The question, from J Kilburn, 80 from York
I read recently that if you give money away and survive for 6 months that amount doesn't count if you have to go into a care home. I have 4 grandchildren I would like to give money to now - when they most need it. Is what I read correct?
The answer, from Murray C McEwan CFPTM Flowers McEwan Limited
In answer to your second question, when a local authority carries out its means-testing assessment for care home fees it can investigate where it believes that money was gifted deliberately to avoid fees and it has the right to claw back the gifts if these were made within 6 months of the donor going into care.
After 6 months it could still investigate if it believes that there has been a deliberate deprivation of assets but the greater the time period between the gift being made and the donor going into care the less likely this is.
Murray C McEwan CFPTM
Flowers McEwan Limited