I wondered if this is the place to ask this please? It's on behalf of person who has PoA for ancient Dad, who is now in a nursing home with early stages of dementia already passing/passed.
His house(his only one and his main residence) has now been sold to pay for his fees...280K This is to be invested and it is hoped interest plus pension plus a litle draw-down will pay fees (500.00+/week) for his forseeable future.
a) Is there a simple one best answer for investment of this sum?
b) Will the income derived from this investment be taxable (assume usual tax rates...89yo...wife died 5 months ago) Would be paying basic rate of tax on works pension plus state pension.
c) He has left a mountain of paper work indicating ownership of shares, stocks, bonds and gilts. There is little or no indication of those whose value has been realised. Is there an easy way for us unknowledgeable peeps to find out which is which?
d) PoA says that the mound in c) might be 20K's worth if it's all realisable, is any of this liable to CGT or any other tax? (Bearing in mind house value above) Assume realising there total value asap.
Other than that said ancient relly seems to be in reasonably good health for an 89yo with dementia. Many thanks for reading. James