Will this be considered as deprivation of assets?

ahfat41

Since my adult children were small.We have always saved a regular amount of money in their account for their education and later for a deposit to buy a house. Now we have both retired and live a simple life, do not enjoy travelling or flashy cars. We are still saving a regular sum of money in his account managed by me. When my grandson was born 10 yrs ago we give him a junior isa every year and save £500 monthly to go towards his education. We both have nhs and state pensions and these are surplus money. We have been saving for the children for years when they were both young and fit. Now we are 81 and 74 wondering whether these will be considered as deprivation of asset if one of us need care in the future. Of course if our health deteriorates we will stop the monthly contributions. Thanks

Keep_pedalling

If you have plenty of other savings then it is highly unlikely. If the savings are actually in your name then IHT may be the bigger issue for you so the sooner you move this cash about of your names the better.

thegreenone

Slightly confused.  You have been saving for your children for years but you only mention "his account managed by me"?  Why are you managing your adult son's account and what about your other child?

However, you should be able to give gifts each year but you may need to scale them back a bit to comply with HMRC rules.

elsien

If the adults accounts are solely in your name (which in your mind is his money but actually he has nothing to do with the account and you just give him money when you want to), then as you’re not holding it for a child I would expect that legally the money is yours and would be assessed as such if you ever do need to have any financial assessments.
If the  £500 a month is a junior ISA in the grandson’s name, that’s not an issue.