Custom Search
|
|
Dont Lose It To The Care Home
Most people think that it is unfair that they work hard all of their lives only to have their assets taken from them in the last few years to pay for their care says Estate and Wealth Preservation specialists Universal Asset Protection. All too often clients relate to us that a relative is paying many hundreds of pounds every week to pay for their care while other residents receive the same care absolutely free. It is easy to see why so many feel that this legislation penalises the prudent and rewards those that have been less careful with their money during their lives. Long Term Care Funding The Legislation governing long term care is the Community Care Act and the Health and Social Care Act. Under this legislation, you will normally have to contribute all of your income above £21.90 per week towards the cost of your care. All of your income will be taken into consideration including your pension, State benefits, income from savings and investments and any income you receive as a beneficiary of a Trust. Every five minutes someone is forced to sell their home to pay for the cost of long term care If you have chargeable capital assets in excess of £14,000 these will also be taken into consideration. If your chargeable capital assets exceed £14,000 but are below £23,000, you will be expected to contribute £1 per week for every £250 of capital over £14,000. If chargeable assets exceed £23,000, you will be expected to make a 100% contribution from capital towards any shortfall between your income and the cost of your care. How we can help We suggest you consider the creation of an Asset Protection Trust which allows you to live in the property and keep control of it for the remainder of your lifetime. You can still sell your property and move elsewhere if you choose. With the right planning executed at the right time and in the right circumstances then if long term care is required the property within the trust, providing the trust has been set up correctly and at the right time and in the right circumstances, cannot then be used to fund the care fees. The trust is a protective wrapper designed to ensure that your assets eventually pass to your children. Sideways Disinheritance Thousands of families are disinherited every year. The Asset Protection Trust protects the property for your children if the surviving spouse decides to remarry. The Asset Protection Trust protects your share from passing to the surviving spouse’s new husband or wife and thereby leaving your children disinherited. The Asset Protection Trust is a vital element of Estate Planning for couples and individuals who own their own home. For a relatively small cost you can protect a major part of your estate for the benefit of your family. What Next? If you would like to find out how this estate planning strategy could be applied to your individual circumstances then you could reserve your place at Universal Asset Protection’s next seminar which take place regularly around the country. If you are unable to attend a seminar please call to arrange a private consultation in your own home where we will explain how this trust can help you in more detail. The trusts are drafted by solicitor’s expert in this area and any other legal documentation such as Wills and Lasting Powers of Attorney are prepared by our legally qualified staff. Article Directory: http://www.articledashboard.com I have many years experiance of setting up Asset Protection Trusts for clients around East Anglia and the South East and can share with you how you can avoid care home fees, so you protect your assets for your family... To find out more about how an Asset Protection Trust can help you go to our website at... www.howtoavoidcarefees.co.uk Steve Long, Tax and Estate Practitioner |
|