Making the most of house sale capital to pay care home fees

MissHap

Most things covered in previous post but a couple of other points..............................
EVERYTHING should be in your fathers name, HMRC will have something to say if you start paying for things then reimburse yourself out of his funds.
IF he outlives his funds you will need to throw yourself on the benevolence of the local council and they will need to see how your fathers funds have been spent, so you will need to keep a spreadsheet of incomings and outgoings, even down to the incidentals you are purchasing clothing, toiletries, sweets, haircuts etc etc.
I have a relative who was questioned by the Stasi at his benevolent council about giving birthday and Christmas money to relatives, even to the extent they wrote to said relatives to confirm how much had been received, when, and over what period.

handyandy1

MissHap said:.

IF he outlives his funds you will need to throw yourself on the benevolence of the local council and they will need to see how your fathers funds have been spent, so you will need to keep a spreadsheet of incomings and outgoings, even down to the incidentals you are purchasing clothing, toiletries, sweets, haircuts etc etc.
I have a relative who was questioned by the Stasi at his benevolent council about giving birthday and Christmas money to relatives, even to the extent they wrote to said relatives to confirm how much had been received, when, and over what period.

Wow, hadn’t thought of that, I will take that fully on board. Thank you!

xylophone

Wow, hadn’t thought of that, I will take that fully on board. Thank you!

Yes, you must keep meticulous records and all receipts/invoices/ fee notes etc.

Relative with PoA  kept a file for paperwork and copies of bank statements etc and notes of on line transactions.

You must have a clear audit trail.

And don't forget your father's tax affairs if relevant.

MissHap

Dealing with the HMRC whilst your father is still alive will be a nightmare.
If he outlives his savings he wont have a tax bill to pay when he dies will he because there is nothing left, they will just write it off.
Also, still on the morbid side, sort out and pay for his funeral plan now or the family will be saddled with the bill when the savings have all gone.

xylophone

Also, still on the morbid side, sort out and pay for his funeral plan now or the family will be saddled with the bill when the savings have all gone.

Relative did this after the donor's house was sold - it did make life easier some six years later when needed.