One of the most common questions we hear is "What happens if I need to go into Care - How can I protect my assets?"
Most of us work very hard over the years to buy our own homes and build up savings for our retirement and would like to leave a “little something” for our children and grandchildren after we are gone.
The costs involved in moving into a Care Home can literally wipe out your entire savings over time and your home may have to be sold to pay for care fees. This could mean that your loved ones could receive very little, or even nothing at all of what you originally intended them to have.
When someone enters care they are automatically “means tested” and all of your estate, including your home are taken into account.Without planning ahead, only those who have very few assets will escape the cost of care.
Whatever assets we do have, many of us would want them passed down to our children and grandchildren, so losing a property to "care costs" is a severe blow. If you are concerned about what you intend to leave your loved ones, no matter your circumstances, we are able to advise on all aspects of Care planning.
It never ceases to amaze me how simple it can be to plan ahead to protect yourselves, but how few do. It's also a fact that its cheaper to live on a luxury cruise liner than in most care homes (if you're mobile and reasonably healthy). If you don't believe me, checkout a local 14 day cruise and compare to the basic care home you're considering. In fairness if there are major issues, this is not a good comparison.