Futurelookin
Registered User
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- 88
Hi All,
MIL is mid 70's. She's physically very well with no imminent health issues. She's starting to forget things. Short term mainly. Her daughter has an agreement of Power of Attorney but not enacted (she needs to go to the High Court to get it rubber stamped). She has not been deemed bad enough but probably will be in the medium term.
MIL has house worth approx 900k and savings of about 300K and gets state pension along with pension from her deceased husband. Approx 3.5/4k per month in pension payments net. She currently doesn't come close to spending her monthly pension so a surplus builds up every month.
She has 6 kids. One still lives at home. All get on well - no issues.
Question: As it's possible, notwithstanding her memory decline, that she may avoid entering a home for the requisite 5 years, is it:
a) possible
b) legal
to distribute her assets to avoid them being taken into consideration for the FD scheme leaving her with her house and pension (+ emergency fund)?
If so, then, how? Does she gift her kids? What are the tax implications? Her will specifies a 6 way split when she dies so it is entirely her wishes.
Should she do this herself with a visit to a solicitor or should / can this be done via power of attorney? Family are looking for the best, legal most efficient route for both her and also for them in terms of inheritance.
Thanks,
MIL is mid 70's. She's physically very well with no imminent health issues. She's starting to forget things. Short term mainly. Her daughter has an agreement of Power of Attorney but not enacted (she needs to go to the High Court to get it rubber stamped). She has not been deemed bad enough but probably will be in the medium term.
MIL has house worth approx 900k and savings of about 300K and gets state pension along with pension from her deceased husband. Approx 3.5/4k per month in pension payments net. She currently doesn't come close to spending her monthly pension so a surplus builds up every month.
She has 6 kids. One still lives at home. All get on well - no issues.
Question: As it's possible, notwithstanding her memory decline, that she may avoid entering a home for the requisite 5 years, is it:
a) possible
b) legal
to distribute her assets to avoid them being taken into consideration for the FD scheme leaving her with her house and pension (+ emergency fund)?
If so, then, how? Does she gift her kids? What are the tax implications? Her will specifies a 6 way split when she dies so it is entirely her wishes.
Should she do this herself with a visit to a solicitor or should / can this be done via power of attorney? Family are looking for the best, legal most efficient route for both her and also for them in terms of inheritance.
Thanks,