Advice on best place for lump sum

Sinner205

Hi, I'm new to the forum and looking for some advice please. My mother has just sold her house, as she moved into an independent living complex last year. She is renting her current place and so the sale from the house will need to cover her future rent expenses, bills, general living and also pay for any future care needs as she gets older.
We are wondering where is the best place for her to put the lump sum that she will get from the house sale? I am not sure if she would liable for any tax on it as she is a pensioner? The majority of the money could be locked away if necessary and just some of the money would need to be readily accessible. A family friend said she might be best of to gift some of the money to her children, does anyone know if this would be beneficial for her?
Thanks in advance

missile

I would suggest:
Your mother should follow the advice given to others on the savings forum.
Pensioners are liable for tax, see here https://www.gov.uk/tax-on-pension
Gifting money - in what way did family friend suggest this would this benefit your mother? Avoiding care home fees does not appear relevant for her?

converted

As you are aware that she needs the money for her future care needs, then gifting the money to her children would be seen as deprivation of capital and an attempt to avoid future
care costs. In this case when she needs the care the money would be counted whether she has it or not.

Katiehound

My advice would be to get some financial advice from a recommended independent financial advisor.
When my mother moved into a residential home I had to sell her bungalow and raise as much income as possible to pay the monthly fees. I would not have made the correct decisions on my own. My aim at the start was to make both capital growth and income, but when she needed nursing care I had to go for maximum income. My financial advisor was brilliant and organised all the paperwork etc..... and then for probate.
Yes you pay for the advice but it was worth every penny.