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Avoid losing your home to care home fees

Many people are aware of someone who has been subject to this sad fate  for the family’s largest asset.

What some people have experienced is an elderly relative going into care and the fees mounting up week after week, when the cash has run out the care home are able to place a charge in certain circumstances over the family home so that when it is eventually, when the home is sold, the care home fee has to be paid before any equity can be inherited by the children.

Many families are worried about this and there are a number of solutions available but they need to be done in advance of the elderly person involved needing care, so act now and protect the asset, “later” may be too late! The solutions to the problem can be categorised into 2 levels, Level 1 which is 100% protection and level 2 which is 50% protection subject to certain conditions being met. Protecting a home isn’t easy or cheap but it’s worth doing, the value of the family’s main asset is usually quite substantial.

Level 1

Level 1 protection can be obtained for either sole owners, Joint owners or Tenants in Common, this protects the whole home and involves placing the family home in an interest in possesion trust (IIP) before any care needs are on the horizon.

Level 2

Level 2 protection can be obtained forcouplese who own their home Jointly or as Tenants in Common, Joint owners will have to go through a change of the type of ownership but it can all be done in the matter of a few days. This needs to be done in conjunction with an additional Protective Property Trust in the couples wills, all of which we can carry out for you ata  small extra fee.

If any of this is of interest to you please call us during office hours on 01305 774786 and we’ll be able to talk you through the various levels and the cost of achieving them.

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