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Options Available to Protect Your Assets and Avoid Care or Nursing Home Fees
Fortunately, there are a number of different steps you can take to ensure your wealth is protected. They include:
- Setting up a family trust
- Apply for Continuing Care funding from the NHS
- Deprivation of assets (reducing your assets by giving gifts or spending)
- Own your property as Tenants in Common rather than Joint Tenants
- Claim all the benefits due to you, such as the Registered Nursing Care Contribution, which is paid straight to the care home and can offset your costs
Many people end up paying far more than necessary for care home fees because they are unaware of available benefits and legal considerations (such as owning property as tenants in common). Our team will ensure you are fully informed of all your entitlements so you can plan for your future care effectively.
It is important to plan early
When planning for care or nursing home fees, one of the key factors in your success is how early you seek advice and begin putting an asset protection programme in place. Local authorities have the right to claw back money if individuals give gifts or spend large sums in order to deliberately avoid paying care or nursing home fees.
By speaking to us now, we can provide you the best advice in order for you to plan long term for any care you may require and continue to keep your wealth within your family.
Talk to us today to make an appointment with one of our private client specialists.
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