| Another financial advice thread.... 20:06 - Jul 17 with 2268 views | dusseldorf_blue |
Unfortunately it has now reached the stage where my mother needs to go into long term residential care, dementia.
As she owns her house we get Zero from social services and the house has to be sold to pay the care home bills.
This means we’ll get a lump sum and have to pay the monthly fee from this, question is where to invest where the money is ‚safe‘ but at the same time we get some return but also have access to the capital?
Any suggestions? |  | | |  |
| Another financial advice thread.... on 20:11 - Jul 17 with 2233 views | footers |
This might sound boring, but my advice would be to keep it in a normal current/savings account.
Any potential profits from investments pale in insignificance against the risk involved with paying for your own mother's care. Of course there are lower-risk options available but then you have the problem of access to capital which you mention.
Keep the dough, keep paying her bills and don't fret. |  |
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| Another financial advice thread.... on 20:12 - Jul 17 with 2228 views | factual_blue |
PM Keno |  |
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| Another financial advice thread.... on 20:27 - Jul 17 with 2200 views | dirtyboy |
No idea on what your care costs will be but can the property be rented and you subsidise the fees so you retain the property for as long as possible?
Awful situation, one that we’re trying to work out now.
My Nan will need a home as soon as Grandad dies (walking timebomb sadly, diabetes, prostate cancer, psoriasis, heart issues etc and he’s her carer with our help...legend) but we aim to let property for £1k net of taxes est then utilise their £70k savings plus her pension income and myself, brother and dad share the remainder of the burden to try and protect the house so Dad can keep it. Can probably do 3 years before house would need selling or some refinancing?
It’s sad and clinical talking, but we’ve all had the discussion 😞 they wanted Dad to have the family home they built and we’ll do our best. I might need to forgo holidays that time as I’ll be out of pocket by £500 a month estimated, but will help Dad long term. |  | | |
| Another financial advice thread.... on 20:32 - Jul 17 with 2186 views | dusseldorf_blue |
| Another financial advice thread.... on 20:27 - Jul 17 by dirtyboy |
No idea on what your care costs will be but can the property be rented and you subsidise the fees so you retain the property for as long as possible?
Awful situation, one that we’re trying to work out now.
My Nan will need a home as soon as Grandad dies (walking timebomb sadly, diabetes, prostate cancer, psoriasis, heart issues etc and he’s her carer with our help...legend) but we aim to let property for £1k net of taxes est then utilise their £70k savings plus her pension income and myself, brother and dad share the remainder of the burden to try and protect the house so Dad can keep it. Can probably do 3 years before house would need selling or some refinancing?
It’s sad and clinical talking, but we’ve all had the discussion 😞 they wanted Dad to have the family home they built and we’ll do our best. I might need to forgo holidays that time as I’ll be out of pocket by £500 a month estimated, but will help Dad long term. |
Unfortunately savings are relatively low and with care home costs circa €900 a week and a possible rental income of £1500 per month that won’t work.
Mum and Dad scrimped and saved to pay for their house so they had something to leave for the kids, now that’s not happening.
At the end of the day I am not so worried about the cash, of course it would have been nice, but the system sucks | | | |
| Another financial advice thread.... on 20:34 - Jul 17 with 2181 views | factual_blue |
Be very careful about any advice from anybody on here, unless they are actually qualified to give financial advice. Care costs is a huge minefield to navigate.
I can't urge you strongly enough to contact a well-qualified Financial Advisor, such as Keno. If he doesn't have the expertise to help you with this very specific area, he'll know a man who can. | |
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| Another financial advice thread.... on 20:38 - Jul 17 with 2169 views | dusseldorf_blue |
| Another financial advice thread.... on 20:34 - Jul 17 by factual_blue |
Be very careful about any advice from anybody on here, unless they are actually qualified to give financial advice. Care costs is a huge minefield to navigate.
I can't urge you strongly enough to contact a well-qualified Financial Advisor, such as Keno. If he doesn't have the expertise to help you with this very specific area, he'll know a man who can. |
Thanks for the advice
The only silver lining is that as we actually have some money, we can choose the home mum goes to rather than social services just putting her in one that fits their budget. Sure it costs more but the quality of care is much better, so in some respects my parents hard work did pay for some security..... | | | |
| Another financial advice thread.... on 21:16 - Jul 17 with 2088 views | Basuco |
I was in the same situation last year, and ended up putting 50% in a bond and the rest in a savings account at a bank, check if you are able to claim the higher rate attendance allowance. |  | | |
| Another financial advice thread.... on 21:17 - Jul 17 with 2081 views | BloomBlue |
Sorry if this sounds like a stupid question but does she need 24x7 nursing ? |  | | |
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| Another financial advice thread.... on 22:03 - Jul 17 with 2006 views | dirtyboy |
| Another financial advice thread.... on 20:32 - Jul 17 by dusseldorf_blue |
Unfortunately savings are relatively low and with care home costs circa €900 a week and a possible rental income of £1500 per month that won’t work.
Mum and Dad scrimped and saved to pay for their house so they had something to leave for the kids, now that’s not happening.
At the end of the day I am not so worried about the cash, of course it would have been nice, but the system sucks |
We’re working on £1k a week too, somewhere decent.
Sadly bonds are offering a pittance, so seem pointless. I’m sure an FA may come up with something, but it’s so expensive. We’re pretty lucky in that my brother and I are prepared to help ( grandparents did loads for us as kids) but not all families are in the same position.
I’m torn on the whole care and house thing, it’s not fair in some ways, but in others, the cost of the care is far too much for a debt ridden country to support in its entirety. | | | |
| Another financial advice thread.... on 08:11 - Jul 18 with 1883 views | dusseldorf_blue |
| Another financial advice thread.... on 22:03 - Jul 17 by dirtyboy |
We’re working on £1k a week too, somewhere decent.
Sadly bonds are offering a pittance, so seem pointless. I’m sure an FA may come up with something, but it’s so expensive. We’re pretty lucky in that my brother and I are prepared to help ( grandparents did loads for us as kids) but not all families are in the same position.
I’m torn on the whole care and house thing, it’s not fair in some ways, but in others, the cost of the care is far too much for a debt ridden country to support in its entirety. |
As mentioned in an earlier reply having the house does mean that the quality of the home we can choose is much better than if she had nothing and was just 'placed' somewhere by social services.... | | | |
| Another financial advice thread.... on 08:41 - Jul 18 with 1850 views | Duffy |
| Another financial advice thread.... on 08:11 - Jul 18 by dusseldorf_blue |
As mentioned in an earlier reply having the house does mean that the quality of the home we can choose is much better than if she had nothing and was just 'placed' somewhere by social services.... |
I would certainly seek advice from a `qualified' financial adviser. They should be `Society of Later Life Adviser' (SOLLA) qualified. If you google SOLLA you can follow the link through to establishing who is a qualified adviser in your location.
Additionally and if one is not in place already, a Lasting Power of Attorney should be considered.
Hope this helps as it is likely to be a very difficult time. |  | | |
| Another financial advice thread.... on 09:26 - Jul 18 with 1809 views | Keno |
| Another financial advice thread.... on 08:11 - Jul 18 by dusseldorf_blue |
As mentioned in an earlier reply having the house does mean that the quality of the home we can choose is much better than if she had nothing and was just 'placed' somewhere by social services.... |
"’m sure an FA may come up with something, but it’s so expensive"
that depends on the FA
all costs and charges should be made clear and agreed in advance and shouldn't be 'so expensive" |  |
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| Another financial advice thread.... on 09:40 - Jul 18 with 1791 views | dusseldorf_blue |
| Another financial advice thread.... on 09:26 - Jul 18 by Keno |
"’m sure an FA may come up with something, but it’s so expensive"
that depends on the FA
all costs and charges should be made clear and agreed in advance and shouldn't be 'so expensive" |
I have a call with one in about an hour ;-) | | | |
| Another financial advice thread.... on 09:43 - Jul 18 with 1787 views | Keno |
| Another financial advice thread.... on 09:40 - Jul 18 by dusseldorf_blue |
I have a call with one in about an hour ;-) |
if its the one facters recommended he's well dodgy!! Less IFA more Iffy | |
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| Another financial advice thread.... on 09:46 - Jul 18 with 1780 views | Battersea_Blue |
I have a 91-year old mum and my brother and I had a similar dilemma.
She's not able to go out on her own now, her legs are pretty unstable and while she doesn't have dementia there's certainly some mind issues that have been apparent since she had a UTI a couple of years ago.
It really depends if your mum needs 24/7 care. My mum doesn't, but does need daily visits to ensure she's taking her tablets, get her up and about, showered, etc. My brother and I live remotely from her, so we're not an option.
Luckily my mum lives within 100 yards of a care home, so I approached them and they were more than happy to send a qualified staff member to for a couple of hours a day. There's also a cleaner that comes in once a week, who also does her shopping.
We wanted what was best for mum but she was determined to stay at home. This is a great compromise, a lot less expensive than her being full time in a care home and gives my brother the peace of mind that she's being cared for properly.
This option may not work for you if your mum's dementia is such that she needs 24/7 care, but thought I'd share it as an idea that's working for our family. | | | |
| Another financial advice thread.... on 09:52 - Jul 18 with 1775 views | Swansea_Blue |
| Another financial advice thread.... on 20:32 - Jul 17 by dusseldorf_blue |
Unfortunately savings are relatively low and with care home costs circa €900 a week and a possible rental income of £1500 per month that won’t work.
Mum and Dad scrimped and saved to pay for their house so they had something to leave for the kids, now that’s not happening.
At the end of the day I am not so worried about the cash, of course it would have been nice, but the system sucks |
Sorry to hear this. Yes it does suck. I went through the same with my Gran's place about 6/7 years ago. It was an absolute disaster complicated even further by her being coerced (after being declared unable to make her own decisions, so therefore technically illegally) into signing over power of attorney to the Council's solicitors.
It's horrible. I've got no advice as the Council's solicitors (mis)managed the sale of her estate and subsequent money. And as Facters says, you really need professional advice. I imagine an initial consultation would be free/cheap.
As you say, the ultimate overriding emotion was around how badly the system and those in it treats people. Best of luck and hope you can find a way through it all. |  |
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| Another financial advice thread.... on 09:56 - Jul 18 with 1768 views | dusseldorf_blue |
| Another financial advice thread.... on 09:52 - Jul 18 by Swansea_Blue |
Sorry to hear this. Yes it does suck. I went through the same with my Gran's place about 6/7 years ago. It was an absolute disaster complicated even further by her being coerced (after being declared unable to make her own decisions, so therefore technically illegally) into signing over power of attorney to the Council's solicitors.
It's horrible. I've got no advice as the Council's solicitors (mis)managed the sale of her estate and subsequent money. And as Facters says, you really need professional advice. I imagine an initial consultation would be free/cheap.
As you say, the ultimate overriding emotion was around how badly the system and those in it treats people. Best of luck and hope you can find a way through it all. |
Luckily we sorted PoA out sometime ago so that is in the family.
Of course with hidsight there are things that could have been done differently, but that's life! | | | |
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