I'm pretty sure that the change from 5% p.a. to 7.5% affects only new applications rather than current ones so based on that I would expect it to stay the same. Bear in mind this is the maximum amount to be paid from estate.If FD is changed so that the percentages to be used are 10% instead of 7.5, what will be applied to the calculations for people already in residence? Will it remain at 7.5% a year for 3 years, i.e. based on the date she entered the home?
Bear in mind this is the maximum amount to be paid from estate.
Thank you both for your replies.
So based on what you are saying, we should apply for FD as soon as possible - in order to get her into the system. Her financial affairs are extensive, and this will take a bit of time so I am glad to hear the date for the 3 year cap on residence value runs from when she entered the home. There is no real benefit in applying now except to get clarity on the threshholds that apply now to your aunt.
If FD is changed so that the percentages to be used are 10% instead of 7.5, what will be applied to the calculations for people already in residence? Will it remain at 7.5% a year for 3 years, i.e. based on the date she entered the home? I suspect it will be the rate applicable at the date of her successful application.
Slim, from what you are saying, her house could be transferred and sold by the transferree without the funds being having to be included in the FD calculations after the 3 years? That is my information but it has to be transferred to another before being sold and clearly not added to her cash savings.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?