered away. I have no doubt there is a way for someone to invest any assets to avoid this happening pm me if you don't feel confident to put on a public forum...if you don't agree in principle that's your prerogative!

dunstonh

Refer above comments to para 1 if my post. I understand this is contentious but if someone pays all their life towards tax and national insurance they should get free healthcare from cradle to grave IMO

Nice ideals but still boils down to money.

and not see their life savings frittered away.

You mean money grabbing siblings worrying about their inheritance?

I have no doubt there is a way for someone to invest any assets to avoid this happening

There is as long as care is not already needed or known that it is likely to be needed. Once it is known or happened, it is too late.

So, the only option here is benefit fraud and that isnt what this site is about.

tomtontom

Surely the solution is simple - provide the care yourself. Provide said relative with a warm home, meals, healthcare, and of course personal care - dressing, bathing, toilet needs and so on. Oh and that's 24/7 365 days a year. Worth it so those pesky care home providers don't get your inheritance, isn't it?

83dons

Genius lol

saintalan

Archi_Bald wrote: »

duplicate thread: https://forums.moneysavingexpert.com/discussion/5254571

Can mods merge this with the above?

Gadfium

tomtontom wrote: »

Surely the solution is simple - provide the care yourself. Provide said relative with a warm home, meals, healthcare, and of course personal care - dressing, bathing, toilet needs and so on. Oh and that's 24/7 365 days a year. Worth it so those pesky care home providers don't get your inheritance, isn't it?

Quality. Shirley the OP will jump at this- after all he/she has only their Nan's care in mind. Absolutely nothing to do with their potential inheritance. No way, no Sireeee.

missbiggles1

Another option would be for her to carry on living in her sheltered accommodation and to use her savings to fund carers/domestic help/etc.

I have a feeling that you won't like this suggestion either.