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Community Care

Community Care Planning


Could you imagine a situation where through no fault of your own you end up unable to look after yourself in your later years. As a property owner you may find yourself without any state help to finance your care and as such will find yourself at the mercy of a Community Care Order.
It is very common practice for a charge to be placed on your property so that when you die, whether you make a will or not, the charge must be repaid before you children inherit any property. If you own your property jointly with your spouse, with care homes costing an average of £1000 per week, it is possible that there could be no property left for your children to inherit.
A property protection trust in your Wills can go some way in protecting at least half of your property. If you would like further advice please call our head office on 0845 600 3527 or 020 8150 2010.

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Discretionary Trusts
Another important part of a Community Care plan could be a Discretionary Trust. Most married couples like to give their estate to each other in the event that either of them pass away. But many are concerned that the surviving spouse could end up in care and their assets could easily be swallowed in care home fees. The way to overcome this could be to gift the estate to a Discretionary Trust.
The primary beneficiary of the Discretionary Trust can still be the surviving spouse but any money placed in the Discretionary Trust could be ring fenced. If the survivor did face the prospect of Community Care the money could be protected.

Property Protection Trust
 
Another valuable way to protect a family home from Community Care is to place a property into Trust now. Although this would not be advisable if Inheritance Tax was an issue, for the elderly who live on their own this is a invaluable method of protecting your home and ensuring the home stays within the family.
If you need further advice with regards Community Care Planning then please do not hesitate to contact us on local rate 0845 600 3527.
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