State funded nursing fees
04 July 2002, 09:24 AM
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Scenario
Old bird has estate of 90k. Moving into Nursing home fees are 12k p.a. State will pay fees once capital is reduced to 18k.
Is there any way of legitamately reducing the capital quicker, i.e. giving to relatives to try and keep the govt's hands off the cash.. I resume making cash gifts would n't count, as this avoids inheritance tax, and in this case would n't apply.
Old bird has estate of 90k. Moving into Nursing home fees are 12k p.a. State will pay fees once capital is reduced to 18k.
Is there any way of legitamately reducing the capital quicker, i.e. giving to relatives to try and keep the govt's hands off the cash.. I resume making cash gifts would n't count, as this avoids inheritance tax, and in this case would n't apply.
04 July 2002, 12:00 PM
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Ask a specialist such as an accountant/tax specialist or even a call to Citizen's Advice should tell you. However IIRC 90k would be well below inheritance tax threshold and she could give cash away if she trusts relatives (a dodgy one this) although if she dies within 7 years they may be liable to gift tax on sliding scale depending on how many years she survives - sorry to be blunt.
All IMHO only. David
All IMHO only. David
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