The Care Fee Swindle – We Have the Solution
The older you get, the more likely you’re to suffer an affliction, meaning you’ll need ongoing care. However, with the society’s average age increasing plus the cost of care getting higher, is there something that can be done for the purpose of protecting the home from having to pay for care?
It is a sad reality that nowadays more people are increasingly falling into the trap and have to spend their home equity and life savings on ongoing home care during the end of their human lives.
The usual average cost of care for one week in residential homes is currently over 1000 pounds, thus it does not take long before you lose significant wealth in paying for nursing.
Furthermore, with the Government of the UK planning to make homes even more vulnerable, a lot of people are rightly concerned.
However, the good news is there are definitely things that you can do to help and prevent your family home from being taken so that it can pay for care.
First Stage – How You Own Your Property
Typically, the initial stage of planning for care has to begin with taking a good look at the property you own and where you want it to pass. This is because how you own your home could be a crucial factor in deciding how vulnerable it’s in times of care assessment.
You should be aware that you can’t just give your property away to prevent it from being taken away to pay for care. But, that does not mean you can’t make reasonable decisions for purposes other than the fees required for care, which could mean your house is protected from getting assessed as an asset that will be taken into account.
Ensure You’ve a Decent, up to Date Will
In general, all sensible estate planning has to commence with well written, properly thought out Will. In fact, if you know what you’ve and how you want it to pass, it’s much easier putting a plan in place that will fulfil that objective.
If you pass away without a Will, then the entire process of administering your property is more complicated. Also, you can end up with unnecessary and expensive Inheritance Tax bills.
LPAs (Lasting Powers of Attorney) Are Vital
These are essential if you would like to keep down the costs of care to a minimum. Basically, there are 2 documents that appoint people who would like to look after you, and without them, the social services and courts are the ones to make important decisions concerning your care plus finances.
Powers of Attorney (POA) documents should be drawn up while you still have the capacity of doing them. If you happen to lose capacity, then your loved ones will have to go to court so as to be given permission and approval to look after you.
During this process, your bank accounts, which includes joint ones, will be frozen.
This All Sounds Terrifying, What Should I Do?
Typically, the only way that this situation can occur is if you have not planned for it. The good documents, which will protect your home from being taken while ensuring that the right people get designated to look after, you shouldn’t be complicated or expensive.
The first step is booking a meeting and discuss your situation.
Let Us Get Together and Chat
Everyone has a different situation; therefore, it’s impossible for anyone to actually offer accurate advice without knowing and understanding your unique circumstances.
That’s why Trusted Will Writing offers a 100 per cent free meeting to discuss your situation in the comfort and privacy of your home. That informal and confidential meeting usually lasts about 60 minutes.
We will look at your estate value, your family set-up, and then listen to all your concerns whether that’s Powers of Attorney, asset protection for your kids, Inheritance Tax or Care Fees.
Also, We will explain exactly how the law works and help you make the best decisions in your family best interests.
You will only pay when you decide you would like to use the services of Trusted Will Writing in drafting your relevant documents.
Contact us to book a free meeting.