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finance's
My father will be going into a home soon, the cost is £500 per week. He has savings of approx. £50,000. I have been told that until his savings come down to £20,000 he will not get any help. Legally were does he stand with regards to giving away his money now to his three children, so that his savings come down to £20,000. Also, the possibility of him placing his money in off-shore accounts.
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i know its not the same but usually people give the money away and have the house put into their childrens name before going into a home, this is the only way to stop using all of your savings and house costs to pay for residential care. Try the citizens advice bureau, they are usually really good at things like this.
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Sorry im not god in math [ lol ]
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HI honey,
You are obviously in England, and I don't know what the laws are there. They are totally different then they are here. In this country, people anticipate this, and they give their money to their kids at least 5 years before they might go into a nursing home. AT this point, if my father were READY to go into a home because he needed roung the clock nursing care, and he still had 50,000 dollars (pounds) it would be too late. He would not be abel to give his children any of it. Also in this country you can gift money to your children in the amount of $11,000 dollars per year, and no tax coming due by the chidren or the parent, but again, I think it is too late.
He may very well have to sign over his money before the home will even take him. I don't know if they can investigate is finances anyway, but may if you turn down that home that you have in mind now. Take some money out of the bank, then apply to a new and different home with just 20,000 in the bank, maybe that will work there in england, but not here in this country, or this state, I should say, Connecticut because the state has the right to go back and look at his banking records, and if large sums of money came out recently they can sue you for it. Same goes with real estate. So good luck.
Michele
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