Increasing life expectancy means that more of us are likely to face the issue of paying for long-term care for ourselves or our families. Government statistics indicate that by 2035, people aged 65 and over will make up 23 per cent of the UK population.
Currently, if you have savings or capital – which may include the value of your home – of more than £23,500, you will receive no support from the state towards your care fees.
Our asset protection specialists can provide advice on your options for the best way to pay for your care, while also protecting your assets to pass on to your loved ones.
For example, one option may be to place a property into trust, so that it becomes a protected asset and cannot be used to cover care home costs.
This also enables the person placing the property into the trust to retain control of the asset and there is no capital gains tax liability for the beneficiaries and can also keep the assets from being added to the beneficiaries’ estates and potentially becoming an issue on divorce or in relation to inheritance tax.
For more information, please contact us.