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Elderly parents

Parents giving me a financial gift - worried about carehome fees

2 replies

Nesca1 · 22/04/2024 10:00

My parents will be giving me a financial gift to help with a house purchase.
The money will be coming from their joint account.

My father is in good physical / mental condition whilst my mother isn't, and it isn't beyond possibility that she will require some type of care later on - a few years from now.

If my parents gift me £10,000 and later deem my mother needs care, will they consider the whole £10,000 as belonging to her or would they consider £5,000 as belonging to her and the other £5000 belonging to my father.

I would then reimburse her if required.

OP posts:
6pence · 22/04/2024 10:07

I wouldn’t worry about 10k a few years down the line. Much bigger amounts might be more worrisome as deprivation of assets might apply but 10k is unlikely to be investigated.
I think people are allowed to gift 4k or so a year each anyway and I might be wrong but I think you can gift slightly more for a house or wedding or something.

HalfasleepChrisintheMorning · 23/04/2024 06:38

They can gift you £3k a year each no penalty. My parents give me £6k for Christmas a year (which I stick in my pension). It’s good IHT planning

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