We are all aware of the financial pressures on the local authorities and this is particularly true with the provision of residential care facilities for the elderly. Rightly or wrongly, they are trying to reduce the burden on the taxpayer as much as possible. This is unsurprising when you consider that the average care home costs approximately £2,500 to £3,000 per month and perhaps as much £4,000 per month for those at the higher end of the market. Care Home Funding is an issue which causes great anxiety to the elderly and their families.
With an ageing population not necessarily in good health, this issue is only likely to become more prominent with more people requiring the use of permanent care home services. Many older people are worried that the assets they have accumulated over a lifetime, including their home, will be taken from them to meet care home fees. Consequently, the assets they hoped to leave to their family will be diminished or eroded completely. Unfortunately, many people only consider this when the prospect of living in a care home is looming. It is invariably too late at this point and the opportunity is lost to take preventative measures.
It is possible to protect your assets so that they are not included in any care home fee assessment by the local authority, however, it can only be achieved with careful planning well before there is any indication that residential care facilities will be required. Oracle Law can offer advice in relation to protecting these assets. Please do not hesitate to contact us for further information.