Joint accounts and self funding

chg26

New member
Dec 28, 2023
1
0
Does anyone have experience of having partner go into care and are self funding?
Accounts held jointly and wondering about how to go about splitting 50/50, been in care for couple of months now, can i create an account for myself or change one of the account to a single one and then split the money evenly now at this stage or will be frowned upon when we get to the threshold, when we would then be assessed ( I do have POA)
My concern is using my 50% to pay for the care, but as accounts are joint there is no clear split.
 

try again

Registered User
Jun 21, 2018
1,308
0
I think you are perfectly entitled to split the money into two separate accounts. Do you have power of attorney.
You can also take half the pension I think. I don't speak from experience but from being on this forum for many years. I am sure someone with relevant experience will answer shortly
 

jackdog35

Registered User
Aug 21, 2022
367
0
Nottingham
We had the same dilemma so my dad took his half out. Not sure we did the right thing but my mum has a financial assessment coming up so we’ll find out. But he said it would get complicated if he left his money in as it could get spent on care
 

canary

Registered User
Feb 25, 2014
25,048
0
South coast
Its usually recommended that joint accounts are separated into two - each one with only one name on it so that both parties dont end up paying for care, only the person having the care paying for it. You can open accounts, or change accounts using POA
 

UltraMagnolia

New member
Feb 13, 2024
2
0
Can I ask whether it is allowed to take recent home care payments into consideration when splitting the accounts? it’s my father who has dementia. I’m trying to get my mum (who has PoA) to create two sole accounts and keep the joint just for bills, but it’s taking her some time as generally finding everything hard. Her half of the joint is being rapidly eroded by these care costs In the meantime.
 

jackdog35

Registered User
Aug 21, 2022
367
0
Nottingham
Can I ask whether it is allowed to take recent home care payments into consideration when splitting the accounts? it’s my father who has dementia. I’m trying to get my mum (who has PoA) to create two sole accounts and keep the joint just for bills, but it’s taking her some time as generally finding everything hard. Her half of the joint is being rapidly eroded by these care costs In the meantime.
We had a financial assessment the other week and my dad had already taken his half out of joint account as he didn’t want it to get muddled with my mum's care costs and assessor didn’t see a problem. I printed off 12 months statements of all my mum’s accounts and she barely looked at them.
 

UltraMagnolia

New member
Feb 13, 2024
2
0
We had a financial assessment the other week and my dad had already taken his half out of joint account as he didn’t want it to get muddled with my mum's care costs and assessor didn’t see a problem. I printed off 12 months statements of all my mum’s accounts and she barely looked at them.
Thanks jackdog35.