Long Term Care Planning
Due to a UK population that is living longer, tens of thousands of homes are sold each year to fund the cost of residential or nursing care.
In recent years, it has become increasingly apparent that the State will only provide for those with little or no savings or assets. Everyone else will be expected to pay at least part, if not all, of his or her own costs. Currently, anyone with assets in excess of £22,250 (this includes the family home) would not be eligible for any state help with their residential care fees. If you have more than £13,500 but less than £22,250 you would only be entitled to partial assistance. Average residential/nursing care fees can be in the region from £500 - £800 per week so it is clear how quickly assets can be eroded.
However, there is a solution for couples faced with this problem.
By making a carefully drafted Will, a specialist trust can be incorporated, whereby a half share of the family home passes into a trust on first death. This type of trust has the potential to protect half the value of a family property should the surviving spouse or partner have to go into care.
Early advice is essential to ensure that the correct Will and Trust planning are in place.
Please contact the Will Advice Company to discuss your needs
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