If your assets (including property) are worth more than £21,000 then you will be liable to some, if not all, of your care fees. When you consider that the average care home charges between £18,000 and £30,000 a year, it is easy to see why approximately 70,000 homes were sold last year to pay for these fees. Property Protection Trusts are a simple and cost effective way of protecting at least some of your property, should you need long-term care in the future due to old age or because of incapacity in younger life. This is something that unfortunately affects at least one in six men and one in four women in the UK. Knowing where you stand and planning ahead is therefore essential. Under UK Law it is currently illegal to transfer ownership of your property to avoid paying care fees. However, it is perfectly legal to state in your Will that when you die, half of your share in the property is put in trust for your children or another beneficiary, instead of going straight to your partner. This means we can protect half of your home from being sold to pay care fees. Many clients have managed to ring fence half of their property for their chosen beneficiaries. Contact us and ask about the Protective Property Trust. The same principles can also apply to assets via an Asset Protection Trust, and can apply to an entire property in certain circumstances. A regular review of your will can ensure you protect your estate for your chosen beneficiaries. If you or a family member is imminently entering a care home, please contact us for options available to minimize the impact fees may have on any potential estate.

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