For most people their house is their most valuable asset. It makes up the bulk of their estate and is the largest part of any inheritance they will leave their children.
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For this reason, it’s obviously worth protecting. However, many fail to do so.
Perhaps it is because of fears over the cost of legal measures that protect your home.
But that is a false economy.
It is currently estimated that one in four people over the age of 60 will end their days in care, with that rising to one in three by 2030. A particularly worrying aspect of this is that your property is included as one of your assets when the council assesses you for support with care home fees. With the cost of care as much as £75,000 annually and the threshold for council support set at just £32,750, the threat is clear.
Measures to take over care fees
Measures such as Protected Property Trusts and Transfers can prevent your home from being counted as an asset. They are also less expensive than you might think.
Tony Marchi, principal at ILAWS, said: “A PPT can often be set up for less than the cost of one week in some care homes. Most people would happily spend the amount they cost on a holiday, and PPTs can give you lasting peace of mind.
“You can think of it as an insurance policy on your home. You want to make sure you can pass your property on to your children but through no fault of your own, you can end up losing it. Having a PPT can prevent that.”
Time of the essence with care fees
ILAWS offers a no-obligation, free consultation. If you decide it’s not for you, then it won’t cost you a penny. Their prices are also extremely competitive.
Tony added: “It’s always worth speaking to us. We won’t charge you anything to discuss it and we’re confident we can offer the best price available.”
But time is of the essence. These measures cannot be taken after you go into care.
Tony continued: “So many people come to us when it’s too late. We’ve even had people saying they will pay anything to sort it out, but once it becomes clear that someone may be going into care there’s nothing we can do.”
The cost of implementing the measures will also only rise over time.
Tony said: “Our prices are extremely competitive, but they are only going to go up. Registration fees will rise over time as will basic costs. There is no better time than now to do this.”
Act before laws on assets change
There is also the danger of the government enacting laws that change how your assets are determined for care costs. However, the good news on that front is that the law could not work retrospectively. So, if you already have a Trust or Transfer in place, it will still prevent your home from being counted as an asset. The law would only apply to Trust or Transfers arranged after it is passed.
At the end of the day, you have nothing to lose.
Tony added: “If you take out a Protected Property Trust and you don’t need it, then you’ve won because you’re covered and you don’t lose your home. If you do it and you don’t need it then you’ve won too, because you’re not going into care.”
So, contact ILAWS today and make sure you don’t end up counting the cost of inaction.
