Mary lives in Spain but came to us when her mother was admitted to a care home in the UK, having been diagnosed with dementia. It was a very difficult time for Mary and her family as not only were they very worried about their mother but they were in the middle of selling the family home to pay for her care home fees.
Mary was particularly concerned that the money made by selling the family home would quickly run out and they wouldn’t be able to pay the care home fees.
We were able to show her how she could secure income for the rest of her mother’s life tax efficiently to make sure that her care fees would always be taken care of by purchasing a long term care bond.
By doing this it also meant that the surplus could be invested for growth until her and her siblings would inherit, guaranteeing that there will be something for each of them, even though the family home had to be sold.
We were able to overcome the difficult money laundering procedures involved with the investments due to her living outside of the UK and investing on her mother’s behalf via a lasting power of attorney.