PAYING FOR LONG TERM CARE

As you are probably aware, the government made a promise to pay some of the costs relating to Long Term Care following recommendations by the Royal Commission yet what exactly does this mean in real cash terms and how will it affect me?

In fact the government has only agreed to pay certain costs relating to NURSING CARE, for example, the time spent by a nurse with the patient etc, whilst the individual is still liable for the RESIDENTIAL & PERSONAL CARE COSTS. This can amount to (£18,000 - £30,000) per year, which you would have to pay yourself.

Over the whole of the UK, nearly half a million people are living in residential care, and the costs of caring for the growing army of pensioners is predicted to soar to nearly £30 Billion by the year 2030.

Women have a one-in-four chance of needing Long Term Care, and men a one-in-six chance.

Under the Community Care Act 1990 the local authority have the right by law to seize the family home, put it up for sale and use the proceeds to support Long Term Care costs. YOUR HOME COULD BE UNDER REAL THREAT.

Thousands of homes are being sold every year to fund care with £4.3 Billion worth of inheritances being used to pay for care costs.

How can we avoid these costs? It is illegal to deliberately transfer your own property away to relatives or trusts if your prime motive is to avoid paying for Long Term Care costs. However, it is not illegal for your partner to make a provision in his or her Will that upon death their own a half share of the family assets, including your home, are placed in trust for your children or other beneficiary instead of passing directly to you.
The difference is that you don't own your spouse's or partners or joint owners half share in your property, so you cannot be said to be reducing your estate illegally!

THE PROTECTIVE PROPERTY TRUST WILL has been specially designed for this purpose, allowing the surviving partner to continue benefiting from the assets within the trust, and allowing your property to be passed on to your loved ones in the fullness of time.

Due to our vast experience in this area and the economies of scale offered by the sheer number of trusts we arrange for our clients, we are able to produce them for half the cost your normal high street solicitor could provide.