Financial assessment for care costs - Nobel prize medals, in or out?

[MysterOfwomanY]

A hypothetical question for now (but one which may not be hypothetical for one of the people I have POA for).
A friend in America drew my attention to the Leon Lederman case. He was an eminent physicist who died aged 96, a year or so after selling his Nobel prize for 3/4 million dollars to fund, if I have got it right, nursing home care.
Over here, care is paid for by the patient/resident until their assets drop below a certain amount - not including the house if a spouse still lives in it. Does the financial assessment include stuff like, well, Nobel prizes? What if it's something valuable which is used ?(Stares hard at colleagues who spent windfalls on Mazaratis and Aston Martins).
A bit of slightly lighter (I hope) relief in amongst the normal Sisyphean day-to-day struggles...

I believe any valuable asset could be included. Someone who was moving into a care home might want (or the relatives might decide if they have POA) to sell the person's property first and therefore not need to sell the medals for a long time (if ever).

I cannot imagine a Nobel prize Medal or any medal being included in financial assessment for social care

That is the kind of thing you'd pass down generations - it had intrinsic value in itself like an OBE or George medal- it's not usually something people sell or view in monetary value . Unlike a property, a Maserati car they can no longer drive or Faberge egg.

Interesting question! It’s a valuable asset, so why not? It has huge emotional value, but then I’d be pretty attached to my Maserati or Faberge Egg if I had one.

That said, I’d happily sell anything to spend my last days in a really luxurious care home rather than somewhere less nice (or isolated at home alone).

Nobel prize medals are different though because they are a recognition award, as are war medals, the monetary value is incidental

I'm pretty sure they would not be included in the estate valuation for purposes of financial assessment for care home fees - I don't believe war medals of the person in question are.

Unless they are sold before the person dies in which case it is money that has been gifted that would have been available to the person

So if this is a real scenario please do get specialist legal advice but "social services make hero sell war medals / Nobel prize medal to self fund care home" is not a headline a LA (local authority) would want nor be happy with nor would individual social workers ask this.

There are some things you are allowed to keep no matter the notional monetary value. Often families frame them and display them in their carehome bedroom with them (insured) or a photo of them. It helps care staff see who they are and their history. (I've visited in care homes where the staff salute Major X or Brigadier Y each morning... 😎)

(Unless the family want to release the money in it to purchase a higher cost care home than would usually be available as it is the persons choice )

Would only be counted if they were 'cashed in' at any point. Non monetary, Physical belongings that can be moved around aren't included.

Money (including cash under the bed), shares, bonds, houses and land are all included.

Why should any asset class be exempt?

What makes storing wealth in one form different to any other when assessing someone’s ability to provide for themselves?

I’m sure there is legislation or regulations underpinning all of this but a quick google yielded the following:

“Personal possessions such as jewellery, paintings, antiques, cars and other personal possessions are exempt from assessment, unless the Local Authority believes they were purchased with the intention of deliberately reducing your capital.”

So it sounds like a Nobel prize or car would be excluded unless sold to generate cash flow.

Link to above reference

Because then you are getting into the realms of people having to sell personal possessions to fund their care.

councils stealing granny Knick knacks wasn't going to wash with the public.

councils themselves were never going to want to get into the minutiae of valuing the silver cutlery set or the Honda Jazz with one careful lady owner.

the big 'assets' of houses, land and savings usually are sufficient and the costs of going after anything more than that wouldn't make it worth it.