Long term care planning
According to Age Concern, 1 in 5 men and 1 in 3 women will eventually need long term care, so its high costs could seriously erode your assets .... but only if you let it.
Most of us would prefer to see our home, savings and other assets pass to our family and loved ones. But did you know that if you ever needed to fund the cost of care your Local Authority have the power to take away your assets in excess of £21,500.
This is because anyone with assets over this figure will have to make a contribution towards their care fees.
You may think you can avoid the problem by giving away your assets now. However, under the current rules, this would need to be done with caution as the Local Authority may still include them in the assessment even if they have been given away.
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