Long Term Care Planning
Long Term Care Planning experts based in Northamptonshire.
Always a tricky issue and again, one most of us don’t want to think about – particularly when we’re young. However, like many issue we deal with, this is one which is best faced sooner rather than later because many preventative measures need to be put in place and “bed-in”. Some are also much less costly the earlier they are done.
We all know someone who has a friend or relative in long-term care, and those of us who have been out looking for suitable accommodation for friends or relatives, also know that it most certainly does not come cheap! In fact, no matter where you are in England or Wales, it is fair to say that a week’s care in a non-nursing establishment will cost at least £500 and this could rise, dependent on the quality of the establishment’s furnishings, fittings and amenities – though not necessarily its staff – to over £1,000. If nursing care is added, the cost on average goes up by at least a third. So, it’s easy to understand how an individual’s life savings (even if we modestly said £50,000) can be eaten up and in some cases, entirely obliterated.
What is even more concerning is that often there are no cash life savings, or very little, just a property which has been hard-slogged-for and this too can become the subject of any means test for long-term care and is often lost to pay for that care. Approximately 70,00 homes in England and Wales are lost annually to fund long-term care in this way.
This can all be legally avoided through the use of Trusts. Although it is illegal to transfer all or part of your property in to a Trust in the knowledge that you are imminently going in to care and therefore deliberately to avoid paying for such care, it is not illegal to divide the ownership of your property in order to facilitate its passing either wholly or partly in to a Trust for the benefit of future generations or for other reasons, such as third party attacks, “sideways” inheritance, divorce etc.
The above is intended only as a general overview. Full advice must be sought with details of all personal circumstances disclosed, before entering into any such Trust arrangements.
If you or anyone you know is looking for more help and guidance regarding long term care planning, then please give us a call for a confidential, no obligation consultation. We are able to visit you in your own home at a time that is most convenient for you.
We cover the following areas; Northamptonshire, Warwickshire, Buckinghamshire, Oxfordshire, West Midlands, London and The Home Counties.