The Costs of going into Care

Many people ask, "How can I protect my assets if I need to go into care?" 

The cost of care can be substantial, and without proper planning, it could significantly deplete your assets. 

Couples with one partner in care and the other living in the property are protected, but savings are subject to care fees. Moving into a care home can erode your savings, potentially forcing the sale of your home and leaving little for your loved ones. 

Careful planning can help safeguard your assets for your children and grandchildren. 

Trusts can be used to protect assets from means testing legally, but they must be set up at least 7+ years in advance (as long as possible). Planning has risks, but it's essential to prevent the potential loss of your home and ensure your assets go to your intended beneficiaries. 

Even with basic planning we can protect half of your property. With the average house price currently at £264,400 (Zoopla 16/02/2024) thats a guaranteed inheritance to your children of at least 50% (£132,200) rising to 100% (£264,400) with more intricate planning.

The setting up of any plan to mitigate fees and guarantee an inheritance needs to be as soon as possible. Time is definitely of the essence with this plan.