Care Fee Planning
We can protect you and your family and provide certainty for the future.
Care fee planning - What should you consider?
Healthier living and better access to medical care means that in today’s society people are living much longer which in turn is leading to an increase in the number of people requiring assistance with their care in old age therefore it’s becoming increasingly more important to get later life planning in place.
Planning for care home fees now will give you peace of mind for the future and ensure you still have something to pass on to your loved ones.
How can Goughs help with care fee planning?
At Goughs, we have years of experience helping people plan for their care home fees.
We will advise you on the best way to structure your assets so that you’re prepared for future costs, without damaging the inheritance you want to pass on to your loved ones.
Popular questions about care fee planning
The strategy will be different for each family, due to their unique circumstances and views on life. Nonetheless, the best advice is to plan early and have the right legal advice.
For more information on care fee funding, please click here.
With so much uncertainty surrounding these later life issues, it’s important to have the right specialist advice, whether it’s to help navigate the complex and sometimes daunting issues of care costs and choosing a care home or understanding the legal issues around Wills, Trusts and Lasting Powers of Attorney.
If you need to enter care without any care fee planning and have insufficient funds to pay for your own care then, it could be the local authority who chooses your placement which may not be your preferred option.
If you have capital of more than £23,250 you will generally be liable to fund your own care. We can advise you on what is taken into account in any financial assessment including income and what can be disregarded.
For more information about care fee funding, please click here.
There are a variety of reasons why you must be very careful if you want to make large gifts at a time when you might be in need of care. We can explain the risks involved to prevent repercussions in the future.
The average long term care is currently around £50,000 per year
a) Lasting Powers of Attorney
b) Wills
c) Tax planning
Being prepared for the future is key. We can help advise you on making your Will but can also advise on and prepare Lasting Powers of Attorney to ensure that your finances can be dealt with if you are incapacitated. For those who have a larger estate we can also advise on tax planning either through your Will or through lifetime giving.
In certain circumstances, a property belonging to someone who has entered care can be disregarded but there are strict rules around this. We can tell you whether or not your home would be included within a financial assessment.
Unless you pay for your own care, you will generally rely on financial assistance from the local authority. In some instances it may be necessary for a friend or relative to make a contribution to your care costs.
If your capital falls below £14,250 the council will fully fund any short fall after taking into account what you can contribute through your income. Depending on the care contract and care provider there could be issues with your care continuing at that care home.
This is the term used to explain a deliberate act in which assets are transferred or given away to prevent them from being taken into account when assessing liability for care fees. To find out more, please click here.
Unlike the seven year rule with inheritance tax, there is no set period after which gifting of assets is “safe” from being classed as a deprivation of assets. The local authority will carefully look at any such transactions and will look at the reasoning behind this gifting. If they believe that this has been done to avoid care home fees then the onus is on you or your family to prove otherwise.
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Legal 500
Client orientated; they ensure the client is well informed with easy to read documents.
L C, Devizes
Our Wills were dealt with efficiently, we have already recommended your firm to our daughter and husband. Absolutely brilliant – thank you.
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Everything was completed professionally and within my tight time scales. I would like to say thank you and would definitely go back to Goughs should I need help in the future.
Legal 500
Goughs gives outstanding customer satisfaction. They are very approachable, reliable, courteous and informed. I would recommend Goughs to anyone.
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Great service, professional, great communication and handled what was a very sensitive situation with care and compassion.
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Why work with Goughs?
Local since 1882, with an excellent reputation
First-class, effective service
Largest solicitors in Wiltshire
Seven offices throughout the county
Nationally accredited law firm
Recognised by Legal 500 and Chambers & Partners
