Financial advice

Hi

I’m sorry to hear about your Fathers diagnosis, My husband was also diagnosed with advanced stomach cancer with spread to the bone in January this year.  

Whilst we can’t claim to be experts, It’s fair to say that we’ve had to learn more about pensions and options than we ever did before! 

We took advice from a financial advisor (something I would recommend) but essentially this is my understanding;  If the pension has already been crystallised (started to be taken) it is very limited in what you can do. Only uncrystallised funds are eligible for SHI consideration.  It may be worth speaking to his pension provider who should be able to tell you if there are options available.   We also spoke to the Macmillan financial team who gave us some info on questions to ask the pension provider which also helped with improving our understanding so fully recommended to call them on the support line.

in regards the ISA, we were advised that If we needed the funds now or soon, to cash in and keep them in the joint account (as you say that’s easy access) but if not, to leave them invested as there is a provision that allows the funds to be transferred to a spouse whilst retaining the benefits of the ISA which can all be done by the bank. 

If you haven’t already, it’s also worth looking at things like utilities accounts and either adding your mum onto the account or changing to her name in advance. It’s one less thing to deal with later when you really don’t need it.

sorry for the long reply but hope some of it helps and you get some quality time together xx

Hi  and welcome to the Online Community but so sorry to hear about your fathers diagnosis.

A cancer diagnosis in the family can be very challenging in so many ways and when it comes to financial decisions it is best to talk with trained financial advisers.

Could I suggest you call the Macmillan Support Services on 0808 808 00 00 - most services are open 8am to 8pm, 7 days a week Clicking here to see what is available.

This service provides lots of cancer information, support, financial guidance or just a listening ear.

When it comes to the practical challenges of supporting someone you may benefit from talking with others caring for family and friends so do check out our Carers only and Supporting someone with incurable cancer groups where you will connect with others supporting family and friends

To join a group just click on the link above then choose 'click to join' or 'join' (depending on the device you're using) on the page that opens.

You can then introduce yourself by putting up a ‘New Thread’ or hit the box with the X on the top right (phones), You can also join in with existing ‘Discussions’ by clicking on 'reply'. 

We also have Cancer Nurse Team in our Ask an Expert section, but do allow two working days for replies from our expert team.

All the very best ((hugs))

Thank you very much for your detailed response which has been very helpful.

I did speak with a financial advisor today which has also been of some assistance - it's such a minefield!  They also suggested to be appointed as Power of Attorney to help through financial tasks.

The GP is issuing a DS1500 form which the pension company should accept to pay out the lump sum in advance hopefully, so fingers crossed.

Thank you once again - your help is appreciated

Thank you very much for your comprehensive help and assistance which is very much appreciated.

I'm going to link with some of these groups and join in the discussions.