Hi mark
I have done a Key Post on the topic which deals with it in a systematic way. Opposing views are also aired. If you go to a financial advisor, you will get only one view
"I am 65 – where should I invest my life savings? "
You need to provide more information
1) What is their current income state pension x2
2) What is their current expenditure? Estimate €300.00pw
3) Do they own their own home - if so, how much is it worth and is it suitable for their needs?
yes they do, €80 - 100k approx. Suitable for the present.
4) What age are they? 83 and 85
5) What is their current state of health and what are their likely care needs? Both good health
6) Do they have any mortgage or other loans? No
7) Do they have any other assets? No
8) What is their likely plan for their money after they die? Need to discuss this with them/QUOTE]
thank you Brendan for your time and advice.I appreciate it.I will be sitting down with them both to go through everything and will comeback with a clearer picture ofeverything.
As well as what Brendan has written, you might take steps to address the consequences of your mothers dementia in terms of wills/ownership of/ access to the family home and other assets in the event that your father predeceases her and she is unable to mange her legal affairs.
Let me give a recent example: the mum, who suffered from dementia was eventually put in a home under the terms of the Fair deal scheme, the Dad died unexpectedly without all the paperwork being sorted so there is a problem re selling the house as required under the Fair Deal Scheme as a result I gather of all the mums paperwork not being in order.
I didn't pry as to what was wrong, just flagging it here for you as something to look at.
Update: just met someone while out with dog who knew more about this.
The Dad's will left everything to the mum and this will was not changed after she went into the home.
Steven, thank you for your time.The one quetion i had at the moment was the state savings. The interest over 4yrs 2008-20012 was €3500.00. It seems pretty decent to me given the security. Would it be a good plan to reinvest it again as its earned nothing since it matured in 2012 and my understanding is that whatever term he chose its accessable within seven days.when i get a clearer picture of everything i will update.your advice is very much appreciated, thank you
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