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Sell and Invest 2 to 3 Years

Sell and Invest  2 to 3 Years

By setting aside sufficient capital to pay for care fees, the remainder of capital can be invested, to pass on to family.

Client Circumstances:

  • Mrs Nichols aged 89 has suffered a serious stroke and is due to be sent to a nursing home from hospital.
  • Her prognosis is not good and she was given a life expectancy of 2-3 years.
  • Her 2 daughters have Power of Attorney and this has been registered.
  • Her daughters are in the process of selling the home for £320,000.
  • She has little other savings and modest income of £12,000 pa.
  • Local authority will use her income apart from £24.40pw to help fund care fees.
  • Property value will be excluded for a period of 12 weeks.
  • After discussing with daughters and providing Mrs Nichols receives good care, protecting her estate is important.

Recommended Solutions:

  • Check if eligible to receive NHS continuing healthcare.
  • When property sold sufficient capital held on deposit to cover 2-3 years of care fees.
  • Remainder of capital to be invested in a suitable short term investment and used to top up deposit fund each year to fund care fees.

Benefits from advice given:

  • If NHS continuing healthcare approved, care will be provided by the local authority.
  • Although we can never be sure of life expectancy, a Care Annuity in this case would not seem suitable.
  • By setting aside sufficient capital to cover 2-3 years of care fees, remainder of capital can pass to family or be used to help pay for care fees, if Mrs Nichols survives longer.

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This example is for illustrative purposes only, based on current legislation and tax allowances. Tax rules and regulations are subject to change.

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