Most of us work very hard over the years to buy our own homes, save for our retirement and leave a “little something” for our children and grandchildren after we’re gone
Unfortunately, the costs involved in moving into a care home can literally wipe out your entire savings and your home may have to be sold to pay for your care. This could mean that your loved ones could receive very little, or even nothing at all!
When someone enters care they are automatically “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.
If you fail to act now:
- 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
Firstly, it is important to safeguard your home. By simply changing the way you own your home, combined with the appropriate Trust planning, we can ensure that your property is protected should either you or your partner enter care. Also, by simply changing the way any other assets are invested and held, you can ensure that your cash or liquid assets are also protected from care.