Most of us are aware of the financial problems caused by the cost of paying for long term care.
Did you know?
The typical cost is around £700 per week, depending on where in the country you live. Your council could force you to sell your home to pay for the costs of this care.
Only if you have assets of less than £20,000 will you not be required to contribute.
A Property Protection Trust could remove half of your home and assets from this calculation.
Last year local authorities in England and Wales seized over 70,000 properties to pay for long term care.
Most peoples main asset is their home, and most people own this as ‘joint tenants’. By using a Property Protection Trust half of the house can be legally removed from the council’s grasp.
What is an Asset?
Assets can be owned solely or jointly and are either immovable property, such as land or houses, or moveable property, such as cash or shares.
What is an Estate?
A person’s estate includes the total of
Everything owned in that person’s name.
The share of anything owned jointly by that person.
Gifts from which that person retains some interest or benefit, e.g. property still lived in and maintained, although given to someone else.
Assets held in trust from which the person had a right to benefit / income.For the benefit of calculating whether an estate is greater then the inheritance tax threshold, you must also include any assets they had given away in the 7 years before they died.