Hello, i have POA for my mum who is nearly 92 and moved to a residential home late last year. I have just sold her home ( which i cant tell her) as i need the money to pay for her care.
I am trying to work out the best way to invest it and was told to takeout some bonds after working out how much money she needs a year. Can i open those in mums name or do i open them in my name? Will she be taxed on any interest she makes? I am trying to make as much money as i can to pay for her care.
Is there a better way to invest her money?
I am conscious as having POA that if i do this wrong i can be liable for any looses.
Any advice would be much appreciated.
Many thnaks
Jo
I am trying to work out the best way to invest it and was told to takeout some bonds after working out how much money she needs a year. Can i open those in mums name or do i open them in my name? Will she be taxed on any interest she makes? I am trying to make as much money as i can to pay for her care.
Is there a better way to invest her money?
I am conscious as having POA that if i do this wrong i can be liable for any looses.
Any advice would be much appreciated.
Many thnaks
Jo