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Do they have a house? Value? How much savings? Has he severed any joint tenancy?
Has he transferred money to you to avoid it going towards care?
Yes, but Dad signed up for equity release to free up some cash in their old age - the lender will sell the house in order to get their money back but I am not sure if they have to sell it for market value to give me the difference / extra.Dad still has £12k + in the joint account - this will keep increasing as a monthly pension is credited - this could also put them over the threshold, currently £14k in savings.
Yes, he wants to avoid paying full care costs - Mum will have sufficient income in her pension (and Dad's when he is gone) to make her monthly contributions.
Dad has cancer and only has 1-3 months left so I want to get this sorted quickly without doing anything illegal!!
I am not certain of the position with the Equity release so I will opt out for another expert. No need to do anything as it is now open to all experts.
Please don't reply or it comes back to me. Thanks
No, it means I have not had a satisfactory answer to my question to Law Denning who has passed it over to other experts and no one has come back to me with an answer. I am not asking for help with the equity release as I know how this works - perhaps it is worth my Dad changing his will and leaving everything to me rather than my Mum who has dementia and will be incapable? Also, what to do about the money he has transferred to me - can he gift it, are there any implications?
The money was transferred from Mums savings account into his joint account and then to me.
Property is subject to equity release
In joint names - is it still an asset when it is owned by the bank?