POA finance? movey money

[gray]

Me and my sister are POA finance.

With a possible impending care home and self financing. If you are self financing would it be best not to involve Social Services.

Is there anything I can do now to stop 'government' taking it all.

If I was to transfer house and BS into my name, does a period of time have to pass, when it then is not taken into account.

 

[Beate]

Don't do that, it's a very bad idea. Authorities can go back years and then you'll have committed "deprivation of assets" and might have to pay it back.
Also, transferring your mother's assets into your own name as attorney is basically fraud.

 

[nitram]

Is there anything I can do now to stop 'government' taking it all.

Nothing legal

If I was to transfer house and BS into my name, does a period of time have to pass, when it then is not taken into account

No time limit, cash strapped LAs are digging deeper and deeper.
If you transfer anything when there is a reasonable chance of her needing residential care it will be regarded as deliberate deprivation of assets

 

[gray]

Oh dear - stuffed then

 

[DeMartin]

Government won’t take it, care home will.

 

[Amy in the US]

Admittedly my understanding of the UK system is not the best, but if your mother is self funding, that means she has savings and assets over a certain threshold, and those are used to pay for her care until she reaches a lower threshold of finances, at which point, the state steps in to finance care.

If I have that right, it means she will be cared for (admittedly perhaps not in a facility of your choice once she is no longer self funding) no matter how great or small her assets.

So I am not sure what your concerns are? Can you be more specific so you can get better advice, please?

And do you hold joint PoA with your sibling, or joint and several?

Editing to add: I hope someone will immediately correct me if my assumptions above are wrong, and my apologies if they are and if this causes confusion.

 

[LadyA]

Actually, it isn't the Government taking it. The money would be going directly to the Care Provider, wouldn't it? The Nursing Home caring for your mum? Good use of your mum's assets, I'd say. While a person is alive, their money and assets (eg, their house) are theirs. For example, if I wanted to, I could decide to sell my house tomorrow and spend the proceeds on travelling the world. Or I could leave the lot to the local Cat Rescue. It's mine. However, I guess I better keep it, in case I ever need care, at which point my daughter already knows that she should sell the house and pay for my care with the proceeds. I certainly wouldn't want her wearing herself out trying to deal with me while raising her own family too.

 

[Beate]

As POA you are supposed to act in her best interest, and that is using her money to get her the best of care. It's not your inheritance unless she dies. It's hers, to be spent on her.

 

[Lets_Stop_Time]

find your mother the best care home and use the value of the house to fund it, its your mother she deserves it.