Prestige Tax and Trust Services on Moving into a Care Home

care homeIf you reach the point in your life where you feel you need more care than living alone, with a partner or in sheltered housing can offer, then you may want to consider moving into a care home. This may seem like a big step, but it needn’t be as daunting as some people expect it to be. Before you make the decision though, there are some things to consider, especially in terms of your financial situation.

Care can be expensive. Anyone who is going into care will be means tested by their local social work service. This means that all of your financial assets will be looked at to assess whether or not you can afford to pay for your chosen care home yourself or if you require help from the local council. During this appraisal all of your assets will be taken into account, including your home.

Capital of up to £23,500 is disregarded, and if you’re only entering a care home temporarily, your home will not be assessed. Your home is also safe if one of the following people will be remaining in your house after you enter a care home:

  • a spouse or civil partner;

  • a relative aged over 60;

  • a relative aged under 16;

  • a disabled or incapacitated relative;

  • a divorced partner with a dependent child/children;

  • anyone who gave up their own home to come and live with you in the role of carer.

If you have saved throughout your life and hope to leave something to your loved one when you die, an unexpected care bill can be devastating. Only people with very few assets will escape care charges. To protect your home, you can change the way you own your house to Tenants in Common and combine that with Trust planning (click here for more information). Your bank accounts and liquid assets can also be protected by changing they way they are held and invested. At Prestige Tax and Trust Services our qualified team are able to offer help and advice to anyone faced with the prospect of entering a care home.

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