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An increasing number of people are taking steps to protect their assets from future liabilities, which can include care home fees.
An increasing number of people are taking steps to protect their assets from future liabilities, which can include care home fees.
In the event we need to move into a care home in the future, many of us worry about what will happen to our homes and assets.
Around 1 in 3 women and 1 in 4 men will need residential care at some point in their lives. With so many of us affected, planning ahead is vital.
But the rules regarding care home fee funding can be complex, and should be undertaken with the expert guidance of asset protection solicitors in your area.
DPH Law has advised families across Ormskirk and Lancashire on care home fee planning for over 200 years, and our lead solicitor Michael Prendergast is a member of STEP (Society of Trust and Estate Practitioners), the international body for trust and
Care home fee planning is a management of assets to account for future care needs. Figures by Age UK estimate that the average cost of a UK care home is between £949 and £1,267 per week depending on the extent of care needs.
How much support you receive towards your care is dependent upon your earnings and assets. If these exceed £23,250, you will be expected to fund your own care. Many people use care home fee planning to protect their home from being used to contribute to those costs., but it is important to understand your options, associated risks, and consult with experts in care home fee planning who can help to ensure your actions aren’t to your detriment further down the line.
Gifting your assets to friends or family, for instance, can be deemed deliberate deprivation, and those assets can be reclaimed to pay for your care later in life – similarly to the rules around gifts intended to minimise Inheritance Tax. Meanwhile, asset protection or lifetime trusts are common routes for those planning to protect their assets from care homes. You can also investigate whether you may qualify for NHS Continuing Healthcare funding, which brings a certain
It’s wise to start planning for these costs as soon as possible, and there are many ways to do so.
An asset protection trust has become a popular choice for many people as a way of protecting the future of their estate in the event of a move to a care home in later life, or as the result of an injury or disability. The steps available to you can include updating your Will, establishing a trust (in your Will or during your lifetime) and possibly severing the joint tenancy on your property, if applicable.
One of the most common forms of asset protection would be to establish a lifetime trust. A lifetime trust is often used to protect assets and the main features of such a trust would be:
There are also some disadvantages to establishing an asset protection trust that you should be aware of, and we will of course advise you of these before you proceed, as any asset protection solicitors should.
One of our partners, Michael Prendergast, is a member of the Society of Trust and Estate Practitioners and has experience of dealing with a wide variety of trusts. He has written a number of articles relating to care home fee planning, so please feel free to read at your leisure:
Care home fee planning is not risk free.
How much support you will receive for your care depends on your wealth and asset value. If these exceed £23,250, you will be required to contribute towards the cost of your care.
To circumvent this, many people will choose to give away money or property to loved ones, but this is considered deliberate deprivation of assets, and if this is deemed to be the case a local authority may reclaim that value.
It is important to take advice from qualified asset protection solicitors when dealing with matters such as this and you should be wary of anybody who professes to have a ‘guaranteed solution’ to protecting your property from care home fees. Putting in place an asset protection trust that fits your specific circumstances is important, so our team ensures that we have your legal and financial interests in mind at all times. We are thorough and effective when it comes to care home fee planning.
Dickinson Parker Hill has advised many people and their families on the options available to them regarding the family home and other assets and advised on what steps can be taken to protect those assets.
Putting in place an asset protection trust that fits your specific circumstances is important, so our team ensures that we have your legal and financial interests in mind at all times. We are thorough and effective when it comes to care home fee planning.
We have been advising the people of Ormskirk, Skelmersdale, Wigan, Parbold, Burscough, Formby, Southport and throughout Lancashire, Merseyside and nationwide for over 200 years on protecting their assets. Our specialist private client solicitors will be able to help you protect your home from care home fees.
If you would like to put your mind at ease and speak to expert asset protection lawyers about your personal circumstances and how to put in place processes that will effectively take care of any care home fee planning that you require in future, contact us today. You can reach a friendly and experienced member of the DPH Law team by calling 01695 574 201, or by emailing us. We will be happy to offer specialist advice and guidance on all things relating to an asset protection trust.
There are steps you can take to protect your property and other assets from being used to fund your care. But it is important to be aware of the risks, and ensure your strategies are implemented correctly.
For this reason, it’s best to hire an expert solicitor who can guide you through the available options to ensure that you remain fully compliant with the law.
Deliberate deprivation of assets is when an individual intentionally reduces their wealth by giving away money or property in order to avoid paying for care fees.
Such transactions can be investigated by local authorities, and you may be assessed as though those assets are still your own.
If you are considering distributing assets for any reason and concerned about how this may impact your care costs, you should consult a legal professional to minimise future risk and ensure you remain within the law.
Care home fees vary depending on the level of care required.
But UK averages can be as high as £1,300 per week, with many facilities charging significantly more.
A care home fee planning solicitor will help you navigate the complex legal and financial considerations surrounding those decisions.
Your solicitor will help you understand the available options and advise on the best course of action to protect your interests, and those of your family.
