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Still Unresolved

By on July 5, 2021 in Advice Articles, Latest News

Once more the Government has delayed any revised policy on Care Home Fees for those requiring care in later years.

This means there is still a great potential liability on all those who own property and other assets which could result in little or nothing being left on death to be passed on to loved ones and children.

If you are a couple with jointly owned property then one can go into care and for fee assessment purposes the proprty will not be taken into consideration provided it is still being occupied by your partner or other family member.

However if you are the sole survivor and occupier of and the property is all yours then the value of it will be taken into consideration in assessing your total assets to work out how much you will have to pay for your care.The present average annual care fees are between £35000 and £40000 per annum. If your total assets including the house are above £23250 then you will have to pay those fees in full. You will still have to make a contribution to your fees until your assets are reduced to £14250 under which no contributions will be made from that capital

Under present law however there is a way of guaranteeing that at least 50% of your house value will reach your loved ones and children and possibly other assets as well.

The use of Trust Wills is your protection against the lack of government policy on this unresolved issue