How we can help you with Care Fees Planning.
The cost of long term care is something which we should all consider as we get older. The average person who lives in a care home for two and a half years pays around £120,000 in care fees.
We’ve helped countless people achieve their goal of saving care fees whilst at the same time ensuring that they receive the care they need.
There’s a lot of information out there about the care fees but not all of it is entirely accurate. That can leave people feeling confused and anxious.
Making legal plans in advance is important for several reasons. Early planning will enable us to work through potentially complex legal and financial issues that can be involved in long-term care.
Through working together we’ll remove any confusion and stress by:
- giving you proper information about care fees
- telling you about the options available to you and help you make the right decision for you
- helping you to protect assets from the cost of care if that’s one of your goals
As with most things in life, it’s better to plan in advance but we’ll be able to help you even if you’re immediately facing a care fees issue.
Ready to talk?
If you are not yet ready to talk, keep scrolling to read our FAQs about Care Fees Planning.
FAQs about Care Fees Planning.
You’re likely to have to pay for most or all of the cost of your care fees. If become very seriously ill you qualify for NHS Continuing Healthcare Funding. If you don’t take action now to plan for possible care fees, you can’t be sure how you and your family will be affected in the future.
The consequences of not planning for Care Fees might include:
- Having to sell your home to pay for Care Home Fees.
- Your loved ones not receiving the inheritance that you had intended.
- Missing out on support from the state to help fund your Care Fees.
Our experienced team can help you to plan for Care Fees so that you, your family and your assets are looked after. Call us today on 01884 216106, email: firstname.lastname@example.org or use our Free Enquiry Form.
If you are very seriously ill you may qualify for NHS Continuing Healthcare Fund. However, this is unlikely.
If you don’t qualify then the Local Authority should carry out a means-tested assessment of your finances to see if you qualify for assistance with paying for the cost of your care. If you own more than £23,500 you’ll have to pay for all of the cost of your care.
We can help you to structure your affairs so that you can take advantage of the available support. Call us today on 01884 216106 or use our Free Enquiry Form.
When a couple own their home in joint names, the share of the person who requires care will be valued for the purposes of the means-tested financial assessment. This assessment should be carried out by the Local Authority to see if you have to pay some or all of the cost of your own care fees.
It is sometimes beneficial to direct that the home is held by the joint owners as tenants in common. This can be used to give a smaller share to one of the owners or it can be used to direct a share of the property to a trust.
The share of the property should be valued based on it’s ‘open market value’. It’s therefore possible to argue that the value of the share should be discounted or lowered because fewer people would want to buy a share of the property.
We can help you to structure your affairs to maximise the help available and to ensure that you, your family and your assets are looked after in the future.
Call us today on 01884 216106 or use our Free Enquiry Form.
This can be a complicated issue. Your spouse may still have rights to live there but it can become difficult for them if the new co-owners who inherit your share wish to sell the property or think that your spouse isn’t keeping the property in good condition.
We can help you to structure your affairs so that you protect your spouse and the inheritance of those whom you’d like to ultimately inherit from you.
Call us today on 01884 216106 or use our Free Enquiry Form.
In principle, there’s nothing wrong with transferring your home to a trust. A trust is a legal arrangement for the management of money or property for the benefit of specific people. The Trust Deed would set out the terms of the trust such as who you have chosen as the trustees to manage the assets, who you would like to benefit from the trust and what powers the trustees have over who can use and enjoy the trust assets.
However, before you transfer your home to a trust, you need to understand what is involved, what the legal, tax and financial consequences would be and what the impact would be if you go into a care home in the future.
If you transfer your home to a trust before going into a care home, the starting point is that you are no longer the legal owner. This does not guarantee that the value of your home is protected against the cost of your care fees. The Local Authority may challenge the basis on which you transferred your home to the trust if it appears that you have deliberately deprived yourself of assets in order to avoid care fees.
The Local Authority should not assume that deliberate deprivation has taken place. There may be valid reasons why someone transferred an asset to a trust.
The Local Authority should consider:
whether avoiding care fees was a significant motivation in the timing of the transfer?
at the time of the transfer, could the person have a reasonable expectation of the need for care and support?
did the person have a reasonable expectation of the need to pay care fees?
The statutory guidance states that it is unreasonable for a Local Authority to decide that a person has disposed of or transferred an asset in order to reduce their care fees if at the time the transfer took place they were fit and healthy and could not have foreseen the need for care and support.
If you are in reasonable health now, then over the course of time the risk that a transfer will amount to deliberate deprivation will decrease but each case has to be assessed on its own merits.
For unbiased legal advice from highly qualified and experienced legal professionals, call us today on 01884 216106 or use our Free Enquiry Form.