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Fair Deal and Joint accounts with Parent

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  • 07-09-2019 12:10am
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    Just looking for information as I cannot find much online.

    I am soon to be applying for the fair deal scheme, I hold a joint account with my parent, which is uses for all household bills,, anything relating to my parent. I generally deposit up to 800 per month into the account, and in the past I have used it for online gambling, the idea being there will be no trace on my own accounts should I ever look for a mortgage. There may be a lot of small transactions both in and out of the account, but nothing in recent times.

    Over the years I may have deposited 40K+ into the account (800+ a month), mainly as I was the only earner and bills are high in the household. I've used the account at time to purchase somethings like football tickets, and then repay the account when I got paid etc - due to cashflow timings.

    I would classify the majority of the money in the account now being that of my parent due to a large deposit to help with nursing home fees.

    However can someone advise what happens when I apply for the fair deal. I understand that revenue will check to see if any assets have been transferred in the last 5 years. Will they care about individual transactions where there is money going in and out, or do they just check if money went from Peter to Tom for instance and look at big transactions?


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    #2
    TrixIrl
    Registered Users Posts: 200 ✭✭TrixIrl


    When there's money going in and out it should be fine, particularly as it'll be mainly for transactions like pharmacist, supermarket etc..

    The overall balance of the account is what will be taken into account at this stage I would think.

    But yes it's the big transfers within the last 5 years, especially property etc That they are looking for.


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    #3
    Uriel.
    Registered Users Posts: 8,061 ✭✭✭Uriel.


    It's the HSE as opposed to revenue you will be looking at your parent's financial means. Day to day normal living transactions won't be an issue. Major transfers to people, especially family will be looked at.

    Biggest thing really is that it is a joint account and you will want to be able to demonstrate what money is yours and what money is your parent's. As you don't want the HSE taking into account money that is yours and not your parents. Also depending on what other assets your parent has, there is a 36k disregard. In other words the first 36k of assets, cash or otherwise, is not included in the financial assessment


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