Hi there TP folks,
Since Mum's recent diagnosis of moderate dementia, as a family we all want our parents to move to live closer to myself and my sister. We live in outer London, so retirement properties are more expensive than where they currently live.
We're aware that at some stage we will almost certainly need to fund residential care for Mum - we are thinking within1-2 years if she continues to deteriorate at her current rate.
Dad has physical disabilities and has become frailer recently too. We are trying to strike the right balance between funding good care for Mum, initially at home then residential when the time comes, and Dad having enough left when his own care needs increase.
They are currently well above the assessment threshold, with bank balance (mostly in joint accounts) and ISAs. My sister has suggested it might be sensible to invest more of their cash in their main home, so that it doesn't all get eaten away for Mum's care leaving nothing for Dad. That would potentially enable us to find them a London flat with nearly equivalent space/standard of living to the one they chose where they currently live - otherwise it would be pretty boxy.
Thanks for your thoughts and tips.
Since Mum's recent diagnosis of moderate dementia, as a family we all want our parents to move to live closer to myself and my sister. We live in outer London, so retirement properties are more expensive than where they currently live.
We're aware that at some stage we will almost certainly need to fund residential care for Mum - we are thinking within1-2 years if she continues to deteriorate at her current rate.
Dad has physical disabilities and has become frailer recently too. We are trying to strike the right balance between funding good care for Mum, initially at home then residential when the time comes, and Dad having enough left when his own care needs increase.
They are currently well above the assessment threshold, with bank balance (mostly in joint accounts) and ISAs. My sister has suggested it might be sensible to invest more of their cash in their main home, so that it doesn't all get eaten away for Mum's care leaving nothing for Dad. That would potentially enable us to find them a London flat with nearly equivalent space/standard of living to the one they chose where they currently live - otherwise it would be pretty boxy.
- If they can meet service charges and live within their income in their new place, how much cash would it be sensible to leave in the bank as a cushion against Mum's residential care?
- Irrespective of the above, would it be sensible to disaggregate their cash from mainly joint accounts into sole name accounts at this point? Could this help to protect Dad's assets to make sure that we are able to afford to fund care for him in a few years' time - and how do you go about demonstrating to the authorities that you've done it fairly? They both have LPAs in place, with each other and me as Joint & Several Attornies and my younger sister as Reserve (about to be activated for Dad, as Mum no longer has capacity). I presume Dad couldn't act as Mum's Attorney in this instance, so it would have to be me acting for Mum and Dad/sister for Dad.
Thanks for your thoughts and tips.