Most of us work very hard over the years to buy our own homes and build up our savings for our retirement and would like to ensure that our loved ones are left  a “little something” after we are gone.

 

Unfortunately, the costs involved in moving into a Care Home can literally wipe out your entire savings and your home may also have to be sold to pay for these care fees. This could mean that your chosen beneficiaries could receive very little, or nothing at all of what you originally intended them to have.

 

When someone enters care their financial situation is automatically assessed or  “means tested” and ALL of your assets, including your home are taken into account. Only those who have very few assets will escape the costs of care.

 

 

Firstly, it is important to protect your home and the first step is to look at the way your home is  currently owned.

 

TMost people own their homes Jointly. This means that on first death, the survivor would then own 100% of the full property value and this is when your home becomes vulnerable to attack from the cost of Care.

 

By simply changing the way you own your home to what is known as Tenants In Common, combined with the appropriate Trust planning, will effectively ensure that your property is  protected should either of you enter care.

 

 

Once again, by changing the way your assets are invested and held, can ensure that your cash and liquid assets are also protected from attack.

 

At Countrywide Legal Services Limited our team of fully qualified Advisors are able to advise on all aspects of Care planning and provide you with the correct strategy to ensure that ALL your assets are fully protected.