01234 341525
Are you concerned about safeguarding your property against uncertain care costs? GEC Law, a trusted name in Bedford, truly understands the challenges individuals face when it comes to property of protection.
The reality is that care needs can be unpredictable, and the costs can vary significantly depending on your location. For example, were you aware that nursing homes in the southwest of England cost 41% more than those in the North East? Many families have found themselves in the difficult position of having to sell their homes to cover these care fees.
If you and your partner own property as joint tenants, your entire property value may be at risk. Let GEC Law assist you in planning ahead and potentially saving thousands on care costs. Don't hesitate to contact us now to explore your options and secure your property's future.
SECURING YOUR FAMILY'S FUTURE: PROTECTING YOUR PROPERTY AND ASSETS
One common strategy couples adopt is to sever the tenancy, transitioning from joint tenants to tenants in common, effectively granting each partner a 50% ownership share. In addition, trust wills can be professionally drafted to provide the surviving spouse with a life interest in the property. This arrangement allows them to continue residing in the home or another property of their choice. Eventually, their share can be passed on to designated beneficiaries, such as children. This arrangement proves to be incredibly valuable when the surviving spouse undergoes a residential care assessment. Since they only own 50% of the property, it helps safeguard a significant amount of assets, typically ranging from £50,000 to £100,000 or more, for the intended heirs. Additionally, trusts will shield against complications in case of a re-marriage, ensuring the protection of assets. While it may be a sensitive topic, taking these measures during good health is of utmost importance.
PLANNING FOR LONG-TERM CARE: A GROWING NECESSITY
In the field of long-term care, the statistics are compelling. About one in three women and one in four men will require such services. For couples, the likelihood of at least one partner needing care exceeds 50%. With our population ageing, these figures are expected to increase. The financial burden is significant, with annual Residential Care Home fees averaging between £25,000 and £50,000. Notably, in 2007, 70,000 individuals had to sell their homes to cover these care expenses. It's crucial to understand that anyone with capital assets surpassing £23,250 is obligated to fully self-fund their care, as stipulated by Probate Registries.
CONTACT GEC LAW ON 01234 341525 FOR QUALITY PROPERTY PROTECTION SERVICES