Category Archives: Care Fees

Will I Have To Sell My Home To Pay For Care Home Fees?

(Answer: probably not if you take action now)

According to a recent YouGov poll almost half of middle-aged couples fear they will need to sell their home if they need to go into long term care, it is reported by the This is financial website.

In addition, almost 40% of those aged over 55 admit they won’t be able to meet the cost of care without selling up, law firm Dickinson Dees says. If this is representative across Britain it means that two million middle-aged Britons would have to sell up to pay Care Home fees.

Each year 130,000 older people start requiring viagra long term care, most having to pay around £30,000 per year out of their own pockets, since anyone with total assets (including their property) exceeding £23,250 has to fully contribute.

With around 18m owner-occupied houses in the UK, selling up is one of the most common ways used to free up sufficient funds to meet the costs, though the family wealth is likely to drain away at an alarming rate.

There is, however, a solution suitable for most people. A Family Asset Protection Trust allows the main residence to be placed into a Trust and, with defined criteria met, it will be retained for the benefit of the family.

Contact Castle Wills today to learn how you can secure your family’s future.

What is the True Cost of Long Term Care?

The Chartered Insurance Institute (CII) have recently reported that 4 out of 5 people do not know the cost of long term care, and more worryingly a staggering 50% believe it is provided free of charge by the Local Authority.

The report titled “Who Cares” graphically demonstrates that, on the whole, the public are unaware of the true cost of long term care and the need to make provision for these costs.

Pensioners currently, on average, have an income of £10k per annum, with annual care fees around £26k. Under the current system it is quite possible that someone in care can spend 90% of their assets, including their home, paying for the cost of care.

For many people, concerned about losing their home to pay for care, we can help them by placing their property into a Trust, which they control. Subject to criteria being met the Local Authority does not then have access to the home, which can be retained by the family.

If you, or anyone in your family, are concerned about Care Home fees then please contact us immediately.