We’re all living longer than ever before but as you get older you might be finding it increasingly difficult to cope in your own home.
If you decide to – or need to – live in a care home the costs can literally wipe out your entire savings and your home may be sold to cover the fees.
When a person enters care their entire assets, including the family home, are taken into account.
If you own more than the upper limit (currently £23,250 in 2019) the chances are you’ll be expected to fund the full cost of your care fees without any financial help from the council.
Capital In Bonds
When your local council assess your finances, they can consider income you receive from Bonds.
However, councils must ignore the capital asset of an Investment Bond which contains one or more Family Life Insurance Policies with cashing-in rights for total or partial surrender.
The surrender value of an Investment Bond without Family Life Insurance is taken into account.
The assessment process is a complicated one but we can help establish a way forward when it comes to funding care while retaining an inheritance for your loved ones.
Get in touch
Family Estate Planning can help with care fees and Inheritance Tax planning in Wokingham, Berkshire, Reading, Surrey, Hampshire and across the South East.
For an informal, no obligation chat about your circumstances please email email@example.com or call 07984 013533.