Most of us work hard over the years to pay off our mortgages and build up savings ready for retirement and would like to leave a legacy to our children and grandchildren.
But the costs involved in care can literally wipe out all your assets meaning there’s nothing left to leave.
Failing to safeguard your home and assets could mean:
- Your home may be sold to pay for long term care costs.
- Your savings and investments put towards these costs.
- Any income you receive could be used to pay for care.
Your children and grandchildren could lose their entire inheritance
So What Can Be Done?
There are various steps that can be taken involving the way you currently own your home which can safeguard it.
Also, changing the way your assets are invested and held can ensure they are protected from any ‘means testing’ when it comes to covering care costs.
When someone enters care they are automatically means tested and all of your assets are taken into account.
Only those with very few assets will escape the cost of care.
Get in touch
Family Estate Planning can help protect your home and assets from care costs in Wokingham, Berkshire, Reading, Surrey, Hampshire and across the South East.
For an informal, no obligation chat about your circumstances please email firstname.lastname@example.org or call 07984 013533.