Clients are often concerned that if they have to go into a care home then their assets will be used to pay the cost of care, leaving only limited amounts to leave to their loved ones on their death.
One of the most common questions our team are asked is how best to protect the assets that they have worked hard for.
At present, if a person enters full-time care and they have property, savings & investments worth more than £23,250 then, depending on the care they require they may be liable to pay the full cost of their care themselves (figures correct as at 20 18/2019).
More often than not when couples make Wills which leave their whole estate to each other on the first death. This means the survivor then owns everything. The problem with this is if the survivor goes into a care home all their assets, including those of the first deceased, can be taken into account towards their care fees.
This is a very complex area of law as there are very strict rules as to what you can and cannot do.
Many people mistakenly believe that they can just give all their assets away and therefore avoid care fees. This is not the case and there are rules against this.
Our experts can help talk you through the various options which are available to you to give you peace of mind.
For more information, why not click the links below or download one of our helpful guides.
Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.
We can help you with any of the following: