Long Term Care Fees
It has long been agreed that the funding of Long Term Care, which currently forces between 45,000 and 70,000 people every year to sell their family home, is an issue of considerable concern.
The truth is, if the total value of your wealth, including your home, exceeds £23,250*, you will have to meet the costs of your own residential care in full. These costs could escalate to more than £30,000 per annum, which would see a sizeable estate wiped out in a very short space of time – not quite what you envisaged through years of saving perhaps.
Successive Governments have agreed the issue needs to be addressed, but yet a viable solution to the problem has never materialised. With an ageing population and soaring national debt, the situation is going to get worse, not better. Depending on the time spent in care, an estate could be eroded to as little as £14,250* due to the staggering costs of living in a care home.
The good news is you have a choice
By arranging your legal affairs, you can plan and protect your home and wealth and ensure you pass as much as possible to your loved ones in the fullness of time.
A simple transfer of ownership of a property to the next generation is not the answer. Deliberate deprivation rules and the possibility of unnecessarily high Capital Gains Tax charges upon the eventual sale of the property make this unwise.
Collective Legal Solutions are wealth protection specialists – we will develop a legal strategy to protect you and the inheritance you plan to leave your loved ones.