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Care home fees
Lesliei2005
Posts: 1 Newbie
Hi all - this is my first post here, so please be gentle to me!
My dad is about to move into a care home. His assets are around £50k in the bank, plus he owns his flat, worth about £150k. He recently updated his will, to equal shares between my brother and I. The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
Thanks for any advice.
Les
My dad is about to move into a care home. His assets are around £50k in the bank, plus he owns his flat, worth about £150k. He recently updated his will, to equal shares between my brother and I. The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
Thanks for any advice.
Les
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Reclines chair, sits back, opens popcorn...0
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Nothing at all0
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My dad is about to move into a care home. His assets are around £50k in the bank, plus he owns his flat, worth about £150k. He recently updated his will, to equal shares between my brother and I. The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
Thanks for any advice.
See and read carefully http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS10_Paying_for_permanent_residential_care_fcs.pdf?dtrk=true
In basic terms, unless your father is eligible for fully funded care on health grounds, he will need to meet the cost of the fees until his capital is reduced to a prescribed level.
If this means that eventually there is very little for you and your brother to inherit, that's just one of those things.
It might be worth looking into an immediate needs annuity.
https://www.moneyadviceservice.org.uk/en/articles/immediate-need-care-fee-payment-plans
https://ukcareguide.co.uk/immediate-care-annuity/
You could seek advice.
https://societyoflaterlifeadvisers.co.uk/0 -
That would depend if his income is sufficient to pay for the home. If not he has £50k in savings (for a rainy day). Frankly it is going to start chucking it down. Does he have both powers of attorney in place? If not that would be a good place to start.
If he has any trace of dementia, expect to see initial deterioration. This is normal & can be caused by any change to the norm. A short period in hospital particularly can cause a rapid deterioration.
Good luck if you are hoping to get a diagnosis which will cost the NHS money, not much chance of getting a dementia diagnosis either even if every doctor you see asks why there isn't one.0 -
Lesliei2005 wrote: »The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
Don't get taken in by "wealth management" organizations offering to help avoid these fees, see http://www.bbc.co.uk/news/business-395890830 -
The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
As said already, you cannot.
Its too late and even if it wasnt, there is a world of difference between local authority care and private care.
I am sure you are not suggesting you want to prioritise your inheritance over your father's quality of life. However, even if you were, it is too late to do anything about it now.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
there is a world of difference between local authority care and private care.
If the LA/NHS are having to use a privately run home ( as presumably many do as there seems to be a dearth of homes owned by LAs), then the level of care etc would be the same?
And the self funders are subsidising it.......?
https://www.ft.com/content/6c61fa30-f1dc-11e6-8758-6876151821a60 -
Lesliei2005 wrote: »The big question now is obviously what can be done to avoid the £50k and potentially the £150k going on care home fees?
What would you like to happen?0 -
If the LA/NHS are having to use a privately run home ( as presumably many do as there seems to be a dearth of homes owned by LAs), then the level of care etc would be the same?
In our area we still have some local authority homes. However, they do also use private homes. Typically the private homes will either have a wing that is of lower standard or rooms that are smaller and less furnished.
The quality of care is little different as its the same staff typically. It is the living standards within the facility where differences show. The private funding can buy things that the local authority funding will not. Although LA care within a private home is almost certainly better than an old LA home (again focusing on facilities) and that does mean is likely that some cross subsidy does exist.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The home where my mum lived was a mix of local authority funded people and private paying people. She paid. There was no difference whatsoever in the rooms or care or anything between the two. The everyday staff didn't know who was paying and who wasn't (although if you were that interested you could work it out over time from a variety of good guesses).... usually from the odd piece of conversation overheard by family members, or family members being overheard discussing the annual fees increase with the office staff etc.
Where mum was started off at £500/week - this increased as "needs changed", whereas the local authority paid a "flat rate" £400/week. At that time, if you were somebody needing a lot of assistance for everything the cost would've been about £750/week for the private residents, with the local council still paying their flat rate.0
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