Hi everyone
I’m presently filling in COP forms. The plan is this. I want to take over the running of my mum’s finances & look after her property as she no longer has capacity. She did have capacity so I didn’t do POA, well I did fill out the forms actually but they hadn’t gone anywhere when she had a crisis, went into hospital & now has no capacity & the medics & everyone else know that it is a permanent loss.
So she owns a property & there is no mortgage on it. So she would be self funding due to having a property but I want to defer payment of the care home fees on it & then just pay the top up fees, she does receive nursing allowance per week so I don’t know what I would be paying if anything?
As it stands at the moment, the top up fees are £40 a week, however no one has invoiced me for them as yet or asked for any money so not sure if they are using the nursing allowance element or not & it covers it.
I know my mum has a bank account with a fair amount of savings in it & I want permission to use some of the money to part renovate her bungalow so that it can be let out on short term lets.
Anything I do to the property will make it more saleable as it is old fashioned & in need of refurbishment in some areas at the moment so I intend to put laminate flooring in & do some redecorating too. It might need a new bathroom suite & will need new furniture too. I don’t want to go mad spending loads of money on it but I want the house to earn its keep & keep my mum comfortable so that she has money for hairdressers, chiropractor, pocket money & of course anything else she might need plus of course garden maintenance & other house maintenance stuff.
Now all this will take time to project manage, administrate & look after & of course guests to look after too. I live very close by so that’s not a big issue & I have experience of renovating a place as I did up my fiance’s flats ( on a budget!) but the grey area seems to be that some people think that i’m not allowed to pay myself an admin fee from the rental fees from letting it out?
I see it as a business that primarily would be helping my mum but that I have to use my time & energy & sort it out so it would only be fair to pay myself a nominal fee.
It seems on this forum that the popular option is to just sell a property & start paying the fees & that any alternatives aren’t considered.
Has anyone got experience of doing what I want to do?
I’m presently filling in COP forms. The plan is this. I want to take over the running of my mum’s finances & look after her property as she no longer has capacity. She did have capacity so I didn’t do POA, well I did fill out the forms actually but they hadn’t gone anywhere when she had a crisis, went into hospital & now has no capacity & the medics & everyone else know that it is a permanent loss.
So she owns a property & there is no mortgage on it. So she would be self funding due to having a property but I want to defer payment of the care home fees on it & then just pay the top up fees, she does receive nursing allowance per week so I don’t know what I would be paying if anything?
As it stands at the moment, the top up fees are £40 a week, however no one has invoiced me for them as yet or asked for any money so not sure if they are using the nursing allowance element or not & it covers it.
I know my mum has a bank account with a fair amount of savings in it & I want permission to use some of the money to part renovate her bungalow so that it can be let out on short term lets.
Anything I do to the property will make it more saleable as it is old fashioned & in need of refurbishment in some areas at the moment so I intend to put laminate flooring in & do some redecorating too. It might need a new bathroom suite & will need new furniture too. I don’t want to go mad spending loads of money on it but I want the house to earn its keep & keep my mum comfortable so that she has money for hairdressers, chiropractor, pocket money & of course anything else she might need plus of course garden maintenance & other house maintenance stuff.
Now all this will take time to project manage, administrate & look after & of course guests to look after too. I live very close by so that’s not a big issue & I have experience of renovating a place as I did up my fiance’s flats ( on a budget!) but the grey area seems to be that some people think that i’m not allowed to pay myself an admin fee from the rental fees from letting it out?
I see it as a business that primarily would be helping my mum but that I have to use my time & energy & sort it out so it would only be fair to pay myself a nominal fee.
It seems on this forum that the popular option is to just sell a property & start paying the fees & that any alternatives aren’t considered.
Has anyone got experience of doing what I want to do?