Protecting Your Assets
As the UK population is living longer, tens of thousands of homes are sold each year to fund the cost of residential or nursing care.
In recent years, it has become increasingly apparent that the government will only provide for those with minimal savings or assets. Most people are expected to pay part, if not all, of their own costs. Currently, if you have assets in excess of £23,250 (this includes the family home), you will not be eligible for any financial assistance from the government for residential care fees. If you have more than £14,250 but less than £23,250 you would be entitled to partial assistance. Average residential or nursing care fees can range from £500 - £800 per week so it is clear how quickly assets can be eroded.
However, there is a solution for couples faced with this problem.
Writing a Will incorporating a Property Trust can ensure that a half share of your family home passes into a Trust on first death. This has the potential to protect half the value of a family property should the surviving spouse or partner require residential or nursing care.
Professional Will writing is essential to ensure that the correct Will and Trust planning are in place.