My MIL wants to give her two sons £3000 each this Christmas and her two daughters-in-law, seven adult grandchildren and one great grandchild £500 each. She is convinced she will be dead within the year - and given her current state of health she could well be right - and has said that she wants to be generous while she's still around to see her family enjoy these small windfalls.
Pertinent facts. Her estate is unlikely to be above the inheritance tax threshold unless house prices in her area rise significantly but she does have sufficient capital (over and above the value of her home) to be self funding for some time should she need to go into care. She was first referred to the memory clinic a few months ago and expects a formal dementia diagnosis on her next visit but for the time being she is definitely competent/competent in the moment. She has not given such large sums previously.
I'm wondering if anyone can advise whether the LA would be likely to see this proposed gift giving as deprivation of capital if a few years down the line she has exhausted her resources and needs help to pay for care.
Thank you for any help
Pertinent facts. Her estate is unlikely to be above the inheritance tax threshold unless house prices in her area rise significantly but she does have sufficient capital (over and above the value of her home) to be self funding for some time should she need to go into care. She was first referred to the memory clinic a few months ago and expects a formal dementia diagnosis on her next visit but for the time being she is definitely competent/competent in the moment. She has not given such large sums previously.
I'm wondering if anyone can advise whether the LA would be likely to see this proposed gift giving as deprivation of capital if a few years down the line she has exhausted her resources and needs help to pay for care.
Thank you for any help