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I need to sell my mum's house to fund her nursing home care. How do I invest the money to make it last as long as possible?

08 December 2021

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Question by Nadine

I need to sell my mum's house to fund her nursing home care. How do I invest the money to make it last as long as possible?


Answered by Joshua Gerstler

Hi Nadine,

I am sorry that you are having to do that.

I assume that you have started by checking with the relevant bodies that you will need to sell them home and pay for care.

On that basis, the next step is to work out how much you need per week for care, and I would normally advise that you keep a years worth of care home fees in "cash".

Then comes the investing. Where to invest it will depend on how much you have, the cost of the care and how long we anticipate you mum needing care.

I would recommend you speak to a Financial Planner to ensure everything is arranged as professionally as possible for you mum.

I hope that helps.

Josh

Answered by

Joshua Gerstler

Chartered Financial Planner

I have been working in Financial Services for over 16 years. I started out at Deloitte where I trained and qualified as a Chartered Accountant before moving to Financial Advice/Planning at The Orchard Practice in 2011.