What to do with Mothers savings?

xylophone

See

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS40_deprivation_of_assets_in_the_means_test_for_care_home_provision_fcs.pdf?dtrk=true

and the value of the house would still be taken into consideration unless the daughter is over 60 and has been continuously occupying the house before the mother went into a care home.

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS38_Treatment_of_property_in_the_means-test_for_permanent_care_home_provision_fcs.pdf?dtr%20%20k=true?dtrk=true

atush

stax wrote: »

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?

Spending it on the house (so she can stay longer) perfectly legal as are investments (if she is of sound mind

the rest that you propose, I assume for your own benefit, is illegal.

Read up on deprivation of assets.

Biggles

atush wrote: »

Spending it on the house (so she can stay longer) perfectly legal as are investments (if she is of sound mind

the rest that you propose, I assume for your own benefit, is illegal.

As would investing it be, unless it were in her sole name.

But, as she currently retains her mental capacity, perhaps the OP should ask her what she has in mind for it? Her wishes don't seem to have been covered.

atush

I was inferring in her own name.

And yes, if she is of sound mind she should come here and ask.

I find posts like this one so sad. Wonder if my 3 will looking to pick my bones before I am gone?

kidmugsy

atush wrote: »

Wonder if my 3 will looking to pick my bones before I am gone?

Depends, perhaps, on whom they marry?

stax

atush wrote: »

I was inferring in her own name.

And yes, if she is of sound mind she should come here and ask.

I find posts like this one so sad. Wonder if my 3 will looking to pick my bones before I am gone?

Personally I wish they had spent it all travelling the world. Now I am researching ways to protect it, (keep it in the family rather than the government/system take it all. Obviously her care will come first.

I think you may have got the wrong end of the stick, so don't be sad.

atush

we get a lot of it here, inc; one last week where they took granny in, spread her money round he family and now she needs care. So easy to take that meaning.

So prove I have it wrong. you say you dont want the money to go to the govt, but you will use it for her care if needed? but your OP seems to go against this idea that you are happy she pays for care if needed:

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

Is her estate large and over the 650K (as her spouse has passed there a 2 allowances at 325K) IHT allowance? Have your read up on the changes re leaving the family home to direct descendants?

How and why do you think the govt will grab her cash? If it isn't for care?

atush

kidmugsy wrote: »

Depends, perhaps, on whom they marry?

Would help if they dated first lol. Precious little sign of that, but then again maybe they do?

Perhaps i'll revise my will if they marry

Biggles

kidmugsy wrote: »

Depends, perhaps, on whom they marry?

Sounds like the weary voice of experience?

dawyldthing

If you want to protect the savings take granny in and keep her either in her family home or living with you. Then you won't need to worry about where the money is going as she won't need outside care as she will have you guys. It's what we have done for nan, moved her into the front room as I work as a support worker and I don't think I would want my nan being looked after by others tbh