Do you Worry about Paying Residential Care Fees?
If you are worried about the possibility of paying residential care fees at some point in the future, then we can help.
On these web pages, you will find valuable information to help you gain a better understanding of the risks and problems you may face if you enter into residential care and pay residential care fees. We also provide some potential solutions to help protect and ring fence your assets from ever being claimed in the future by the local authority to pay residential care fees.
We Can Help You With Residential Care Fees Protection
We specialise in dealing with residential care fees and have the experience and expertise to help you make the right decisions so that hopefully some of your assets are protected and not claimed by the Local Authority to pay for residential care fees if you ever go into residential care in the future. Please call us today for a free initial no obligation telephone chat or use our online enquiry form to discuss Residential Care Fees Protection.
Changing Demographic Trends
In the UK we have an increasingly ageing population, as health care and lifestyle has improved. This greater life expectancy in turn has resulted in greater numbers of elderly people requiring long-term support and care later in life. An estimated one in five elderly people will suffer some degree of disability or long-term illness and will eventually require care. As our ageing population continues to grow, and more people enter residential care homes, the system now struggles to cope with paying the increasing care costs. Local Authorities are now, as a result, becoming more pro-active in forcing people who have property, savings and other assets to pay for their own residential care fees.
The Rising Cost of Care
Depending upon where you live, the quality of the care home and the location, the cost of residential care could be anything from £500 per week up to in excess of £1,000 per week. If you enter into a care home for even just two years you could end up paying over £80,000!
My Family Will Look After Me…
You may believe that you will never go into a care home because your family will look after you, and hopefully that will be true. However, you may at some stage in your life struggle to care for and look after yourself either due to mental and/or physical incapacity, and whilst your family will do all they reasonably can to help, often it can become impossible to look after an elderly person, particularly if your family have other commitments such as work or children to look after as well. In those circumstances you would probably not want to be a burden on them.
Who Pays Residential Care Fees?
If you enter into a residential care home, you will be required to make an arrangement with your Local Authority to repay the full cost of residential care accommodation if you are financially capable of doing so. The Local Authority will first of all claim most of your state pension and other income you receive and use that towards the cost of paying for your residential care.
If you are in receipt of social security benefits or are on a low income and have little in savings, you are unlikely to have to pay very little else. However, if you have worked hard through your life and own your own home and built up a savings nest egg, you will be required to use your savings and sell your home to pay for your residential care and could, as a result, potentially lose most of your property, savings and assets.
Take Action Now – Residential Care Fees Protection
The current approach to care fees in the UK is in some peoples eyes, unfair, particularly to those who have worked hard through their lives and paid their taxes and mortgages and scrimped and saved to build up a nest egg and, generally done the right thing, are then being penalised, whilst those who haven’t fully paid their way and generally wasted away their assets potentially end up getting residential care for free. This is arguably unfair. However, you don’t have to sit back and accept this situation. You can take action and protect some of what is rightfully yours.
So What Action Can You Take?
There are all sorts of different actions you can take. The key is taking actions that are legal and legitimate and falling foul of the laws and regulations that exist in this area. Therefore, obtaining specialist advice is crucial. Some of the matters listed below will not make much sense but don’t worry. WE have listed them just so that you can see that there are many matters that can be considered. This is why we always recommend that you seek specialist legal advice from a firm of solicitors such as ourselves. The various actions you can include some of the following: –
- Doing nothing – after all, you hopefully will never go into care..!
- Avoid going into a Residential Care Home – eg staying with your family
- Pay up care fees in full if enter Residential Care Home
- Choosing the right care home for you
NHS And Local Authority
- Consider claiming Free NHS care
- Make a claim for any nursing and social care contributions
Income and State Benefits
- Consider ways of maximising your income
- Claiming your full welfare benefits entitlement
Capital, Savings and Investments
- Reducing your capital and savings to below £14,250
- Considering Insurance policies and home income plans
- Re-investing a proportion of savings and assets into investment bonds
- Consulting an Independent Financial Adviser
- Identifying Fully exempt assets
- Being aware of the Personal possessions exemption
- Being aware of the Business assets exemption
Giving Away Assets
- Not deliberately depriving yourself of assets
- Disposing of assets in the right way
- Making small gifts
- Inheritance Tax planning and gifts
- Being aware of the Initial and Temporary Stay in Residential Care
- Being aware of the Property exemptions
- Considering renting out your home
- Considering Deferred payment agreements
- Considering Equity release schemes
Legal Solutions to Protect Your Assets
- Seeking legal advice from a specialist solicitor
- Making a Will to include a Will Trust
- Making a Lasting Power of Attorney
- Considering setting up Discretionary Trusts
- Considering Interest in Possession Trusts
- Considering Personal family loans and legal charges
- Being aware of Proprietory estoppel
- Property Trusts
- Reasons for Setting up a Trust
- Trusts Information
- Administrative Matters
Contact Us for a Free No Obligation Chat
We can offer you a free no obligation 10-minute chat on the telephone to discuss if and how we might be able to help you. Whether you take things further will be entirely up to you. Please call us on 01536 276322.
We at Seatons are legal specialists and offer a fast and friendly legal service with low sensible fees that provide exceptional value for money.
Although we are based in Northamptonshire, DISTANCE IS NOT A PROBLEM. We act for clients and help with their residential care fees protection across England and Wales.
So, whether you live just up the road, or a few hundred miles away then we can still help.
We are known as the friendly professionals and aim to provide you with an outstanding legal service.
We care about you and will work hard for your best interests to help resolve your legal problem quickly and easily.
Unlike a lot of other legal service providers, we are a genuine firm of solicitors and are fully insured and regulated by the Solicitors Regulation Authority.
We hope you find our website is helpful and informative and gives you the answers to your legal questions.
We also offer free legal guides that you can download.
Taking actions with the deliberate sole intention of avoiding paying residential care fees rarely works. For example, gifting assets or your home away or incurring substantial expenditure of capital will be treated by the local authority as a deliberate disposal or depravation and will be successfully challenged and the assets reclaimed.
However, if you dispose of an asset for a genuine reason that is not related to avoiding paying residential care fees then there is a chance that it might not be challenged. Therefore, by taking actions for other reasons that are unrelated to residential care fee protection that can work. One good example of this is making “Will Trusts”. There are other potential actions you can take, details of which are contained in these web pages.
Basically, there are legally right and wrong ways of taking actions to reduce paying residential care fees, within the law, and of not falling foul of the deliberate disposal or depravation rules. However, we can only advise and help on using the legal and legitimate ways of doing this. If we are uncomfortable with a potential action, then we will tell you if it’s not a good idea.
It may be legal to take certain actions to protect certain assets from being claimed to pay for residential care fees, but that doesn’t mean that those actions will be effective. The effectiveness of these actions will not be known with certainty for potentially years and possibly much longer. Anyone who believes that there are guaranteed ways of reducing the payment of residential care fees either don’t understand our legal system or is deliberately trying to deceive you. Rarely can anybody say for certain that any actions you might want to take will prove successful, without it being tested by a court. We inform you of the risks, the consequences. Ultimately though, it is important to form your own understanding of the risks and downsides.
Residential Care Fees Protection Specialists
I’m Adrian Chambers and specialise in Residential Care Fees Protection matters. We aim to provide our clients with an outstanding legal service.
We will help and support you and most importantly we work hard for you.
Please contact us for a free, no obligation chat on 01536 276300 or contact us online.