Long Term Nursing Care
LONG TERM NURSING CARE/ASSET PROTECTION AND AVOIDING EXECUTRY COSTS
It's not a pleasant thought to
consider the contents of this article, but having spoken to many
families that haven't taken appropriate action to protect their
families financial interests, or have taken it too late, we cannot
apologize for highlighting some sobering possibilities.
It is thought that 1 in 3 women and 1 in 4 men will go into care at
some time. If this happens the Local Authority have a duty to
provide the care but they will recover the costs and can take all of
the assets including the house. Only the last £12,500 is protected.
So what options do you have?
Firstly you could do nothing, and hope for the best. (This
is not recommended.)
Secondly you could transfer assets to your family but you
lose the Capital Gains Tax exemption.
Thirdly you could use a Life Interest Trust (LIT) which
provides that when the first one dies his half goes into a Trust
with the survivor having occupancy rights.
The fourth option is an Asset Protection Trust which is a
much more effective solution. The client transfers both the house
and most of their capital into an APT.
Sounds complicated? It can be, but that is why we are offering a
free no obligation initial interview (in the comfort and convenience
of your own home) to explain how each option can impact on you and
Contact us now to take advantage of this 'no strings' offer and to
find out how potential executry/probate costs can be successfully
In addition to Care Cost Planning, we also specialise in Wills,
Power of Attorney's and Inheritance Tax Planning, and our no
obligation, free first appointment is extended to include these
important aspects of sensible financial planning so call us now!
(The biggest financial dangers to a family are often inaction and
delay Please don't let it happen to you.)
for more information.