"When my dad died he had all his savings in an investment bond with Prudential and mum inherited this. She has used the fund to support her income but she does now need to move into a care home as her needs have increased. I am planning to cash in the bond to pay her fees but I am not sure if this is the best option?"
This type of bond is a life assurance contract and its treated as a disregarded asset under the local authority means test but only while it is held in the bond. So don’t sell it until you have taken advice on your mother’s specific situation as she may be entitled to funding support from her local authority.
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