ISA / bonds / fix rate saver etc

Blue Maverick said:
Would she not be better just using the money to buy stuff that you can use ;) holidays etc.
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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.
 
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Tuearts right boot said:
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.
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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.
 
I think it’s very wise to seek good, impartial financial / legal advice.

I’ve seen a Judge in action and they’re sharp.
 
Alan Harper's Tash said:
Care home fees are ridiculous. They must make a fortune.

As has already been intimated, her money is likely to be lost now, sadly.
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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
 
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Alan Harper's Tash said:
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.
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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 ?
 
Bluesince1979 said:
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 ?
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I think that relates to inheritance tax rather than avoiding care home fees.
 
Bluesince1979 said:
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 ?
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No, this is IHT rules.
Fuck all to do with deprivation of assets to avoid care fees which there is no statute of limitations.
 
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Tuearts right boot said:
If I remember when we went through something similar,my mum actually stayed at home with a great care package in the end but the cut of point was £23,500 in savings , anything over that they've got you.
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Is it £100k now? Think it was Cameron who proposed that.
 
The £100k means test and the £86k cap on spend on social care costs got put back to Oct 2025, was meant to be Oct 2023, but it only really covers domiciliary care and a lot of the costs in residential care (i.e. food, accommodation) wouldn't be covered.

The fact is it would have bankrupt SCAs without the loop holes.

The FTSE shot up today with interest rates expected to take several incremental cuts next year, so back to the original question, the answer is "that's the gamble".
 
Corky said:
The £100k means test and the £86k cap on spend on social care costs got put back to Oct 2025, was meant to be Oct 2023, but it only really covers domiciliary care and a lot of the costs in residential care (i.e. food, accommodation) wouldn't be covered.

The fact is it would have bankrupt SCAs without the loop holes.

The FTSE shot up today with interest rates expected to take several incremental cuts next year, so back to the original question, the answer is "that's the gamble".
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I thought I’d seen the bit about the £100k but didn’t look into it too much as it’s something that’s not affected me. My Dad who I was an unpaid carer for wouldn’t ever consider going in a home, warden assisted or otherwise, care costs seem to have gone through the roof (like most things). Think I’d rather just pass than end up in one of those places.
 
Bluesince1979 said:
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 ?
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My grandma was quite similar. We never told her how much it cost. She’d have gone mad.

Don't get me wrong, they did care about her where she lived, but I can’t see how it costs over £100 per day for them to keep her.
 
ob said:
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
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£2200 is scandalous.
 
Alan Harper's Tash said:
My grandma was quite similar. We never told her how much it cost. She’d have gone mad.

Don't get me wrong, they did care about her where she lived, but I can’t see how it costs over £100 per day for them to keep her.
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If you compare to a hotel with 3 meals a day then it's similar. Hence why some people do live in hotels.
 
With people living longer and the cost of doing so far higher than usual then I think we’re heading for problems within a generation or two.
 
A Bulgarian waiter on a cruise I was on had a chat with me most nights, great lad and an interesting background (was saving up money so he could study to become a Doctor among other things. He told me one night a an elderly lady on the Cruise was on there virtually 365 days a year. She was on her own, got to meet new people every week and as the ship was in Europe for the summer and the Caribbean and Southern Hemisphere in our winter she got to see many places. Comfortable room, Doctor and Nurses on board, ax many meals as she wanted and live entertainment every night. Probably costs £600/£700 a week on some of the less expensive cruises but I’d guess she got some kind of discount, seems she’s not alone.

www.upworthy.com

A couple in their 50s live permanently on a cruise ship because it's cheaper than a mortgage

They hope to spend around $36,000 a year.
www.upworthy.com www.upworthy.com
 
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