Any independant financial advisors on the board?

[Crawley]

.....someone who can give me info on how to protect the savings of an elderly person should they ever have to go into a nursing home?

Would prefer qualified persons, not Google warriors please

and before you ask, Gordinho, DHSF etc, no, I am not at that stage already. It's for someone else close to me. :lol:

 

[Kingdawson]

Papercut isn't it?

 

[DHSF]

.....someone who can give me info on how to protect the savings of an elderly person should they ever have to go into a nursing home?

Would prefer qualified persons, not Google warriors please

and before you ask, Gordinho, DHSF etc, no, I am not at that stage already. It's for someone else close to me. :lol:

CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUNT

Ps - I'm a bloody Accountant not an Adviser grrrrr.

 

[Gordinho]

.....someone who can give me info on how to protect the savings of an elderly person should they ever have to go into a nursing home?

Would prefer qualified persons, not Google warriors please

and before you ask, Gordinho, DHSF etc, no, I am not at that stage already. It's for someone else close to me. :lol:

I'm hurt and wounded that you'd even suggest I'd make a cheap gag at your expense. :^)

My Mum's in the same boat as it goes. Any input would be appreciated.

 

[scaramanga]

Are we looking for a method or a legal method?

 

[Crawley]

Are we looking for a method or a legal method?

Whatever keeps the states mits off her money............

(being the only child, that basically means my money, of course)

 

[Crawley]

Papercut isn't it?

Really?

A fellow mod and I never knew!!!

 

[GlennGoddle]

Does whoever is going in own their own house? That's slightly more difficult to hide than a few quid....

These places will expect the house to be sold to foot the bill. I know that was how it was in my nans case.

 

[GlennGoddle]

Unless of course,the bill gets paid by someone else. When my nan passed away,my mother got a nice £15k bill.

 

[Crawley]

Does whoever is going in own their own house? That's slightly more difficult to hide than a few quid....

These places will expect the house to be sold to foot the bill. I know that was how it was in my nans case.

Yes. That's my worry.
Owns own property and has savings too.

She isn't near going in yet. Far from it. But I'm just planning for the future.

She doesn't understand that everything she owns can be taken to pay for care, she thinks what is hers is hers, and goes to me regardless.

 

[scaramanga]

Whatever keeps the states mits off her money............

(being the only child, that basically means my money, of course)

For a start she should start investing in valuable, readily saleable items like good watches. A decent watch will squirrel away a few grand, for example. It shouldn't depreciate (good ones will hold or increase their value) and any reputable merchant will give you a good price if she needs to free up cash quickly.

One of the best is good wine. It carries the cost of storing it properly, but again can tie up thousands and will keep or increase value. The reason wine is so good is that obviously it will all get drunk before the taxman comes looking for it

 

[Papercut]

Sorry not me - if you need a good deal online - I can help!

 

[spitshine]

Does whoever is going in own their own house? That's slightly more difficult to hide than a few quid....

These places will expect the house to be sold to foot the bill. I know that was how it was in my nans case.

Unless transfer of ownership has passed 7 years then no tax. Else it's taxed in proportion

 

[DHSF]

Unless transfer of ownership has passed 7 years then no tax. Else it's taxed in proportion

I was about to say this.

Crawley in all seriousness - not sure how old the elderley person is but if there is seven years (morbid to discuss I know but its neccessary) left then just transfer ownership of whatever it is. No taxes. As Spit says - its tapered over seven years.

I dont know ins and outs of the situation but thats the brunt of it really.

 

[Gifter]

I was about to say this.

Crawley in all seriousness - not sure how old the elderley person is but if there is seven years (morbid to discuss I know but its neccessary) left then just transfer ownership of whatever it is. No taxes. As Spit says - its tapered over seven years.

I dont know ins and outs of the situation but thats the brunt of it really.

As long as there is no sign that care will be required in the foreseeable future.

There are good threads on moneysavingexpert on this, but the while area is very grey.

I mean, Crawley is well known to be falling apart, will he outlast the parent? Would his wife ditch him once he is worth a few bob and insist the house is sold to get 'her' half etc....

Looked into it for my mum/nan but it's a toughie. The cash/savings part is easy unless they are minted.

 

[Crawley]

As long as there is no sign that care will be required in the foreseeable future.

There are good threads on moneysavingexpert on this, but the while area is very grey.

I mean, Crawley is well known to be falling apart, will he outlast the parent? Would his wife ditch him once he is worth a few bob and insist the house is sold to get 'her' half etc....

Looked into it for my mum/nan but it's a toughie. The cash/savings part is easy unless they are minted.

What would you rate as "minted" in this case?

My old mum, bless her, feels minted compared to how she grew up.

 

[Gifter]

Think it was £17K+ but might be wrong as I was chiefly looking into the house element.

Basically she needs to have less than that (whatever the amount is now), (s)he can give you and your family 'presents' which you then slowly give her back...

 

[Crawley]

I was about to say this.

Crawley in all seriousness - not sure how old the elderley person is but if there is seven years (morbid to discuss I know but its neccessary) left then just transfer ownership of whatever it is. No taxes. As Spit says - its tapered over seven years.

I dont know ins and outs of the situation but thats the brunt of it really.

Ok, anyone elaborate on this?

My mum is pushing 85 and is in generally good health, with most marbles intact.

My only doubt on her property is that it's a leasehold retirement flat, with service charges etc, and more importantly, a lower age limit (that incredibly is more than my own age).
Not sure if i would be "allowed" to take ownership.

 

[Crawley]

Think it was £17K+ but might be wrong as I was chiefly looking into the house element.

Basically she needs to have less than that (whatever the amount is now), (s)he can give you and your family 'presents' which you then slowly give her back...

Blimey.

Going to be some hefty "presents" flying around then.

 

[THFC]

If you give your home to your children with conditions attached to it, or if you continue to benefit from the home yourself, this is known as a 'gift with reservation of benefit' and the gift won't be exempt from Inheritance Tax, even if you live for seven years afterwards.