Care home finance / investment advice
Discussion
I’d appreciate some advice please as finance is not my strong point !
My 85 year old mum has moved into a care home as she’s no longer able to look after herself properly and is awaiting a hip operation. Her mobility will hopefully improve after the operation but poor eyesight means a home is the best long term option. No other health issues so could live another 2 or 20 years.
Her house has just sold for £490K and will probably complete in January, she wants me to help look after her finances. I did consider renting the house but it requires a full refurb which would use up most of her savings, plus it would not earn enough to cover the care home fees anyway.
To pay for the care we need £30K per year, the rest of the care home fees are covered by private and state pension income. I have Power of Attorney so I need somewhere relatively safe to park the money as it’s drawn down.
Is it just a case of maxing out a good ISA and the spreading the rest around in cash savings so it’s less than £85K per institution? Maybe £50K in to the Premium Bonds? Bearing in mind it’s not my money so it has to be low risk.
Could consulting an IFA be useful due to my lack of finance product knowledge or not useful due to the low risk criteria?
My 85 year old mum has moved into a care home as she’s no longer able to look after herself properly and is awaiting a hip operation. Her mobility will hopefully improve after the operation but poor eyesight means a home is the best long term option. No other health issues so could live another 2 or 20 years.
Her house has just sold for £490K and will probably complete in January, she wants me to help look after her finances. I did consider renting the house but it requires a full refurb which would use up most of her savings, plus it would not earn enough to cover the care home fees anyway.
To pay for the care we need £30K per year, the rest of the care home fees are covered by private and state pension income. I have Power of Attorney so I need somewhere relatively safe to park the money as it’s drawn down.
Is it just a case of maxing out a good ISA and the spreading the rest around in cash savings so it’s less than £85K per institution? Maybe £50K in to the Premium Bonds? Bearing in mind it’s not my money so it has to be low risk.
Could consulting an IFA be useful due to my lack of finance product knowledge or not useful due to the low risk criteria?
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