Relative gifting money

denislawsbackheel

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As has been posted you cannot protect their Money from the authorities in the event they need care in the way you describe.

To be blunt, the last thing you want is a paper trail that the authorities can trace and use in a dispute.

If I had more than the amounts I have already shown you can protect If it were me in the OP’s dad’s position I’d develop a “gambling” habit and a taste for very expensive wines and fine dining.
This would be documented by irregular CASH withdrawals from my accounts.
What happens to the cash is of course untraceable.

just saying...


Incidentally I can guarantee your other family will challenge anything you do if they aren’t included.

Seen it happen too many times.
 

Prestwich_Blue

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One potential risk to you is that if you've taken out a loan & £35k suddenly turns up in your account, there's a chance the bank could suspect you of money laundering & close your account without warning.

Before my mum died we sold her flat and my brother and me split the money, as we would have done if she'd died while still owning the flat. I seem to remember I had to prove where it came from.

Im not trying to frighten you but you need to arrange it properly.
 

abu13

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To be blunt, the last thing you want is a paper trail that the authorities can trace and use in a dispute.

If I had more than the amounts I have already shown you can protect If it were me in the OP’s dad’s position I’d develop a “gambling” habit and a taste for very expensive wines and fine dining.
This would be documented by irregular CASH withdrawals from my accounts.
What happens to the cash is of course untraceable.

just saying...


Incidentally I can guarantee your other family will challenge anything you do if they aren’t included.

Seen it happen too many times.
There is only the one other brother on my wife's side and he doesn't want any money going into his name due to his benefits.
The wife'father in law does have a daughter who he has not spoken to for several years, i don't know if she even knows where he currently lives but no doubt she will come out of the woodwork if anything were to happen to him.
 

cyberblue

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This is what concerns me most, we wouldn't be drawing the money out. Her mum and her husband would have the cards even though the account was in our name, in the event of anything happening to them i don't want my brother in laws family accusing us of dipping into the pot.
If the account is in your name the card will be in your name ,so it will be you that does draw out even if they are stood next to you .I would defiantly get something in writing (even just for your benefit) also would make sure all family members knew about it and after each transaction inform one of them who could also make a note of time ,date and amount .Whatever you do make sure you are bullet proof as it only takes one to shit stir
 

abu13

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If the account is in your name the card will be in your name ,so it will be you that does draw out even if they are stood next to you .I would defiantly get something in writing (even just for your benefit) also would make sure all family members knew about it and after each transaction inform one of them who could also make a note of time ,date and amount .Whatever you do make sure you are bullet proof as it only takes one to shit stir
I should have mentioned that they live around 60 miles away and no longer drive, i'll be fucked if i'm doing a 120 mile round trip to get them some money out.
This is why they want the cards,
 

denislawsbackheel

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You cannot have an account in your name with bank cards in someone else’s.

Basically they can’t avoid their assets being taken into consideration then if and when they need care without some jiggerypokery that does not leave accounts in their names.

on another issue
Have your parents considered power of attorney?

We had such a nightmare when my mother in law lost her marbles and we could not manage anything for her that we set it up straight away for when we become incapable and we are only in our early 60s.
 
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halfmist

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The rules for HMRC and Inheritance Tax and Local Authority for long term care funding needs are entirely different. Don’t fall in to the trap of trying to combine them. If you don’t come clean to either you may get away with it but if you get caught out it’s a criminal offence in both cases. If you defraud the Local Authority they are more likely to prosecute as you will be labelled a benefits cheat.
 

117 M34

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Surely they aren't just going to put 35k in a current account?
Surely it must be better going into an isa or premium bonds and just taking a sum out each 3 months or so to live on
 

denislawsbackheel

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They are trying to put the money in someone else’s name to hide it from the authorities yet still access it.


Try that with ISAs or premium bonds.
 

uncle fester

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In some ways its a generational thing - authorities rely on older generation having complete trust in the govt. and accepting as fact what they are told - there's some good advice on here but as someone who has been in the same position with my own elderly parents I can only add that in my case I ended up with a VERY big biscuit tin under the bed and on more than one occasion ended up telling the local authority to do one in respect of requests for bank details (also had a very understanding bank manager who wasn't interested in volunteering any information)
 

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