Care Fee Planning
Moving into residential care can be costly and you would have to pay your own care home fees in full if you had capital assets of more than £23,250. This includes the value of anything you own, including the family home1.
With care fee planning, you could ensure that you have some inheritance to leave your loved ones.
Cost of Care
The average cost of a residential care home in the UK, in 2019, was £33,852 a year, and over £47,320 a year when nursing care was included2. Meeting these costs could be one of the biggest financial burdens you will ever face. It is easy to understand how a person’s wealth can be quickly swallowed up without care fee planning.
We’re here to help you.
Care fee planning isn’t just about saving money now. With the cost of care, any savings can quickly dwindle. If you don’t plan for potential care fees, then your home could be sold to cover the costs.
Now, you can’t just give everything away when you know, or expect that you will be moving into a care home. This is called ‘deliberate deprivation of assets’.
We can help. Our solicitors can advise you on:
- writing your Will in such a way as to protect your wealth and assets
- ways of ensuring that your house is protected for both you and your family
- making a lasting power of attorney to ensure that someone you trust can help make decisions or act on your behalf, when you are unable
Our Care Fee Planning solicitors have a wealth of experience in helping clients plan for later life. They can advise you how to structure your estate to protect your assets and savings, safeguarding your loved ones’ inheritance by planning for future care costs now.
Contact us today for a FREE consultation to see how we can help you.
1 Although the value of the family home is not taken into account if it is occupied by your spouse or partner.
2 Laing and Buisson Care of Older People Report 30th Edition 2019.
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