Struggling in limbo

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74 posts
Hu busybee
Have just gone back through all your posts. One thing missing is whether you have Power of Attorney for Dads financial affairs ? One for heath and welfare would be useful too.
However if they don't already exist I don't think you could get them now he has the Parkinson's dementia diagnosis. and you may have to go the Court of Protection route

A lot of the financial stuff depends on how much savings and capital he has and what the house is worth ( don't say on here)

The only way I can see downsizing to a home for you, releasing capital for care Home fees, working would be if house is worth over £1 million and the property for you would costs about £250,000 That would leave him 750, 000 which would cover about 10 years of £50000 a year rising at (a conservative) 10%. Even at these figures the Council would argue it was deprivation of capital. Of course if the house is worth double that you'd have a stronger argument :) or if you can downsize to a £50,000 property

Do ensure you do lots of research, there's pitfalls everywhere.
In the process of getting financial LPA which should be registered by mid January. My Dad still has capacity.
Have had two other free consultations with IFA's. One on the phone and one yesterday face to face. Both have recommended the Immediate Care Annuity route should my Dad need residential care as it is lower risk than the stocks and shares ISA. At the moment Dad can afford to pay for home care from his income and bank account, leaving his savings untouched. The annuity is not without risk and quite expensive so still thinking that over. The financial LPA has been granted and I need to register it with the banks. Wondering if to see another IFA but pretty sure they might advise the same thing about an annuity. The first IFA I saw last year advised against an annuity. We are managing at the moment with carers coming in for personal care and carers coming in 4 days a week for sitting/social care, also trying to get Dad to go to a day centre once a week.
Immediate Care Annuity route


https://www.moneyadviceservice.org.uk/e ... ds-annuity

Full sp on that one ... very comprehensive !

I will assume that readers following this thread are aware of this product ???

And ... have down their homework ?
74 posts