My Dad is now nearly 70. Lives on his own in a flat that is almost paid for. Got around 35K in savings etc.
Aware that as he gets older there may eventually be the need to require some form of assistance or whatever if his health deteriorates.
Whats the best thing to do with this money? Is he better off giving it to me and putting it in my name or something?
It's not that easy, social sevices are not that daft they look for scams like that, and as money gets more and more tight for social services they are looking much harder on peoples finances. He could put 30,000 into premium bonds as these are not savings (effectively you have loaned it to the Government) and do not have to declare them, he might even win a million too. The remaining 5,000 will be well below the 18,000 threshold so when declared it will not effect his entitlements. But the flat will be included in any calculations, your only option is to buy it from him now at a reasonable purchase price not a nominal fee, like I say they will bee looking a deeds to see what the purchase price was to see if he is trying to evade his responsibilities.
I am curious.............why do you think you should get the money while people like me pay for your fathers care???
It isn't clear that is what the OP wanted to know. If he wants someone to manage his affairs I'd have thought enduring power of attorney was the starting point.
Thom
If you put 30,000 into egg savings you might as well say it's not savings as you have effectively loaned it to egg!
No, it's not the same becuase you earn interest on your savings with Egg, with premium bonds you earn no interest whatsoever.
OK, is there a URL that officially says premium bonds are ignored for means tested benefits?
If the loophole did exist I can see it would soon be plugged.
Do you think its fair that someone who works hard all their life and gets some money put aside for their retirement gets it taken off them whilst someone who lazes about all their working life and makes no effort gets the same for free ?
So premium bonds dont need to be declared ?
I'm assuming 30K is the maximum ?
I guess the same could be said about almost any means tested benefit - like younger people who think the world owes them a living, whilst others have to work hard to pay tax to support people who could work but choose to draw benefits instead.
Social services cannot get access to information about premium bond holdins but they can get access to you bank accounts. If you declare them they will take them into account, if you don't there is no way of them finding out if you have them.
Yes 30k is the maximum you can hold
Yes, he put money aside for HIS retirement.................not for you to run off with becuase you fear the state will take it. Anyway, retirement costs include care if needed. Do you think it is fair that I work hard all my life and have to support your father while you hide away his cash?? As the welfare state probably didn't even exist for the majority of the time your father was working, he wont have contributed as much as I will have proportionately. Tell me. what is so wrong that people pay for their own care in old age if they have the means to do so?
{yawn}
In message , Pet lover writes
What makes you think this?
Have something to add? Share your thoughts — no account required.
Ask the community — no account required