Investing to finance care home fees

bostonerimus

Budgeting for care is difficult from both mathematical and emotional perspectives because it has to include factors for health and lifespan. FYI I think the average care home stay is 2.5 years and the expectation is that the vast majority of people do not leave them once they enter.

xylophone

is it easy to open an account in parents names but with us controlling the transactions?

It depends on the institution - some are very efficient.

My relative says you should ensure that you have several properly certified copies of the PoAs if you are intending to open more than one account.

le_loup

xylophone wrote: »

It depends on the institution - some are very efficient.

I have found HSBC to be great and Nationwide to be terrible.

xylophone wrote: »

My relative says you should ensure that you have several properly certified copies of the PoAs if you are intending to open more than one account.

My experience is that one copy is sufficient as the bank will copy it and return the original - like they do with death certificates. However it can't hurt to have more copies should the need arise.

kidmugsy

kajman wrote: »

I don't think the annuity route will work for us as the total assets only equate to about about 3 years of care home fees

The annuity doesn't need to cover all the fees, only the difference between the fees and their after-tax incomes.