Care Fees Planning.

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Care Fees Planning in Exeter, Cullompton, and Tiverton.

Planning for future care costs is an essential step in ensuring financial stability, preserving your legacy, and peace of mind for you and your family. I offer Care Fee Planning Services in Exeter, Cullompton, Tiverton, and across Devon, providing you with clear guidance to help manage care costs and protect your assets. I’m here to help you navigate this critical aspect of planning for the future.

What is Care Fee Planning?

Care Fee Planning involves preparing for and managing the costs of long-term care, whether it’s residential care or home care services. This process includes evaluating potential care needs, exploring funding options, and implementing strategies to protect your assets while ensuring that you or your loved ones receive the necessary level of care.

How I Can Help with Care Fee Planning

Exploring Funding Options

There are various ways to fund long-term care, including local authority support, state benefits, and private funding. I’ll guide you through each option, and explain eligibility criteria.

Protecting Your Assets

One of my main priorities is to protect your assets from being significantly reduced by care fees. I offer strategies such as setting up trusts and using other legal structures to help you retain as much of your wealth as possible while meeting care costs.

Navigating Legal Aspects of Care Fee Planning

Planning for care fees often involves complex legal considerations. I’ll assist with drafting or updating Wills, setting up Lasting Powers of Attorney, and ensuring that all legal documents align with your care planning needs.

Introducing Financial Planners

I work closely with trusted financial planners who specialise in managing care costs. I can introduce you to a financial planner or work with your existing one to ensure your plan is comprehensive and effective.

Reviewing and Updating Your Plan

Care fee planning is not a one-off task – it’s an ongoing process. I offer regular reviews and updates to your care fee plan to reflect changes in your circumstances or care needs, ensuring that your plan remains up-to-date and effective.

Why Choose Me for Your Care Fee Planning?

Strategic Care Fee Planning with Legal Expertise

I use proven legal structures to help you plan for future care costs, protecting your assets while meeting your care needs. By collaborating with financial planners, I create a comprehensive strategy that delivers the best possible outcome for you and your family.

Experienced Support Tailored to You

With extensive experience in care fee planning, I guide you through the legal framework around care funding. I work closely with financial planners to ensure that your plan is legally sound and financially optimised to meet your long-term goals.

Personalised Solutions for Your Situation

I understand that every client’s financial situation is unique. That’s why I offer personalised, tailored solutions designed to preserve your wealth and safeguard your future care needs. Working together, we’ll create a plan that’s right for you.

Compassionate and Clear Guidance

I know that planning for care fees can be overwhelming. I’m here to provide compassionate support and clear advice, breaking down complex legal and financial information to help you understand your options and make informed decisions.

Transparent Collaboration for the Best Outcome

I believe in a collaborative approach. Whether working alongside your financial planner or introducing you to a trusted member of our network, I ensure that every aspect of your care fees plan is addressed, from legal structures to financial strategies, giving you peace of mind for the future.

Get in Touch

Planning for care fees is a crucial step in ensuring you get the care you want and protecting your assets. I’m here to guide you through the process with clear advice and support. Contact me today to discuss your care fee planning needs and learn how I can help you prepare for the future.

To make a free, no obligation enquiry today please call me, Damian Gorman, on 01884 216106 or send a free online enquiry and I’ll call you back.

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FAQs about Care Fees Planning.

You’re likely to have to pay for most or all of the cost of your care fees. If you become very seriously ill, you may 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.

Whether you’ll have to pay for your own care fees depends on your financial situation and the outcome of the local authority’s means test. The test considers your income, savings, and assets (including your home). If your assets are above a certain threshold, you may be required to pay for some or all of your care costs. However, if your assets fall below the threshold, you could be eligible for local authority support.

There are also certain state benefits, such as Attendance Allowance and Personal Independence Payment (PIP), that might help cover some of your care costs. I can guide you through the financial assessment process and help you explore all available options to ensure your care costs are managed as effectively as possible.

The value of your home is assessed based on its current market value, minus any outstanding mortgage or debt secured against it. However, in certain circumstances, your home may not be included in the financial assessment for care fees. For example, if your spouse or partner still lives in the property, or if a dependent relative over 60 or under 18 resides there, the home is usually disregarded from the means test. I can help you understand how your home will be assessed for care fees and whether any exemptions apply to your situation.

Yes, your spouse can usually stay in your home even if someone else inherits your share of the property – depending on how the property is owned and the arrangements put in place – but this can be risky and usually isn’t recommended. If you own the property as joint tenants, your share will automatically pass to your spouse upon your death, regardless of what’s stated in your will. If you own the property as tenants in common, you can leave your share to someone else, but it’s crucial to include provisions in your will, such as a life interest trust, to ensure your spouse has the right to live in the property for as long as they need.

Setting up a life interest trust or similar legal arrangement can protect your spouse’s right to stay in the home while allowing your share to pass to the designated beneficiary when your spouse no longer needs it. I can help you structure your will and set up the right legal mechanisms to ensure your spouse is secure in their home while carrying out your wishes for inheritance.

While transferring your home to a trust might seem like a way to protect it from care fees, it’s important to understand the rules around deliberate deprivation of capital. If the local authority believes you transferred your home into a trust specifically to avoid paying care fees, they may still include the value of the property in their financial assessment. This is known as deliberate deprivation, and it can occur if the transfer was made when you already needed care or when it was foreseeable that you might need care in the near future.

However, there are legitimate reasons to place your home into a trust, such as for estate planning or to provide for loved ones. The key is to ensure that your intentions are clear and supported by appropriate legal advice. I can help you explore all your options and implement a strategy that protects your assets while remaining compliant with care fee regulations.

Make a free enquiry today