Care Home Funding is a hot topic in today’s society. An ageing population and longer life expectancy mean that unfortunately, it’s more relevant to most of us then we would like to imagine. Careful consideration should be given and action taken now to preserve your assets as best as possible and ensure your loved ones are in a position to assist if care becomes a reality.
The rules governing Care Funding have been under review for some time. At present, in some limited circumstances, a person’s care needs and health will make them eligible for non-means tested care. In the majority of cases, those with in excess of £23,250 worth of assets will have to meet the full costs of care. Generally, individuals with less than £14,250 will receive Local Authority funding. Those with capital assets valued in between these figures will be expected to contribute towards their fees. In all circumstances, the Local Authority will carry out a financial assessment to determine an individual’s capital and income.
Williams Thompson Solicitors LLP specialise in future planning. Whether it be creating Lasting Powers of Attorney, Property Trust Wills or Management of Affairs, we can help mitigate the potential costs and ease the worry.