The recent cold snap was a timely reminder that the dangers of winter are not yet behind us. Slips and falls, along with nasty viruses that lead to further health complications, are never more likely than over the colder months.
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Many of us will brush these things off and, after a brief bout of recuperation, carry on as normal. But the uncomfortable truth is that many others will not be so lucky and could end up in care.
According to the Office for National Statistics, the ‘oldest old’, who have a substantial risk of requiring long-term care, are the fastest growing age group in the UK and it is currently estimated that one in four people over the age of 60 will end their days in care.
The threshold for council support with care home fees is having assets of £32,750 or less, it can eat away at your finances extremely fast. Worryingly, your house is classed as one of your assets and, with care homes charging as much as £75,000 a year, if you don’t have your legal affairs in order then the effect can be devastating.
Tony Marchi, principal at ILAWS Scotland, says: “This is a big problem. If you look at the value of any person’s home, there probably isn’t much under £100,000. So, it’s likely to be liable for your care home costs.”
What can you do to protect against care home fees in Scotland?
Fortunately, there are things you can do to stop your home from being taken such as Protected Property Trusts and Transfers.
A Protected Property Trust is ideal for couples who own their own home. Placing your home in a trust safeguards your property and protects it. The benefit of a property trust is that if one of the couple dies, then the survivor can continue to live in the house until they die.
A Transfer involves legally transferring ownership of your home to someone, such as your child. It is NOT possible for them to sell while you are in the property. It simply allows you to remain in your own home and prevent it from being counted as ‘an asset’.
Both of these things are easy for ILAWS to set up, but time is of the essence. You can’t do it after you go into care and prices will soon have to rise.
Tony adds: “We get phone calls every week from clients who have seen our ads and their parents are going into care. They say, ‘I’ve been following you for years, my father’s now going into care, what can we do?’ By that time there’s nothing we can do. Preparation is everything.
“You’ve paid national insurance all your life to make sure you’re cared for in old age, but the government can’t fully cover care costs and you can end up being stripped of your assets. It is so important to take the steps to avoid these things now.”
Don’t forget about Power of Attorney
It’s also vital to have Power of Attorney if you find yourself incapacitated in any way. Without one, doctors can make medical decisions without the consent of your loved ones and in some cases medics won’t administer treatment if there is any risk to you, even if your spouse or children wishes them to do so.
Tony adds:
People think POA is only for someone with dementia. It’s really not. An accident or illness is enough to have someone incapacitated and you can do nothing these days without authority.”
ILAWS will arrange POA for the low price of £195 + VAT = £234 (plus £85 court and registration fees) when they can cost as much as £600 elsewhere. It’s a one-off cost too, as the fee applies to the granter of the Power of Attorney and not the one receiving it.
So, if you grant POA to three people it will cost the same as to one.
On top of this, Wills can be arranged for just £50 plus VAT, making £60 in total.
ILAWS offers a no-obligation, free consultation. If you decide it’s not for you then it won’t cost you a penny. But it’s important to act now if you want to take advantage of this offer.
So, to be fully protected against care home fees contact ILAWS Scotland now and don’t let winter leave you out in the cold.