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Will you be forced to sell your home to pay for your care?
Because they are no longer able to manage living by themselves, each year, many thousands of people are forced to sell their home to pay for residential care. Should you need care, and have assets (including the value of your property) of over £14,250, then you have to meet the costs.
Average care home fees are £30,000 per annum (2008 -
Many people think that they can simply sign their property over to their children, and maybe give their other wealth away, in order to avoid care costs. The local authority are wise to this and will treat this as deliberate deprivation.
Beside which, giving away property and other assets will leave you extremely vulnerable
to the changing financial fortunes of your family members -
You are also giving your family a potentially sizeable Capital Gains Tax problem, and any gift also has Inheritance Tax implications.
Legacy Solutions can show you how you may be able to protect your assets and also keep control of them.