Overseas Assets

Hi all,

Parents who are now in their 80's retired to Spain approx 15 years ago.

Theyre now at point where they need full time help and have agreed that if I can find a decent care home that will accept them both, they'll come back home to Blighty.

Whilst they have enough to cover the Care homes fees with their UK savings and pensions, Do they need to declare their Spanish bank account if they are means tested at all? 
Does the local authority have any power to demand access to it? .

Oh, how I wish theyd set up trusts etc to protect some of their assets. Is their anything I can consider without it being classed as Depravation?

What are peoples experiences / thoughts?






Comments

  • bryanb
    bryanb Posts: 4,978
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    If they remain self funding there will be no means test
    This is an open forum, anyone can post and I just did !
  • Emmia
    Emmia Posts: 2,951
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    Your parents money (including the assets in Spain) should be used first and foremost for their care, with anything left over as the money they leave as a inheritance. 

    Hiding assets is the very essence of deprivation of capital. If you don't want them to spend the money/avoid spending as much as possible then the alternative to a home is you looking after them yourself with or without paid for assistance - that I presume is not feasible.
  • bobster2
    bobster2 Posts: 441
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    edited 10 January at 9:49AM
    Kawaka111 said:

    Oh, how I wish theyd set up trusts etc to protect some of their assets. Is their anything I can consider without it being classed as Depravation?

    What are peoples experiences / thoughts?

    As you said - they are now at the point of needing full time help - disposing of any assets now to make them eligible for means tested support, and avoid using their assets to fund care, would be clear deliberate deprivation of assets.
    But you've said they have enough to fund their care - so unless they ask the local authority for support, the LA won't be looking at their bank accounts.
    However, if they do ask for support - then YES - the LA will want to know about all assets in the UK and overseas. While the LA might not have the authority to compel overseas banks to disclose information - failing to disclose assets is a serious matter.
    By law, individuals are required to state the value of their wealth during a financial assessment. If they are found to have incorrectly declared this value by leaving out elements of their estate, this will be considered a deprivation of assets and is a criminal offence
  • Gavin83
    Gavin83 Posts: 8,725
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    Kawaka111 said:
    Hi all,

    Parents who are now in their 80's retired to Spain approx 15 years ago.

    Theyre now at point where they need full time help and have agreed that if I can find a decent care home that will accept them both, they'll come back home to Blighty.

    Whilst they have enough to cover the Care homes fees with their UK savings and pensions, Do they need to declare their Spanish bank account if they are means tested at all? 
    Does the local authority have any power to demand access to it? .

    Oh, how I wish theyd set up trusts etc to protect some of their assets. Is their anything I can consider without it being classed as Depravation?

    What are peoples experiences / thoughts?

    There's really no possible advantage to them had they set up a trust and actually a number of disadvantages. It is their money and should therefore be used primarily for them, which includes paying for a suitable care home. Their money buys them choices and running out of money potentially loses them those choices. If there is any money left afterwards for an inheritance then great, but don't expect it. Of course, as pointed out the other option is you move them in with you and provide the care yourself, at which point there aren't any care home fees.

    I get it's frustrating and I speak from experience. I currently have a family member in a care home and I'm a beneficiary in their will. Given their health I see no reason they won't be in there a long time and I expect their money will run out at some point. Waving goodbye to a £300k+ inheritance certainly sucks but I respect it never was my money and it's being used for the right reasons so I'll just consider it a bonus if there's anything left for me when the time comes.

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