What is residential care planning?
With the number of people requiring residential care rising year on year, it has never been more important to plan for your future care, and our specialist residential care solicitors can support you with this. Even the most basic care homes normally cost around £1,000 per week so the costs of care can be dramatic. The earlier you start to plan the more likely you are to be able to make sure you have protected some of your assets to pass down to future generations, whilst also ensuring you have the funds to live comfortably yourself and meet any future care needs you might have.
If you need care the local authority will carry out an assessment of your finances to determine whether you are entitled to any help from the state with your funding. Normally if the value of your capital assets exceeds £14,250 then you will be expected to pay something towards your care yourself, and if you have assets of more than £25,250 you may not receive any state funding at all.
Why is it important to plan early for residential care?
It is vital to plan ahead for these costs otherwise you may end up in a situation where your home has to be sold to pay for your care, leaving little or nothing left to pass down to your family when you die.
Our specialist residential care planning solicitors can help you get a plan in place by looking at your estate as a whole and ensuring your assets are structured correctly to meet your needs. This might involve looking at how you and your spouse or partner hold your home, if you own it together, and updating your Wills to include trusts to help you protect some of your assets.
You should consider making Lasting Powers of Attorney so that your family is able to assist you when you do need care and ensure there is a smooth transition. We can also liaise with financial advisors to help you consider things like long term care annuity products to make sure your care is always funded and you never run out of money.
Get in touch with our residential care planning solicitors
To get in touch with our residential care solicitors, please:
Call us on 01442 218090
Send an email to firstname.lastname@example.org
Fill out our enquiry form and speak to one of our Inheritance Solicitors today.
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