The Cost of Care and Protecting Your Assets

How do I protect my home and assets from Care costs?

Most of us work very hard over the years to buy our own homes, save for retirement and naturally, would like to leave something for our children and grandchildren after we are gone.

Unfortunatley, the costs involved in moving in to a Care facility can literally wipe out your entire savings and your home may also have to be sold to pay for Care Fees.  This could mean that your loved ones could receive very little, or indeed, absolutely nothing at all from what you originally intended them to have.

When someone enters care they are automatically 'means tested' and ALL of your assets, including your home, are taken in to account.  Only those who have very few assets will escape the costs of Care.

So, what can be done?

Firstly it is important to safeguard your home and the first step is to look at the way you currently own your home.

The majority of people own their homes jointly, which means that on first death, the survivor would then own 100% of the full property value.  At a later date, should the survivor need to enter a care facility, your home then becomes vulnerable to attack from your local authority.

By simply changing the way you own your home, combined with the appropriate Trust strategies, you can effectively ensure that your property is fully protected should either of you enter care.

What about your other assets, bank accounts, savings etc?

Once again, by implementing the appropriate Trust strategies, you can ensure that your liquid assets are also protected from attack by your local authority.

We are in a position to advise on all aspects of Care Planning and provide you with the necessary personalised strategies to ensure that ALL your assets are fully protected.