PROMOTION Planning for the Future Protecting the value of your home against care costs y peaple work What can be done because the other 50% share is held upon trust for their ultimate beneficiaries. This arrangement hard to buy their own home, and it is to prevent this? Many people think that the solution to this problem is to give away their often their main asset allows 50% of the value of the property to be protected from being used to pay for care, and which they hope their families will inberit after they die. However it property to their children, therefore removing it from the equation when local authorities are assessing their assets. This, however, carries with is often the case that, if someone the ultimate beneficiaries would needs care in later life due to receive at least half of the value of it significant risk, not least the fact that local authorities can rely on illness or frailty, their home has to the property. These types of trusts must be be sold in order to fund this care. With life expectaney in the UK increasing, so too is the number of people needing care in later life -there are currently over 400,000 "deliberate deprivation of assets rules to effectively reverse such gifts in any event. written in a Will whilst you are both still alive and in good mental health. If your partner has already died, or if you own the property in tis possible, however, to safeguard at least 50 % of the value of the property througha trust of the house in mirror Wills. Ifthe couple sever the Joint Tenancy of their property your sole name there may be other options available to you to protect your assets. These options will depend on your circumstances and you may find it helpful to discuss them with a solicitor. people over the age of 65 living in residential care homes in the UK Ifa person has sufficient assets to do so, they will be expected to fund so that they own the property as "Tenants in Common", this separates the peoperty into two distinct shares which can be left separately within their own care. This can mean that families are required to sell the home of their loved one in order to release the funds to enable them to cover the cost of their care. their Wills, as the shares will not This problem has arisen because most couples own their automatically pass to the survivor. The trust in their Wills would allow them to leave the property to home as "Joint Tenants" which For more information visit means that when they die the house will automatically pass to the surviving partner, regardless of the terms of any Will that they have left. If the surviving partner later needs long-term care, they their children, whilst giving their surviving partner a right to live in the property during their lifetime, or sell it and downsize ifthey need to Ifthe surviving partner should need long term care in the future only the 50% share of the house which belongs to him or her can www.forbessolicitors.co.uk or contact Elzabeth Whitaker Associate, by emal elizabeth.whitaker@forbessolicitors. co.uk or call 01772 220 022 will own the whole of the house Together and therefore the whole value of it are forbes can be used to fund care fees be used to fund the care fees forbessolicitors. Offices in Accrington, Backbun, Central Lancashie, Chorley Leeds, Manchester and Preston www.forbessolicitors.co.uk PROMOTION Planning for the Future Protecting the value of your home against care costs y peaple work What can be done because the other 50% share is held upon trust for their ultimate beneficiaries. This arrangement hard to buy their own home, and it is to prevent this? Many people think that the solution to this problem is to give away their often their main asset allows 50% of the value of the property to be protected from being used to pay for care, and which they hope their families will inberit after they die. However it property to their children, therefore removing it from the equation when local authorities are assessing their assets. This, however, carries with is often the case that, if someone the ultimate beneficiaries would needs care in later life due to receive at least half of the value of it significant risk, not least the fact that local authorities can rely on illness or frailty, their home has to the property. These types of trusts must be be sold in order to fund this care. With life expectaney in the UK increasing, so too is the number of people needing care in later life -there are currently over 400,000 "deliberate deprivation of assets rules to effectively reverse such gifts in any event. written in a Will whilst you are both still alive and in good mental health. If your partner has already died, or if you own the property in tis possible, however, to safeguard at least 50 % of the value of the property througha trust of the house in mirror Wills. Ifthe couple sever the Joint Tenancy of their property your sole name there may be other options available to you to protect your assets. These options will depend on your circumstances and you may find it helpful to discuss them with a solicitor. people over the age of 65 living in residential care homes in the UK Ifa person has sufficient assets to do so, they will be expected to fund so that they own the property as "Tenants in Common", this separates the peoperty into two distinct shares which can be left separately within their own care. This can mean that families are required to sell the home of their loved one in order to release the funds to enable them to cover the cost of their care. their Wills, as the shares will not This problem has arisen because most couples own their automatically pass to the survivor. The trust in their Wills would allow them to leave the property to home as "Joint Tenants" which For more information visit means that when they die the house will automatically pass to the surviving partner, regardless of the terms of any Will that they have left. If the surviving partner later needs long-term care, they their children, whilst giving their surviving partner a right to live in the property during their lifetime, or sell it and downsize ifthey need to Ifthe surviving partner should need long term care in the future only the 50% share of the house which belongs to him or her can www.forbessolicitors.co.uk or contact Elzabeth Whitaker Associate, by emal elizabeth.whitaker@forbessolicitors. co.uk or call 01772 220 022 will own the whole of the house Together and therefore the whole value of it are forbes can be used to fund care fees be used to fund the care fees forbessolicitors. Offices in Accrington, Backbun, Central Lancashie, Chorley Leeds, Manchester and Preston www.forbessolicitors.co.uk