How do we protect our parents savings?

Bobziz

jamesd said:

One traditional use for savings is to provide for a rainy day. Needing care is such a rainy day.

My mum has had £350k worth of rainy days so far ☹️

london21

It depends o their age, if they have health condition etc.
What came to my mind was people prefer to spend other people's money than theirs.

Cus

london21 said:

It depends o their age, if they have health condition etc.
What came to my mind was people prefer to spend other people's money than theirs.

There are many threads in this forum on how to pay as little tax as possible on their pensions when accumulating or withdrawing. The tax has to come from somewhere.
Maybe people like the OP's parents have not spent many years minimising their tax position, maybe they never had the opportunity. 

Billycock

Collyflower1 said:

Firstly how imminent could they need care in a home? Are they elderly, do they suffer any health problems especially dementia? You need to start planning asap and as it stands I think you have to get below a £23,250 threshold so you need to get rid of £66,750. They can gift a certain amount each year, i'm not sure if its £3000 and you can do this for a prvious year too i think? If the careneeds are a few years away try to get them to spend more. 
  There is something called deprivation of assets where if youre obviously getting rid of more money than usual it can be investigated but some areas councils are more forgiving i think. They havent got a great deal of money so i wouldnt worry unduly.   Also, you need to look at if they own their own home and how its set up with the land registry and if they have shared tenancy .If there is only one parent with urgent care needs atm they cant force the other out of the home if aged 60+. Also i think 
    There is also the option of getting care at home which is cheaper.!

You think 90k isn't a great deal of savings? It's far more than the national average savings pot.