Protection Against Care Fees The Community Care Act is the law that requires your home to be sold to pay for your long term care. More than 20,000 pensioners were forced to sell their homes last year. The shocking figure means an average of nearly 60 a day have had to sell up, because they cannot afford expensive care home fees from their savings alone.
A major concern for individuals and families is what would happen in the future should care for an elderly relative be needed. What will happen to the home they have worked for and cherished and wish to pass on in the family, but donít want to give up their rights to their home during their lifetime. With good advice the home can be protected via a trust. It also provides substantial financial benefit at the time of death, as the home would not be included in Probate. Thus saving time and money.
England and Wales care system penalises the thrifty because those who have built up savings have to contribute to the cost of their care. Anyone with assets worth more than £23,500 - including their home -have to pay towards the cost. Everyone who`s assets are below that figure get their care free. There is no sliding scale -either you pay if you have assets, or you pay nothing.
The problem occurs for those who own their home but do not have much ready cash. To raise the money they have no option but to put their house up for sale. When the money from the sale comes through, they have to hand over what they owe and use the remaining money to continue to fund their care.
It shows just how many of those who have worked, saved and paid taxes all their lives are being penalised - as are their families, who are seeing their inheritance vanish. This need not happen. We can arrange a protective trust that will protect the family home for future generations but still give the home owner total peace of mind.
Here at Inheritance Wills we can set up a Family Trust to protect your home for the future benefit of your family.
For further information please call us on 01223 795050.