Sell dads house

Collywobble29

My dads alive and had nearly sold his house . Why do we do with the money? He wants to spend some but is he allowed? I care for him at my house and he lives wirh  me full time . But what do we do wirh 140k?  Can he just have it in his bank? Thankyou 

Albermarle

It will be his money, he can do what he wants with it ( within reason) 
He can leave it in his current account earning no interest ( not recommended)
He can put it in a savings account(s) and earn some interest
He can invest it for the long term ( if appropriate)
He can spend it 
etc

If he has not lived in the house for some time there maybe some Capital Gains Tax to pay, if it has gained in value since he moved in with you.
If he needs care to be supplied by the local authority, they will want him to pay for it with that level of money he has. 

Brie

Albermarle said:

It will be his money, he can do what he wants with it ( within reason) 
He can leave it in his current account earning no interest ( not recommended)
He can put it in a savings account(s) and earn some interest
He can invest it for the long term ( if appropriate)
He can spend it 
etc

If he has not lived in the house for some time there maybe some Capital Gains Tax to pay, if it has gained in value since he moved in with you.
If he needs care to be supplied by the local authority, they will want him to pay for it with that level of money he has. 

But he can spend the money in the meantime as long as it's not obvious deprivation of assets. 

So the local authority had no problem with my MiL paying for her, me and her son to go on holiday together, or buying a new TV or furniture, buying a mobility scooter etc.  They will also have no problem if he pays you a regular monthly amount for his share of living costs.  I put together a list of household bills and allocated her 1/3, plus things we bought regularly just for her (chocolate & sherry!) and a standing order was set up to pay that amount every month.  

Has he applied for Attendance allowance and you for carer's allowance??

Albermarle

Brie said:

Albermarle said:

It will be his money, he can do what he wants with it ( within reason) 
He can leave it in his current account earning no interest ( not recommended)
He can put it in a savings account(s) and earn some interest
He can invest it for the long term ( if appropriate)
He can spend it 
etc

If he has not lived in the house for some time there maybe some Capital Gains Tax to pay, if it has gained in value since he moved in with you.
If he needs care to be supplied by the local authority, they will want him to pay for it with that level of money he has. 

But he can spend the money in the meantime as long as it's not obvious deprivation of assets. 

So the local authority had no problem with my MiL paying for her, me and her son to go on holiday together, or buying a new TV or furniture, buying a mobility scooter etc.  They will also have no problem if he pays you a regular monthly amount for his share of living costs.  I put together a list of household bills and allocated her 1/3, plus things we bought regularly just for her (chocolate & sherry!) and a standing order was set up to pay that amount every month.  

Has he applied for Attendance allowance and you for carer's allowance??

Yes of course, but I was presuming he was not going to spend large amounts and have nothing left.