Looking for some advice regarding my parents old age pensions
Now are in their 80's and have not applied as they were farming up to a couple of months ago when the transferred the farm to my brother.
They never had much money but my mother inherited about 90k last year which she has in her own account. Their normal account has about 20k which was the farm account and its in my Dads name.
They need a new car - car is 1992. So they were going to invest in this and also the need some work done to the house - insultation - its a very old house. They never had this type of money so I want them to get these things done - Lets just say they spend 30K on these 2 things?.
I understand that you can spend your money on these things. Is this correct?
Because my mother has the money could my Dad apply on his own and perhaps my mother applying later when she has the car/house improvements done. I am assuming they would have to apply together?
Would they be jointly assessed or is it up to you when you apply as you are married etc? -Could my mother put the money into both their names ?
How much could they expect based on the above figures.
Thanks for reading.
Now are in their 80's and have not applied as they were farming up to a couple of months ago when the transferred the farm to my brother.
They never had much money but my mother inherited about 90k last year which she has in her own account. Their normal account has about 20k which was the farm account and its in my Dads name.
They need a new car - car is 1992. So they were going to invest in this and also the need some work done to the house - insultation - its a very old house. They never had this type of money so I want them to get these things done - Lets just say they spend 30K on these 2 things?.
I understand that you can spend your money on these things. Is this correct?
Because my mother has the money could my Dad apply on his own and perhaps my mother applying later when she has the car/house improvements done. I am assuming they would have to apply together?
Would they be jointly assessed or is it up to you when you apply as you are married etc? -Could my mother put the money into both their names ?
How much could they expect based on the above figures.
Thanks for reading.