How to protect your Home against care fees
This is one of the most common questions I am asked . You, like the vast majority of retired people in this country have probably worked very hard to pay off your mortgage and enjoy a mortgage free retirement. You probably hope to pass on your home to your children. Sadly, this may not happen if you unfortunately have to go into some form of care.
So, is there anything you can do ? Yes, if you are a couple. Essentially, you can both make Property Trust Wills. These work simply like this. Upon the 1st of your deaths, half of your house will pass into a trust for the ultimate benefit of your children (you are effectively leaving half the capital in the house to your children), with the proviso that the surviving spouse can remain living the property for life. If this surviving spouse then has to go into care, half of the house (held in Trust for the children), is protected against care fees.
This is very different to simply giving your house away to kids whilst you are both alive. In these circumstances, the council are likely to say that you have deliberately deprived of yourselves of an asset and still take the house into account in any care fee assessment.
If you would like to discuss this in further detail and, in particular, whether or not these type of Wills would be suitable for you, please telephone me on 01924 332395 for a free initial chat.