Planning for Long Term Care

Protecting your home

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. Giving your house to your son or daughter is called ‘deliberate deprivation of assets’ and will not avoid any claims against that property value. However, 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, protecting it against any claims towards care cost payments. This is called a Property Protection Trust. Don’t allow what you’ve worked so hard for to be taken away in your later years.