How You Can Pay Your Care Home Fee
Hundreds of homes are sold each year to pay the cost of long term care. The community care act and the health and social care act govern the payment of care fees for residential care. According to these acts, to qualify for residential care, one has to take the ‘Means Test.’
The local authorities will look into your assets and if they are worth above £23,250, you will pay 100% care home fees. The local authority will take into consideration your house and your savings. This means you may have to sell your home or have a charge placed on it to pay your care fees. Your family will inherit much less if they even get anything at all. If you have your own home and have savings, this will apply to you.
When you go into long term care, your savings will go into paying your care fees. After your savings have been exhausted, the local authorities will sell your property and the sales proceed will be used to pay your care fee.
The local authorities will take full contribution until your assets are reduced to £ 23,250. Even after that you are to carry on paying a contribution. Your family could inherit as little as £14,250. I know you surely want to give them much more than this.
All this was the complicated affair of legislative laws. I don’t know if you know or not, but if you are using an expert legal professional, you can create a completely safe, totally ethical and much improved position. This means your property can not be used to fund care fees, you continue to live in and keep control of your property throughout the lifetime. You can even sell your property and move elsewhere whenever you want. This means you are not restricted to live in a particular place. You can even safeguard your assets from unforeseen financial constraints. You can avoid probate fee and delays, so your dependants not only get much money, but at a quicker pace as well, saving 3% of the total estate.
Assets held in this case cannot be challenged. If the surviving spouse were to remarry, you can decide if the beneficiaries are going to be transferred to the new partner or they are passed on to your children.
Assets that you pass to your children are also protected from creditors, estranged partners and means test assessment. Your assets will be passed to grand children tax efficiently.
To make this possible you are screening your assets and property with asset protection trust (APT). For this you need to contact some good lawyers in Twickenham, who are not only qualified and knowledgeable but also have ample experience in this area. Speak to them and discuss your case. They will let you know the possible options that can allow you to secure your assets against liquidation and still gain the benefits of care homes.
