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 leave a “little something” for our children and grandchildren 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 have to be sold to pay for care fees. This could mean that your loved ones could receive very little, or even nothing at all of what you originally intended them to have.
When someone enters care they are automatically means tested and AKK 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 safeguard your home and the first step is to look at the way you currently own your home.
The majority of people own their homes jointly which 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 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 fully protected should either of you enter care.
Talk to us today to ensure that your home and your other assets are protected and can be passed on in accordance with your wishes.