My Parents are divorced and in early 60s.
My Mum lives alone, owns own home outright (200K) and will retire in next couple of years has a small private pension and will get state pension due to all contributing national insurance years paid.
Would Mums Assets be enough to cover care? What happens if cost of care is more than her total wealth?
My dad does not own his home, no private pension, probably no state pension due to low income/out of work periods/not up to date on self assessment tax. I think may have a small amount of savings but not loads (under 23K).
In my Dads case is it my responsibility to pay as he's not up to date with tax and has no assets?
Should I start saving to pay for their care if needed? I have tried to google this but it's really not clear what happens after all assets are gone or someone who doesn't get state pension?
I personally don't think I am or should be responsible to pay or give care but I have no idea how the system works and want to plan for the future so that I do not leave my kids in the same position by spending all my savings on parents care.