Person in Care - where to transfer funds?

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bik_ireland

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Hi.
My mother is in a care home - incapable of making any financial decisions. Unfortunately - did not get power of attorney in time.
Anyway - she has just inherited a sum of money after the death of her husband. Great. Now the problem is - where myself and my brother (named trustees in her husband's will) can deposit the funds so that we can jointly administer the account for her needs (nursing home payments, miscellaneous)
I spoke with AIB - they have a "person in care account" - but the maximum amount you can have on deposit is 20k. She has a good bit over that. Obviously we don't want to open a regular joint account as we would then be liable to any taxes due.
Any advice appreciated ...

bik
 
You were named trustees of what precisely in her husband's will? Or were you both named co-executors of the estate?
 
How are you currently managing your mother's account? How is the Nursing home, GP bills etc being paid? Can the money not be lodged in that account?
 
She did have a credit union account and they had agreed to pay nursing home payments until the account was exhausted. Of course we could (maybe) lodge to that CU account but the account would be "locked" for us and we wouldn't be able to pay for unexpected / miscellaneous costs.
Now we are having to request the solicitors (who are currently holding her funds) to pay out any costs, etc.. My solicitor seems clueless as to what type of account to open. She says she understood there were "trustee" accounts that would apply to this situation. AIB, however, claim they have no longer such an account .. I'm awaiting response from BOI on same question...
 
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