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Elderly parents

This is going to sound so mercenary, but...

78 replies

PinkFlamingoDance · 02/01/2024 22:11

It is unavoidable that parent goes into more suitable accommodation and sells their place. They need to be safer and several carers each day isn't cutting it.

I'm all for residential accommodation but this will mean any assets will be spent on the fees up to £23,250.

As far as I understand £3k can be gifted each year without breaking any laws. Is this correct?

I have a sibling so that would be £3k each per year.

I had an email from solicitor today about house sale and get on well with him so could ask him to check this isn't illegal. Thanks!

OP posts:
WhereIsBebèsChambre · 02/01/2024 22:17

Do they have capacity? If not I don't think you can decide for you and your sibling to get 3k a year each.

Brindelz · 02/01/2024 22:15

No, sorry. £3k relates to how much can be given per year without being considered for inheritance tax, which is entirely separate from qualifying for funding for a care home. Giving away funds which would reasonably be expected to be needed to fund care would be deprivation of assets. It’s not illegal, but the council could refuse to pay and you would be expected to fund the care.

Whataretheodds · 02/01/2024 22:13

The £3k is what can be gifted annually before it's liable for inheritance tax. The other consideration you will have is deprivation of assets to avoid funding care.