BHP Law can advise in relation to placing your property into Trust during your lifetime, to hopefully protect it for your children. If you are married, we can talk about creating a Trust in your Will to hold the half share that belongs to whichever of you dies first. This only protects the value of half the house, but may work better. There are pros and cons to each choice and we can help you weigh them up to make the decision that is right for you.
When a person becomes unable to manage on their own in their home, it does not necessarily mean they have to move into care. The local council can be approached to carry out an assessment of needs with a view to providing a care package at home. BHP Law can help with this if you don't know how to go about it.
As to whether you have to pay for the care package, this will depend upon the type of care you need and your financial situation. A financial assessment would be made of your assets. If you do have to pay for the care, then you can make claim for "attendance allowance" and we can advise on this if you need us to.
If a move into a residential or nursing home becomes necessary, then care should be taken over the home chosen. You need to be confident that you will be well looked after in safe, friendly surroundings and that there are sufficient staff and facilities to meet your needs. Again, an assessment of needs should be undertaken by the local authority to make sure the right home is found. We can help with this if you would like us to.
If your assets are above £23,250 then unless you need care which entitles you to NHS continuing care funding, you will have to pay for your care.
If your main asset is your home, its value will be disregarded for 12 weeks. After that, the local authority will help with funding your care by providing you with an interest free loan, repayable when the property is sold. When you die, interest will become payable on the loan after 56 days.
If you are in a care home on a permanent basis, then your property should be exempt from council tax whilst it is on the market for sale. Its value is also disregarded when assessing your entitlement to Pension Tax Credit.
Don't sit around worrying about the future, come and talk to us - we have a wealth of legal advice for the elderly and are only too happy to help.
Do you need help obtaining money via an equity release scheme? We have a network of Independent Financial Advisors we can introduce you to.
Call us today for a free no obligation chat on 0800 590019 to talk to a member of our team within your local BHP office in either Newcastle, Durham, Darlington, Tynemouth or Stockton in Teesside.
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