We give you the right information to manage the cost of care homes
Did you know that 1 in 4 men above 65 and 1 in 3 women will need to go into Care? This rises to 1 in 3 for men who reach 80
Given these statistics, there are a number of choices you could make:
Do nothing and hope for the best. This saves you paying anything now but could cost you dearly later on. If you leave it too late when you actually need to go into Care, then it maybe too late.
You could transfer your assets to your family and many people do. However you then lose control of your assets and things can go wrong. If the family member falls out with you or gets divorced or is made bankrupt or dies before you, in each case there will be serious consequences for you. The Council is also able to come after these assets.
Unless the family member lives with you, when the property is sold there will be Capital Gains Tax to pay on the increase in value between the time of the transfer and the time of the sale.
You could set up a Protective Property Will Trust. However it is only for couples and has certain drawbacks.
You can buy an immediate care cost plan.
We have written an article regarding some easy steps you could take right now to protect your assets. We have also discussed care home fee avoidance in more detail here and written a question and answer guide here
Contact us about other options. We may have a solution that fits your needs and which alleviates many problems . We offer a no obligation chat. Taking a few minutes to call us could be the best decision that you will make.