What to do with Mothers savings?

stax

My father past away a little while ago and my mum has not quite been with it since and is being checked for possible dementia.

She owns her own house and does have a daughter still living at home with her. Her savings are in the region of 60K.

My concerns are her health and what the government may take if she eventually needs to go in a home.

What is the best thing to do with the savings?

Thanks

xylophone

The information you need is here

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS38_Treatment_of_property_in_the_means-test_for_permanent_care_home_provision_fcs.pdf?dtrk=true

and here

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS10_Paying_for_permanent_residential_care_fcs.pdf?dtrk=true

atush

Do consider her staying at home, if her sibling and a paid carer can look after her (if not yourself).

This would cost far less.

Biggles

Get a power of attorney completed as soon as possible. It won't be possible if dementia does develop.

LHW99

If dementia develops you would need a Deputyship.
It achieves the same ends, takes longer as medical advice is needed, and usually help from a solicitor to ensure all the correct forms and information are submitted.

kidmugsy

"What to do with Mothers savings?" Use them to pay for her care. Savings are for a rainy day; it may be about to arrive.

stax

Thanks.

I was thinking more along the lines of spending it on the house, invest it, move it, give it to grandchildren, swiss bank account ??

Is any of the above illegal?

Arthurian

If you invest the money, move it, give it to grandchildren or Sepp Blatter, the local authority will simply treat it as still belonging to your mother. Try searching the forums for 'deprivation of assets.'

Gadfium

stax wrote: »

My concerns are her health and what the government may take if she eventually needs to go in a home.

If your concerns are really for her health and wellbeing then you will want her savings to be used to get her the best care. If you CBA with that then the Local Authority will use some of it to pay for her upkeep.

Or do you really expect the taxpayer to pay for your mother's care???

jackyann

This rouses strong feelings on here.

Do be careful:
as you know care is close to being needed, you may be accused of "deprivation of assets"
as local authorities get more hard pressed, they are providing less care for fewer people - you may find your mother's choices severely limited.

what may make best sense is to think about moving to a home that suits your mother whilst she has the choice, or to alter her home to make it disabled & dementia friendly so that she can stay there as long as possible.

I would contact your local branch of the Alzheimer's Society, Admiral Nurses, Carers' Association, Age UK, or any similar organisation that can help & advise.

and yes, PoA is a very good idea

Mojisola

jackyann wrote: »

and yes, PoA is a very good idea

But if you become her attorney, you will be legally obliged to look after her finances in her best interest which won't be giving it away!