SWP's back
Well-Known Member
- Joined
- 29 Jun 2009
- Messages
- 89,065
I’m sorry bud but I really can’t be commenting on that sort of thing.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
ISA / bonds / fix rate saver etc
- Thread starter gazinho
- Start date
SWP's back
Well-Known Member
- Joined
- 29 Jun 2009
- Messages
- 89,065
So long as it’s not to avoid paying care fees obviously.To what end?
You can give away any amount of cash tax free in the U.K.
Alan Harper's Tash
Well-Known Member
- Joined
- 12 Dec 2010
- Messages
- 59,978
I’m sure you’re right, but it’s one of those things in life that I look at and can’t really comprehend how they can’t be making a fortune.Utilities, tax, insurance…
I’m sure many owners aren’t poor but I don’t think it’s the gold mine some would imagine.
40x52x750=£1.56m
I guess it’s not a fortune, looking at that, but say they had £500k in wages, then they’ve got a million quid for the rest and profit.
Tuearts right boot
Well-Known Member
As long as the numbers compute to the board of directors is all that matters I'm afraid.I get that, but there were 40 people in my gran’s care home with 3-4 staff over night, one of which had medical training. The rest were carers.
The numbers still don’t compute to me.
Alan Harper's Tash
Well-Known Member
- Joined
- 12 Dec 2010
- Messages
- 59,978
I know and that pisses me off when it’s about health or any intrinsic service that we all need.As long as the numbers compute to the board of directors is all that matters I'm afraid.
MCFC Wirral
Well-Known Member
My mum is currently in warden controlled retirement accommodation which she enjoys. The neighbours are all roughly her age etc.
Regardless of the cost, you can’t put a price on a quality of life and personal happiness.
Regardless of the cost, you can’t put a price on a quality of life and personal happiness.
Stockton Heath Blue
Well-Known Member
Most local authorities work on a 6-month period. Anything transferred prior to 6 months tends to be disregarded, but I suspect in practice it will differ from LA to LA. Might be harder in your case now that she's already in care.Moving the money to you to avoid care fees is unlikely to work, unless she lives for several more years before needing create. The liberal authority will see it as a deliberate attempt to avoid the fees, which it clearly is. If it gets to that stage, consider a care annuity which is basically an insurance policy where you hand over a large lump sum and they pay the fees for however long you need them. Expensive but at least there's a limit.
Ignoring that, consider Premium Bonds for ultimate security up to £50k. Money in UK banks up to £85k is covered.
If you're looking longer term (>5yrs), could look at S&S ISA which should outperform interest rates and inflation if you go for a index tracker - Vanguard Lifestyle or FTSE all world etc. There is risk, but then if the interest on an account is less than inflation you're guaranteed to lose money.
Tuearts right boot
Well-Known Member
My mum died of dementia but whilst she was suffering she had a great care package at home, it was very difficult to find a care home around here that ' catered ' for dementia patients. Couple that to the fact that I, who had POA, at whatever cost didn't want her in a home, we lived 200yds away after moving from Spain to look after her.As you’re pretty clued up in this purely hypothetical, what about doing this.
The person wanting to give away a large portion of their estate, let’s say it’s someone who has a large amount of cash but rents a house. That person and the person they want to give the money to both register on one of the American Poker sites.
They deposit a grand a time and just play heads up poker against each other (multiple hands both winning some pots) and the recipient wins every time increasing his bank balance exponentially.
They do this until all the money has gone from the giver to the recipient. The poker site will be happy as they get their rake (which means about 5%!of the pot is lost) and I doubt they would give information away to a British authority, am I missing something?
Her deceased husband had left her a bank managers pension but the house was left to his estate, 1 daughter and 2 sons, she could live there free until her final day. She had about £100k in stocks and shares and an income from pensions of about £25k. This all needed controlling by yours truly as she had no idea about anything by this stage....
We took advise from her bank manager, her/our Financial advisor, solicitor and doctor......
Eventually we used to withdraw £400 per week, gave her £100 in cash for her purse, she felt comfortable with some money...the rest we basically put in shoe boxes hidden in her loft and as long as there was about £3k in her account to pay the bills etc, everything was fine. She/we ended up with about £16k of £20 notes which we eventually split upon her death between myself and sister. The fun really began when the banks decided to change the £20 notes and we had to go in the bank on a regular basis with wads of old £20s and change them. Fortunately everyone in this one horse town knew everything about my mum and all was well.
Bluesince1979
Well-Known Member
I do work for 2 care home owners. One had just the one and were very comfortable in life , maybe millionairesUtilities, tax, insurance…
I’m sure many owners aren’t poor but I don’t think it’s the gold mine some would imagine.
The other have 3/4 homes and live in a humongous gaff with multiple out buildings and drive a bentley.
I know all that glitters isnt gold but i think its known as a money maker
Great postMy mum died of dementia but whilst she was suffering she had a great care package at home, it was very difficult to find a care home around here that ' catered ' for dementia patients. Couple that to the fact that I, who had POA, at whatever cost didn't want her in a home, we lived 200yds away after moving from Spain to look after her.
Her deceased husband had left her a bank managers pension but the house was left to his estate, 1 daughter and 2 sons, she could live there free until her final day. She had about £100k in stocks and shares and an income from pensions of about £25k. This all needed controlling by yours truly as she had no idea about anything by this stage....
We took advise from her bank manager, her/our Financial advisor, solicitor and doctor......
Eventually we used to withdraw £400 per week, gave her £100 in cash for her purse, she felt comfortable with some money...the rest we basically put in shoe boxes hidden in her loft and as long as there was about £3k in her account to pay the bills etc, everything was fine. She/we ended up with about £16k of £20 notes which we eventually split upon her death between myself and sister. The fun really began when the banks decided to change the £20 notes and we had to go in the bank on a regular basis with wads of old £20s and change them. Fortunately everyone in this one horse town knew everything about my mum and all was well.
I was in a situation with my old fella, he was 89 when he passed but had his faculties, still doing the Express cryptic crossword until the day he was taken ill (passed away three days later with an aortic aneurysm).
When he died me and my sister were aware of his will his small shares portfolio (he cashed most in when my Mum died) which he made available to us, his shares paid for the funeral but he had £40k in his current account which increased in value every month. He managed to save money on a private pension that paid over £600 a month and a state pension of about £800. I’d do his shopping and it was always Morrison’s own brand stuff, and the two wines for a tenner along with Aldi Gin and Whiskey.
It’s unbelievable how the war generation managed their money, my parents never had a loan in their lives and paid the mortgage off whilst in their 50’s, at 64 now I don’t half miss them both especially at times like this.
I’ve done my bit with my inheritance, most of it is sat in high interest accounts with small draw downs that meant I could retire a year earlier than I’d planned.
My mate bought my Dad’s house, he’s found a load of documents and photos under the floorboards, I’ve not had the heart to look at them yet, they’re in a plastic bag in a cupboard.
Losing family and friends does take a lot of getting over but we have to remember the great times, my best wishes to anyone looking after elderly parents, it’s such a tough thing to do.