Hi folks
Does anyone know where I might seek information on the amount of money my Mum can gift me, before it was deemed she had deprived herself of some of her assets? I am asking in case she needs to go into residential care in the future. Presently she lives in sheltered accommodation and we are just about to commence carer visits. Mum has Alzheimers.
She has capital in stocks and shares so I know she will have to pay for her own care until her capital is down to around £23K? Of course we are accepting of this, however she would like to help me out with a deposit for a mortgage, so does anyone know how much she could gift to me without it being deemed as giving money away to avoid having to pay care fees (which is not what she is doing.)
Also, I have power or attorney in place and have registered this at her bank. Although I am unclear about if the POA has to be 'activated' in some way in the future? At present she still has capacity although I manage her money and have a debit card for her bank account which says Mum's name and 'representative' after it. I guess if she is gifting me money she would need to write a letter authorising this and to prove I am not just swindling her out of her money?!
Any pointers of where to get advice would be helpful.
If there are post on this forum that help, please let me know. I don't use it very often and find it difficult to navigate my way round as I am not good with IT.
Thanks in advance
Vicki
Does anyone know where I might seek information on the amount of money my Mum can gift me, before it was deemed she had deprived herself of some of her assets? I am asking in case she needs to go into residential care in the future. Presently she lives in sheltered accommodation and we are just about to commence carer visits. Mum has Alzheimers.
She has capital in stocks and shares so I know she will have to pay for her own care until her capital is down to around £23K? Of course we are accepting of this, however she would like to help me out with a deposit for a mortgage, so does anyone know how much she could gift to me without it being deemed as giving money away to avoid having to pay care fees (which is not what she is doing.)
Also, I have power or attorney in place and have registered this at her bank. Although I am unclear about if the POA has to be 'activated' in some way in the future? At present she still has capacity although I manage her money and have a debit card for her bank account which says Mum's name and 'representative' after it. I guess if she is gifting me money she would need to write a letter authorising this and to prove I am not just swindling her out of her money?!
Any pointers of where to get advice would be helpful.
If there are post on this forum that help, please let me know. I don't use it very often and find it difficult to navigate my way round as I am not good with IT.
Thanks in advance
Vicki