How best to invest house sale proceeds for care home fees

[waltzingparrot]

DM (91) is now in a care home with fees being paid by LA under the deferred payment option. We finally have a buyer for her house and will shortly be receiving a lump sum of around 300k, which will pay for past & future care fees.

How / where is it best to invest this sum? What proportion should we keep liquid? Are there any products available specifically for funding care home fees. Any advice gratefully received.

[Panga63]

We bought an annuity to cover ongoing care for the rest of her life. Friends Provident I think. Do speak to a financial advisor

[waltzingparrot]

Thank you. I'll have a look into that.

[chrissie28]

I personally wouldn't go for an annuity - they can be extremely costly especially when someone is 91 you stand to potentially lose a lot of money. Definitely speak to a very good financial adviser