Storing savings

Moneygrabber89

So my parents have got 35k inheritance money and putting it in the bank.

They do not want to keep the money in the bank for multiple reasons but partly because both old and not great health so if end up in homes they can take money etc

Is it possible I could create account in my name and put money in there? 

Also mam wants to withdraw all as cash and keep in a safe in the house. Is that a good idea?

eskbanker

Trying to conceal assets in order to have the taxpayer pick up care costs isn't a good look, and involving you in it even less so.  Keeping it in cash currency form is only slightly less atrocious an idea....

Moneygrabber89

It isnt purely for that mate. There are personal reasons too. I tried to word it correct and not cause upset. Sorry if I have 

eskbanker

Not upset, and no apology needed, just highlighting some of the flaws in the thinking....

MX5huggy

They can give you the money you can put it where you like it’s then your money not theirs. If they end up needing funded care they could be considered as still having this money as they have deliberately deprived themselves of this cash.

Keeping cash in the house is bonkers safe or no safe. A robber would just threaten your parents to open the safe. As they become more elderly possibly confused they may be duped out of the money by rouge trader types. 

eskbanker

MX5huggy said:

As they become more elderly possibly confused they may be duped out of the money by rouge trader types. 

Cosmetics retailers?

Alexland

"Deprivation of assets applies when you intentionally reduce your assets, such as money, property or income, so these won’t be included when the council calculates how much you need to pay towards the care you receive."
https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/

Prism

They can use a deed of variation to redirect the inheritance to you rather than them.

Alexland

Prism said:

They can use a deed of variation to redirect the inheritance to you rather than them.

My understanding is that using a deed of variation could still be considered as deprivation of assets in the right circumstances.

tebbins

Moneygrabber89 said:

So my parents have got 35k inheritance money and putting it in the bank.

They do not want to keep the money in the bank for multiple reasons but partly because both old and not great health so if end up in homes they can take money etc

Is it possible I could create account in my name and put money in there? 

Also mam wants to withdraw all as cash and keep in a safe in the house. Is that a good idea?

You can still take money out of a bank account, putting it in doesn't stop you getting it and if they need it to pay for care expenses, which you should look into much more thoroughly, the care home may prefer payment methods other than physical cash.
Keeping £35k cash in a safe in your house is a good idea... If you're a drug dealer or have a thing for burglars.

MX5huggy

eskbanker said:

MX5huggy said:

As they become more elderly possibly confused they may be duped out of the money by rouge trader types. 

Cosmetics retailers?

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