Join Date: Nov 2008

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Quote:

Originally Posted by Beancounter The query is now that if we sell the flat and invest the money for him, what are the implications for the future should he deteriorate and have to go into a care home? Will he still need to pay for that from the money in the bank?

Unless you have POA you cannot sell or do anything. Only he can do this.

If/when he goes into a car home, he can apply to the Local authority for funding. They will assess his assets. If the value of his assets (investments, savings, property etc) is greater than (around £18K I think?) they will not fund him. He will have to self-fund until his assets drop below the threshold.

before you ask, he cann give the property/money to you (or others). The LA would look at this and define it as ‘Derivation of Assets’ (use google).

Look at the Age Concern website for more.

Join Date: Aug 2008

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If the house is sold, the money belongs to your father and should be deposited/invested by him or for him if you have Power of Attorney.
It would appear that your father still has capacity but it might well be a good idea to look into LPA if you have not done so already.

https://www.gov.uk/power-of-attorney/overview

If your father should need to go into a home, his means will be assessed – in view of his current state of health, any gift to you of the property or large amounts of cash would almost certainly be regarded as deprivation of assets/capital.

See

http://www.ageuk.org.uk/Documents/EN…n-GB?dtrk=true

http://www.ageuk.org.uk/latest-press…he-small-print

Join Date: Mar 2005

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Thanks, I knew all about “deprivation of assets” and thresholds for paying fees etc but just wasn’t sure if that would still be the case in the event of him selling but then going into care years down the line.

Yes, I do have POA, he isn’t really in any state to look after such complex matters.

I just want to make sure we are doing the best thing for him.

Just incase anyone thinks we are just wanting our hands on his money that is certainly not the case. I know he will try to give us a large chunk of it but obviously that is not possible.