Joint accounts

cherry76

We have joint accounts for work and state pensions? We have set a monthly standing order years ago for our adult son and grandson? That’s surplus pension income. Will that be considered deprivation of assets if one of us need care in the future.Might it be better if I transfer my pensions into my sole account? Not sure where to post. Thanks

p00hsticks

Presumably if you feel able to give away money you have enough savings and income left to potentially fund your own care if needed ?

Are both the pensions yours ? If so, I'm not sure that it matters whether they are being paid into a joint or a sole account when it comes to doing a financial assessment for care needs. 

Keep_pedalling

People who gift excess income away tend to do so for IHT purposes so deprivation of assets is unlikely to apply in those cases. What do you have in the way of savings?

Brie

I believe it would only be considered DOA if it continued and the local council needed to fund care.  Obviously care can be very expensive and beyond what most people have to pay out each week so can change what is considered "excess funds".