The answer to this question is a definite yes, but you must take proper advice as there are myths and lots of poor guidance surrounding this subject: for example, we regularly meet people who have been advised to put their house into their children’s names to avoid care fees. Worse still some have acted on this terrible advice.
We are experts in this complex area of law and guarantee to give you the best possible advice for your particular circumstances. The good news is that, whatever your situation, there are options open to you and the sooner you act the more options you will have.
The Government recently announced that no one would have to pay more than £75,000 towards the cost of their care, which seems welcome but is actually quite misleading. For one thing ‘care’ is only part of the cost of a care home – it excludes the cost of accommodation and food. The Government are not limiting the amount you will have to pay towards this ‘bed and breakfast’ part of care fees (typically over £10,000 per year).
Currently, if you have over £23,250 in assets you will pay the full cost of your care. The Government have promised to raise this to £123,000, which seems like a welcome change but is little help to most people with a house – since most properties are above this value. Even if your assets are below £123,000 you will still be expected to pay most of your fees (or a charge placed on your home to claw the money back after your death). The truth is you will only avoid care fees entirely if your assets are below £17,000.
The Government are not going to solve the care fee problem with a quick fix because the sums involved are just too big; even the measures they are proposing are not planned until 2017 – way after the next general election, so there’s a chance everything will change again. The only way you can protect your assets is with proper advice and planning.
We are happy to talk to you about your options for free with absolutely no obligation.
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