Care Home Fees and Care Fees Planning is obviously becoming so much of an issue that many have been waiting for the Governments Green Paper on the Subject. The reality of course is that the Government will not be changing much, not this New Labour one nor any other party that gets voted in at the next election. I have placed a link here to the Direct Gov Site which covers the detail for you Care Home Fees.
Therefore you will still be left with the problem of funding Care Home Fees or dealing with the issue of Fees Planning for the likely event of you needing to cover the cost of the Care Home in your later years.
Already there is legislation in place which allows the Local Authority to seize Assets (e.g Investments and Property) in order to settle the costs of Care Fees and we could all argue that this is probably correct, however their remains the issue of control of any Investments and Property and of course issues over timing.
From our perspective (as Financial Experts) we know there is a good deal that can be done to pass control back to your Estate and Your Dependents, making sure that your surviving spouse or Partner is protected after the first death.
It is certainly possible to use certain regulations to pass full control back to your chosen beneficiaries and your surviving spouse or partner which means your Estate keeps control and not a third party, however you may have to make some changes to your overall planning.
Options here a formal review of some simple aspects of your Financial/ Care Fees Planning and some simple tweaks.
Fact is the costs of this kind of planning are minimal.
You keep full control of your Investments and Property
Flexibility is maintained over your planning.
There is a good chance that you are going to need some kind of Care Cost’s in the future, but I am sure you will agree with me when I say wouldn’t it be nice to have a choice over how these are me.
You can contact me below via the email form or you can call on 0800 781 2031
Richard Smith