ISA / bonds / fix rate saver etc

[Tuearts right boot]

Would she not be better just using the money to buy stuff that you can use ;) holidays etc.

She can also gift a certain amount per annum,( I think it's £3,000 in total, myself and sister took £1500 each ) to family members which will reduce her financial standing, It's not a lot though but it is something you could ask someone in the know.

 

[halfmist]

She can also gift a certain amount per annum,( I think it's £3,000 in total, myself and sister took £1500 each ) to family members which will reduce her financial standing, It's not a lot though but it is something you could ask someone in the know.

I think you are mixing Inheritance Tax rules with Local Authority rules. The Local Authority will not allow any money to be given away if it results in them picking the fees up.

 

[MCFC Wirral]

I think it’s very wise to seek good, impartial financial / legal advice.

I’ve seen a Judge in action and they’re sharp.

 

[Mr Kobayashi]

Can I give away my property or assets to avoid care fees? - Which?

We explain the rules and legal implications of gifting money and other assets, including the deliberate deprivation of assets.

www.which.co.uk

 

[The Light Was Yellow Sir]

I think you are mixing Inheritance Tax rules with Local Authority rules. The Local Authority will not allow any money to be given away if it results in them picking the fees up.

And to think of the fuss made about inheritance tax..

 

[ob]

Care home fees are ridiculous. They must make a fortune.

As has already been intimated, her money is likely to be lost now, sadly.

My mother in law's fees are £2,200 a week in south London. I believe the resident can keep about £23k. Her money all gone now and her husband's almost gone as he's been topping it up. He was gifting each of the 3 (grown up) children £1,000 each a year as I have feeling you can gift up to £3k a year. My other half been through it all since covid. Sold their house and they bought warden assisted flat. Mum now in care home and we got rejected for power of attorney. Applied for deputyship and now got that. Make sure change wills. We were too late for the mother's but changed father's from wife to children

 

[Bluesince1979]

It’s a scam though. If they had moved her money early enough, they could have used the money for themselves and the mum would have got help with her care costs.

As it is, care homes charge a fortune because it either fleeces the family or the council.

My gran’s care home cost £750 per week.

And £750 is CHEAP!!
My nanna is being charged £900 per week for very a basic home.

My nanna worked all her life , proper grafted in catering, cleaning, and at 40 qualified as a teacher after her husband left her.
She was also tight as fuck so accumulated a tidy ish sum.
She now has dementia and has no idea about money and her money is disappearing rapidly.
What irks me is that she is paying £900 a week for care that other residents are getting exactly the same for £0 as theyve never worked.

Back to the OP.
Isnt the law that if houses/money are transferred over to sons/daughter (or whatever) 7 years before death/going in a home then its safe ?

 

[PragueBlue]

And £750 is CHEAP!!
My nanna is being charged £900 per week for very a basic home.

My nanna worked all her life , proper grafted in catering, cleaning, and at 40 qualified as a teacher after her husband left her.
She was also tight as fuck so accumulated a tidy ish sum.
She now has dementia and has no idea about money and her money is disappearing rapidly.
What irks me is that she is paying £900 a week for care that other residents are getting exactly the same for £0 as theyve never worked.

Back to the OP.
Isnt the law that if houses/money are transferred over to sons/daughter (or whatever) 7 years before death/going in a home then its safe ?

I think that relates to inheritance tax rather than avoiding care home fees.

 

[denislawsbackheel]

Fuck the care fees……empty bank account and tell care home she’s skint, they cant demand access to bank accounts……

Is complete bollocks

 

[denislawsbackheel]

And £750 is CHEAP!!
My nanna is being charged £900 per week for very a basic home.

My nanna worked all her life , proper grafted in catering, cleaning, and at 40 qualified as a teacher after her husband left her.
She was also tight as fuck so accumulated a tidy ish sum.
She now has dementia and has no idea about money and her money is disappearing rapidly.
What irks me is that she is paying £900 a week for care that other residents are getting exactly the same for £0 as theyve never worked.

Back to the OP.
Isnt the law that if houses/money are transferred over to sons/daughter (or whatever) 7 years before death/going in a home then its safe ?

No, this is IHT rules.
Fuck all to do with deprivation of assets to avoid care fees which there is no statute of limitations.