Care Home Fee Planning
With offices across Lincolnshire and East Yorkshire, including Lincoln, Grimsby and Hull, our professional and caring solicitors can help.
Care Home Fee Planning Solicitors
If you are concerned about how care home fees can affect the inheritance you were hoping to leave to your loved ones, you are not alone. Residential care can be costly, sometimes costing thousands of pounds per week. Therefore, consider measures you can take to protect the bulk of your Estate from being swallowed up in care home fees.
Life Interest Trusts are an ideal way to reassure your family and loved ones that they are protected whilst sheltering your most valuable assets for future beneficiaries.
Our specialist Wills and Inheritance Planning Solicitors can offer advice and guidance on all aspects of Wills and Life Interest Trusts.
Need Wills and Trusts advice? Get in touch with any of our offices today or call 0800 987 8800.
Paying for Care home fees
The government will help pay for your care home fees, but only if you meet certain ‘means tested’ criteria. The level of support you will receive is based on the value of the assets you own.
In England, if you own a total value of:
- Over £23,250 – You will have to pay for the whole of your care yourself.
- Between £14,250 and £23,250 – You can receive partial support with care fees from the government.
- Less than £14,250 – All of your care fees will be paid by the government.
These thresholds are quite low, especially if you own property. Therefore, making life interest trust or a Property Protection Trust, over high-value assets such as your home, enables you to protect your property or assets whilst you are alive.
Protecting your Estate with a Life Interest Trust
Incorporating a ‘Life Interest Trust’ within your Will can help you protect your assets. Setting up this type of Will can safeguard the share of the house belonging to the first to die (usually 50%) by putting it into Trust. A Life Interest Trust comes into effect upon the death of the person making the Will. Whilst the Trust gives the surviving spouse the right to live in the property rent free – and to move house if necessary – critically, it also prevents the 50% share of the property from being added to the survivor’s assets. This means that the local authority cannot include it if they assess the value of assets for the purposes of paying for care.
You have the right to choose who benefits from your assets, so for expert help and guidance, get in touch with one of our specialist lawyers. We’ll be here to help make the process as simple as possible.
Life Interest Trust Solicitors
It is vital to seek advice from a regulated Will writing professional with specialist knowledge in this complex area of law. Our highly experienced Wills team can help you create a Will that includes a Life Interest Trust, guiding you through the process and ensuring you are fully aware of the various implications.
Bridge McFarland is an established and progressive law firm, and we have been providing Will writing and Trusts services to clients in Lincolnshire and across the UK for many years. Our experienced Wills team will be able to advise you on the various measures you can take to protect your estate, based on your circumstances, finding the right solution for you.
We are proud to be an accredited member of the Law Society’s Wills and Inheritance Quality Scheme (WIQS), which shows we follow best practices to achieve the high standards of technical expertise in client service and provide tailored Wills and Probate advice to our clients.
Get in touch with our Wills and Trusts team today
Do you need legal advice about Wills or Life Interest Trusts? Contact any of our offices today or call 0800 987 8800.
At Bridge McFarland LLP, we appreciate every situation is unique – which is why we encourage face-to-face meetings, where possible, to understand your exact needs. We will ensure that you get all of the advice and guidance you need so that you and your family can rest assured, knowing you are prepared for any event. All Will signings are witnessed and professionally supervised.
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