A Daily Telegraph article published in July 2015 highlighted the soaring costs of care. At this time, it found the average bill for a single room in a care home was £29,389 per year.
See the article here: http://www.telegraph.co.
A BBC news article published 29th March describes how the new National Living Wage could bring already stretched care services to ‘breaking point’ .
See http://www.bbc.co.uk/news/
If residential settings are seeing costs increase significantly, who is going to pay for that?
How can I protect my families assets to ensure my family inherits?
Anybody requiring care, currently, is needs tested by their Local Authority and then means tested. If you have assets over £23,250 including the value of your home, you will be required to pay for your care although your home is safe so long as a partner or dependent relative lives there.
It is essential when estate planning to consider the possibility of care being required in the future so that action can be taken to ensure no more will be taken from your estate to pay for care fees than absolutely necessary. Taking professional advice from specialists working solely in this area is required to safeguard your family’s inheritance. It is also imperative that you take action early – waiting until your health deteriorates and care is on the horizon substantially reduces your options. Should you lose mental capacity it becomes too late to act and nothing can be done to protect what you have worked so hard for.
To gain a better understanding of your areas of vulnerability and what you can do to protect yourself and your loved ones, contact us today to put your mind at rest and our local consultants in Essex, Basildon, Billericay, Brentwood, Chelmsford, Southend, Benfleet, London can organise to see you and your family.