Planning for care home fees
Bhavin Gandhi
Wills and Probate specialist offering a comprehensive range of legal services helping to protect your estate. Wills, Trusts, Lasting Power of Attorneys, Probate, Estate Administration, Bloodline Planning.
As health inevitably declines during the later stages of life, it is important to look at long-term care options. As life expectancy is on the rise and more and more of us enjoying life for longer, our requirement for nursing homes grow.
With around 410,000 residents in care homes, according to Competition and Markets Authory’s market study in 2017, the care home sector is hugely important; whilst the figures and prices may seem daunting, there are a range of options available to consider, as well as advice and support.
If your capital and income is below ￡23,250 then you may be able to obtain assistance from the local council – though you may need to contribute towards the fees. If your capital and income is above this amount, then you are accountable for the full amount of the fees.
Planning for these fees is about looking at how your assets are structured; whilst most of us want our children to inherit our house after we pass, the reality is that unless you protect your home, it will go towards your care home fees.
You cannot explicitly gift your house to your children to avoid nursing home fees, though there are legitimate reasons as to why you are gifting your house to someone else.
It is possible to structure your estate in such a way that not all your assets will be used to fund cost of care and this could be by the use of trusts and yet the settlor still retaining full control.
For more information and advice about care home fees, contact Paradigm Wills and Legal Services.