After selling my mothers bunglaow and sorting out all the odd bits of money she had in different places, she is now in the probably good position of having assetts of over 300k. She has about 1k per month coming in as she has a private pension from my now deceased father as well as her old age pension.
Her care home fees are £3200 per month alhtough I have been told there should be a slight reduction for the nursing element. I have also put in for attendance allowance for her.
there seem to be all sorts of schemes and bonds to purchase a fee care plan etc for her but I cant help being very suspicious of these. Her bank have suggested a bond but this ties up her money for long periods of time. A friend has advised the best thing is to buy another property with half the money and rent it out, then it can be sold when the first half of the money runs out, with the rent going towards the care fees in the meantime.
I really feel burdened with the responisibilty of all this money and the wisest thing to do to ensure there is enough to pay for her for the rest of her life.
Does anyone have experience of these care plans or have any suggestions?
Her care home fees are £3200 per month alhtough I have been told there should be a slight reduction for the nursing element. I have also put in for attendance allowance for her.
there seem to be all sorts of schemes and bonds to purchase a fee care plan etc for her but I cant help being very suspicious of these. Her bank have suggested a bond but this ties up her money for long periods of time. A friend has advised the best thing is to buy another property with half the money and rent it out, then it can be sold when the first half of the money runs out, with the rent going towards the care fees in the meantime.
I really feel burdened with the responisibilty of all this money and the wisest thing to do to ensure there is enough to pay for her for the rest of her life.
Does anyone have experience of these care plans or have any suggestions?