Investing for the elderly

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
4 replies 1.4K views
CarmelyorkCarmelyork Forumite
2 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
Hi Folks,

My Dad has a 6 figure sum of money currently invested in a cash ISA. It has now matured and I need to move it somewhere else. I have power of attorney for his financial matters. It is likely that he may at some point in the next few years need nursing care so the money needs to be reasonably accessible. My question is - do I

- leave it in a cash ISA and accept the interest will be negligible

- split it between a cash ISA and a low risk stocks and shares ISA

- something else

Any advice or tips would be appreciated😀

Replies

  • edited 26 April 2017 at 1:22PM
    xylophonexylophone Forumite
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    edited 26 April 2017 at 1:22PM
    Are you anticipating that your father will need residential care?

    If his needs are primarily medical he may not need to pay for care but if he does, remember that the fees can be extremely high - my relative has PoA for a donor whose fees are in excess of £60,000 a year.

    He has other income as well as savings/investment income?

    If he goes into care, is there a property to sell?

    Is your father able to discuss the matter of his maturing ISA with you?
  • Thanks for you reply Xylophone!

    My Dad has dementia so we anticipate he may need care at some point. He has no interest in or capacity to discuss any investments. He has a fairly good pension so has income from that. He also has premium bonds. The house has been in my Mum's name for quite some time. I appreciate care will be expensive and we are not trying to avoid paying for that. I think the savings he has should cover it.
  • jimjamesjimjames Forumite
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    Personally I'd look to split it so some in cash and some in S&S ISA. What proportions would depend on the need for cash over the next few years but 60:40 cash:S&S might work if you need a decent amount of cash.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • xylophonexylophone Forumite
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    http://forums.moneysavingexpert.com/showthread.php?t=5214897

    post three has some links which may be worth a browse.
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