Protecting your Assets from Care Costs
You've worked long and hard to buy your home and build up a savings pot. Without some forward thinking, the costs involved in care for later life can erode your best intentions, possibly wiping out your life savings and leaving nothing for your loved ones.
What is it for?
When someone enters care they are immediately means tested and all of their assets, including their home, are taken into account. Only those who cannot afford to pay, as assessed by the Government, escape the costs of care.
What does it do?
This kind of planning will safeguard your home from being sold to pay for your care, securing your savings and investments and ensuring your children and grandchildren do not lose their inheritance.
How does it work?
For example, you can safeguard your home by simply changing the way you own it, and safeguard assets by changing the way they are invested and held. BPS can advise on the most appropriate Trust planning to ensure your home and other assets are protected from long term care costs.
Do I need it?
No one wants to see a lifetime of work, their home and savings being decimated by care costs, leaving their children without their rightful inheritance. If you have any assets you want your children and family to benefit from, this is the best way to protect them.
What are my options?
Ask us - we make protecting your home and assets quick and easy because we ask the right questions, research your options and present the best, most cost-effective solution.
You can be confident in advice provided by an experienced Chartered Accountant with years of experience of helping individuals and their families to address these issues.
Please call us on 028 3833 8000.