Sorry - self-funding issue - I keep reading about the £21,000 threshold .......
Is that total assets or just 'liquid savings'?????
I am not trying to reduce mum's savings just for the purpose of avoiding any potential care fees (although if she were well enough to go on a World Cruise - I'd make sure she blew the lot on herself and there'd be no savings left for anyone to worry about ) ....... BUT - mum's 'liquid savings' hover around the £25k mark (most of her assets - like many no doubt - are tied up in the property she owns).
There are identified improvements to her home which are becoming more necessary than purely cosmetic ....... (not just a coat of paint stuff - central heating system, replacement patio doors, exterior maintenance stuff .... probably needs a total rewire actually! )
As EPA I have dug myself into a hole of trying NOT to spend money on her behalf unnecessarily - but wonder now if it would be better to use some of her savings to 'invest' in improvements to her home?
I guess the key questions are:
- If mum's (liquid) savings go below the threshold have we then removed the element of choice regarding care, if/when it comes to that?
- If the property value is already taken into account anyway - then 'best use' of savings would to be to make the improvements so that the property would realise more value and fund more care until such time the money runs out?
- To spend or not to spend?
Thanks for any ideas, love, Karen, x
Is that total assets or just 'liquid savings'?????
I am not trying to reduce mum's savings just for the purpose of avoiding any potential care fees (although if she were well enough to go on a World Cruise - I'd make sure she blew the lot on herself and there'd be no savings left for anyone to worry about ) ....... BUT - mum's 'liquid savings' hover around the £25k mark (most of her assets - like many no doubt - are tied up in the property she owns).
There are identified improvements to her home which are becoming more necessary than purely cosmetic ....... (not just a coat of paint stuff - central heating system, replacement patio doors, exterior maintenance stuff .... probably needs a total rewire actually! )
As EPA I have dug myself into a hole of trying NOT to spend money on her behalf unnecessarily - but wonder now if it would be better to use some of her savings to 'invest' in improvements to her home?
I guess the key questions are:
- If mum's (liquid) savings go below the threshold have we then removed the element of choice regarding care, if/when it comes to that?
- If the property value is already taken into account anyway - then 'best use' of savings would to be to make the improvements so that the property would realise more value and fund more care until such time the money runs out?
- To spend or not to spend?
Thanks for any ideas, love, Karen, x