I know I am very lucky to be in this position and appreciate that not every one is. This is in no way meant to upset anyone.
I am currently looking to invest money to cover future care home fees for DH and I. It may, of course, never be needed, but we have no children and I would rather we were comfortable in our later years, and I want to be able to fund as much of the care needed as possible.
My understanding is that you are allowed to have £23k, everything else goes towards your fees. Fine, I agree with this.
My DH is 10 years older than me, so will possibly need a care home before me.
If we have joint accounts of £100,000.00, and DH goes into a home, they would take £54k for the fees, leaving £23k each. If we had separate account of £50k each, they would only be able to take £27k off DH leaving him £23k and me with £50k. Is that correct?
if so, am I better setting up separate accounts for us now, splitting all investment money 50/50 . Or would this be treated as deprivation of assets?
Anyone been in this situation who could help answer that please?