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Protect Your Home
from Care Fees

Elderly Care

Protect Your Home from Care Fees

Recent statistics suggest that a large percentage of us will be spending a third of our lives in retirement as a result of the huge increase in life expectancy.  Unfortunately, this also means that there is a higher risk that we may need Nursing or Residential Care due to lack of capacity, poor health or just general old age.

Some people will have to contribute towards their care home fees and it is regrettable that we are not always in a strong financial position to pay for private care and therefore rely upon Local Authority care homes.  Although care provided by the Local Authority can be less costly, they may still require a financial contribution from you towards the cost of your care.

To establish the contribution, your income will be means tested and some of your capital assets including your home may be taken into consideration.

If your total assets, including property, are between £14,250 and £23,250 there is a contribution by you towards the cost of care up until the point when the assets are reduced to £14,250 when the whole costs of care are then met.

If the value of your assets, including property, are above £23,250 then the whole costs of care are met by you.

If your home is taken into consideration the Local Authority will place a charge on your property so that they can recover the monies due to them once the property is sold.  In some circumstances they may insist the property is sold immediately.

However, the value of your home will be disregarded if your stay in residential care is only temporary or your spouse remains in occupation, provided you are not separated or divorced from each other, or you have a relative living with you who is aged 60 or over or under the age of 16.

Continued on-going care therefore could result in the loss of virtually all of your hard earned assets, and result in very little of your estate being left to any loved ones by way of your Will following death.

At Latimer Lee Solicitors Limited Solicitors we have professional advisors on hand to offer you advice with regard to ways to protect some of the property by way of a Protective Property Trust created in your Will should you have to go into care. The Protective Property Trust can protect both married couples and those in a partnership where the property is currently owned jointly.

It is vital that steps are taken to protect your home whilst both spouses or partners are alive and do not currently require Local Authority care.  If you lose your spouse or partner and then require care in the future, it is difficult to take steps to protect your property.

If you feel this is something you would be interested in discussing further, please contact our Sankey Street office and we will be happy to put you in contact with one of our professional advisors.

 

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