little bird asked:
If my mother eventually has to be looked after in a home she’s worried that they will take her life savings to pay for it . How best can she prepare for this in terms of savings and value of her house ? Any advice please ?
If my mother eventually has to be looked after in a home she’s worried that they will take her life savings to pay for it . How best can she prepare for this in terms of savings and value of her house ? Any advice please ?
I believe it is still $10,000 per person.
Do not let her spend any money at all – on gifts etc
if she has to go into a home then once that happens perhaps you can sell her current home or rent it out to pay for the cost.
If you meant giving her money as a gift you can give her up to £360 per month tax free.
Good idea is to ask at the bank also
I think it is £3000 I will have this problem as I get older so I gave my daughters a lot to help them buy a house each
Sorry, but she is already screwed if this is going to happen in the near future. In my state the nursing home can take her asset in order for her to pay. If she owns a home and for an example only sells it then moves into a nursing home they can take the money from her. The only way around this is if the home was sold like four years or five years previous. Bank accounts are the same, if she drains it quickly they will suspect she hid the money and can take court action. It is a screwy situation to be in. If she has money they will find a way to take it. Sorry, but I wish her the best of luck.
put the house in your name and tell her to give the money now alll and you keep money for her
good luck it is a sad state when this must be done give her a hug