Care Fees Advice
People with assets of over £23,250, including qualifying property, are currently expected to pay the costs of their care home fees. Such fees can vary depending on which part of the country you live in. This means that sometimes people and their families have to dip significantly into their savings and even end up having to sell their home to pay for care costs.
In some cases, people will try and transfer their property to their loved ones during their lifetime before they need home/residential/nursing care. However, a local authority may treat and assess a person as possessing the home, or an interest in that home, if it can show that the owner deliberately deprived themselves of the home for the purposes of decreasing the amount that they may be liable to pay for their care accommodation. This is known as a "Deprivation of Assets."
If you go into care
If you go into care, and you do not have a spouse or dependent relative living in your home, you will need to decide whether to sell it or to rent it. If you have gone into care and have lost mental capacity, your Trustees will need to make this decision for you. If the property is sold, the proceeds will continue to be protected by the Trust and can be invested and you will normally receive the interest or income earned on the invested capital.
Everybody wants to protect their assets for the benefit of their loved ones. People are motivated to provide for their children throughout their lives and want what is best for them. Many people will draft a Will hoping to ensure that the assets that they have worked hard to acquire during their lifetime, are passed on to their children and chosen beneficiaries after their death.
Everyone's circumstances are different that’s why at The Will Associates we will consider individual circumstances and tailor solutions to suit you.
We can also help you with:
• Protection of your home
• Passing wealth efficiently and privately to your heirs.
• Preserve assets for heirs and favourite charities.
• Gain control over the distribution of your assets.
• Ensure that your retirement assets are distributed as you've planned.
• Keep your assets in your family.
Our trained consultants can discuss your current circumstances and recommend the products that will provide the correct protection for you, your family and your assets. For peace of mind contact The Will Associates today and Get your free information pack or call us on 0800 9500 700 to arrange a free appointment with one of our trained consultants, at a time convenient to you and your family in the comfort of your own home.