Need advice about my mums money

Edinburghlass_2

andybodoyd wrote: »

Any advice welcome please. My dad recently died leaving my mum who has vascular dementia and whose health (and memory) is deteriating and will at some point probably need resedential/nursing home care. We have activated a previously set up Enduring Power of Attorney and not to be too blunt don't want to see all there hard saved money end up as nursing fees for mum. What can you do/should I see a financial adviser or accoutant. We think she has approximatelely £250,000 in assetts although we are still looking into this as mum can't remember all the accounts and saving bonds she has. Thanks in advance.

Go and see an IFA, make sure they are independent and they will be able to sort out the best way to utilise the money that is available to cover fees and expenses.

Chollita

Sorry about your dad, and seeing your mum like this can't be easy. I know it seems that people with assets are penalised, but unfortunately the money for care has to come from somewhere. If she has that amount of money, it also doesn't seem right that the taxpayer should fund her care.

I'm sure everyone would like to be able to leave their money to family, but inheritance can never be guaranteed, and I would rather my mum uses every penny she has to make herself comfortable than worry about leaving it to me.

something_girl

my stepfather died late last year, he was suffering from alzheimers. He was in a special unit within the hospital grounds, that was for people suffering with dementia problems, he was there about 3/4 years I think, he never had to pay for his care, they just took his old age pension, at source.

Loretta

Perhaps Age Concern would be the place to go for advice

Oldernotwiser

andybodoyd wrote: »

Ok, I am aware that my question sounded like I was wanting to 'stash the cash' but that really wasn't my intention so don't shoot me yet. Of coarse we are providing as much support as possible for my mum to enjoy the rest of her life and future provision of any care she requires is my priority. I am quite happy for all her assetts to be used for future provision of her care if required.But she is anxious that most of her money will be swallowed up in fees as she and my dad always intended to leave it to there grandchildren. I am well aware of my responsibilities with power of attorney and have no intentions of frittering away her money. Indeed it feels very strange sorting out her finances as she has always done it herself. I am just trying to do as she wishes obviously within the law!!

I never meant to suggest that you would actually take the money away from your mother but your first post was rather iffy. I'm sure your mother would like to leave money to her grandchildren but I really don't think that the state should pay for the care of someone with a considerable sum of money available to them.

margaretclare

Oldernotwiser wrote: »

I never meant to suggest that you would actually take the money away from your mother but your first post was rather iffy. I'm sure your mother would like to leave money to her grandchildren but I really don't think that the state should pay for the care of someone with a considerable sum of money available to them.

Andybodoyd, I think Oldernotwiser's comment was understandable given that we have often seen posts from people who do say just that i.e. how can I prevent house been stolen to pay for care fees/how can I preserve my inheritance from being squandered on care fees - those kind of things. There are people who DO think 'the state should pay' and that parents' money should go to children/grandchildren even if it is a considerable sum. So please forgive us if that's not the way you think - it's just that we've seen these kind of arguments crop up time and again!

turbo

Visit www.alzheimers.org.uk where you will find lots of help and advice.ts on lots . There is a forum which offers wonderful non-judgemental support.

Turbo

woozywendy

Hi Andy

My husband has power of attorney over his Aunt at the moment. Her husband died a few weeks ago and his Aunt has had to go into a care home as she has dementia. She has quite a bit of capital and her own house. Her house will eventually be sold and all profits will be invested for her. If you get the right advice the interest on her capital and any pension will help to help pay for any care she needs.