As many as 70,000 homes were sold in a recent 12 month period to fund long term care.
With people living longer the issue of funding long term care is only going to get worse. Believe it or not it is illegal to deliberately deprive yourself of an asset to avoid paying care fees and so a simple transfer of ownership to a son or daughter will not suffice.
If you plan in advance it is possible for you and your partner to make provisions for your half share of the property in your Will. This means that if one co-owner dies their half share of the property can go into trust for the benefit of their children whilst giving their partner occupancy rights. This way the deceased's share of the property will not go towards paying the care fees of the survivor, we call this a Protective Property Trust Will.
To find out more Contact Us.