Will we have to contribute to mum’s care costs?
QWhat are the rules around savings and paying for care? Our mum is about to go into a care home and we wonder whether we will need to contribute anything from her savings.
AYOUR mum would usually have a care and financial assessment.
Then depending on the level of care she needs, and the assets she owns, it would determine who pays what as she may qualify for full or part funding.
People can typically get help with paying for care if they have assets and savings of less than £23,250.
Above this amount she may have to pay the full cost of her care.
Q
I’m GETTING married next year and my fiancé wants us to open a joint account.
I’ve always had my own account and want to continue to keep my finances separate. are there any advantages to having a joint account?
AA LOT of people do keep their finances separate, especially the younger generation.
Some people are wary because one person may be better at managing their money than the other and with joint accounts you would both be responsible for any debt that is built up via overdrafts.
You could consider having a joint account to pay out your joint expenditure, where you both pay in a certain amount each month to cover your regular bills, and then manage the rest of your finances separately.
QI have been trying to get a better return on my savings and have come across a retail bond that is offering a decent return.
What is a retail bond and why does it pay more?
ARETAIL bonds are a type of corporate bond, a means by which companies borrow money from investors in return for regular interest payments.
Unlike cash savings accounts, the value of these bonds can go up or down, depending on how the firm performs.
The bigger return reflects the bigger risk and you could get back less than you invested.
QI’m In my late 60s and my life insurance policy is coming to an end.
am I too old to take out new cover? I’d like to be able to leave a bit of cash to help the family out.
AYOU could consider a bespoke medically underwritten ‘whole of life’ assurance contract via a financial adviser.
There are also over-50s type policies that pay out a lump sum with no medical underwriting, but you may end up paying in more than will eventually get paid out.
Q
WE and the grandparents want to start saving for our children. We are thinking about junior Isas. Is there a minimum you have to put away each month into these?
A
YOU can open a Junior
ISA from just £1 and pay in either regularly or when you can afford to.
As with adult ISAS there are two types – cash, or stock and shares ISAS.