Cost of Care
You’ve probably spent 25 years to buy your home and grow your wealth. You’d probably like to leave something for your children simply to make their life a little easier.
How do I protect my home and assets from care costs?
If you are a couple, we simply change the way you own your home from a Joint Ownership to a Tenants In Common structure where you and your partner own a specific share in the property, ideally 50% each.
We then utilise complementary trusts to ensure your property is protected should either of you enter care. We use similar principles for any savings and investments you may have to ensure they are protected too.
If you’re single, the process is a little different. Like all things, it’s important to start the planning sooner rather than later.
If you don’t act you need to accept that…
- Your home may have to be sold to pay for your Long Term Care costs.
- Your savings and investments could be wiped out.
- Any income would be assessed and used towards the cost of your care.
- Your children and grandchildren could lose their entire inheritance.