Half of women and a third of all men will require some form of long-term care.
We are an ageing population and Help the Aged predict the above figure could rise to 1 in 2 people.
Will you be forced to sell your home to pay for your care?
Each year, many thousands of people are forced to sell or have a legal charge on their home to pay for residential care because they are no longer able to manage living by themselves.
Currently if you need care and have assets (including the value of your property) of over £14,250, you are required to meet the costs.
Average care home fees are £50,000 per annum (2021 – Age Concern) so your savings can very quickly diminish.
People often think they can simply sign their property over to their children. Give their other assets away to avoid care costs. This is not the case, as the local authority will treat this as deliberate deprivation.
Giving away property and other assets will leave you extremely vulnerable to the changing financial fortunes of your family members. A bankruptcy, divorce, or premature death could mean your house has to be sold. You are also giving your family a potentially sizeable Capital Gains Tax problem. Any gift also has Inheritance Tax implications.
If you would like to know how to protect your assets whilst retaining control of them, please contact TP Wills & Probate to arrange a free, no obligation meeting on 01736 758418, 01736 851142 or 07900 323939.