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How To Avoid Care Fees
source: House of Commons Library , Nov 2010 But This Doesn’t Have To Include Yours... First, the bad news... The Community Care Act and The Health & Social Care Act are two sets of legislation which govern payment of care fees for residential care... The Acts say, if you need residential care you must be ‘means tested’. The local authority will look at your assets and if they’re above £23,250 then you’ll pay 100% of your care fees. The local authority means test all your relevant assets including your House and Savings. This means you may have to... • Sell your house • Or • Have a charge placed on it to pay your Care Fees And that’s on top of you using up all your savings to pay those Care Fees. So your loved ones will inherit much less than you’d like ... (if they even get anything at all!) If you own your own home or have savings then this will apply to you. When you go into long term care your savings will be used to pay your care fees. After all your savings have been used the local authority will have your property sold and the sale proceeds will be used to pay your fees. Your local authority will take full contributions for the care fees until your assets are reduced to £23,250 and even then you’ll still have to carry on paying a contribution. This means your family could inherit as little as £14,250, very much less than you’d like to leave them. Now the good news... By using a specialist expert legal professional it’s possible to create a completely safe, totally ethical and much improved position which will mean... o Your property cannot be used to fund care fees, o You continue to live in and keep control of your property throughout your lifetime. o You can sell your property and move elsewhere whenever you want to, so you’re never restricted about where you want to live. o You safeguard your assets from unforeseen business or personal financial problems o You avoid Probate Fees and delays so your dependants not only get more money, they also get it quicker at such a difficult time saving around 3% of your total estate o Assets held within this solution cannot be challenged by anyone so what you WANT to happen is exactly what WILL happen o If a surviving spouse were to remarry, you can decide whether your own assets pass to the surviving spouse’s new partner and that new partner’s beneficiaries or that they pass to your own children o Assets you pass to your children will also be protected from creditors, estranged partners and means tested benefit assessments o Your assets pass to your grandchildren and future generations’ tax efficiently with all the same protection as above... To gain these benefits for you and your family you need to place a protective wrapper around all your assets including your home And that wrapper’s called the Asset Protection Trust (APT) Article Directory: http://www.articledashboard.com I have many years experiance of setting up Asset Protection Trusts for clients around Durham and the North East and can share with you how you can avoid care home fees, so you protect your assets for your family Ray Simpson, Senior Partner To find out more about the Asset Protection Trust head over to our website at www.utsllp.co.uk |
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