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Specialist Wills, Probate, Tax and Trusts solicitor Victoria Motley, talks about how she can help you plan for your family's future with help from Forbes Solicitors
Hello, my name's Victoria and I'm one of the solicitors working in the Wills, Probate, Tax and Trusts department. I can help you plan for your family's future.
We can help you make a will, put in place a lasting power of attorney, set up a trust to protect an asset or a family member, we can offer advice on inheritance tax planning and help you plan for the succession of your family business.
We recognise that our clients want more than just the legal documents. They need practical advice to get the best for their family.
So if you want help planning for your future and your family's future then please contact us today via the enquiry form on the website or telephone us.
How much it will residential care cost? Who has to pay for it? Will it affect my family home?
In England and Wales it is common for care fees to cost in the region of £600 per week but this can vary dependent on the care home. Where a person needs residential or nursing home care, the Local Authority will carry out a financial assessment to calculate whether they are required to fund the person going into care and how much, if anything, they are required to pay towards the care fees.
In short, most people over the age of eighteen will pay for some or all of their care, either because they have income that can be contributed and/or Capital that can be used towards the payment of fees. There are three exceptions to this:
Your Local Authority Social Services is responsible for identifying the needs of the person going into care. Funding is only available where a need has been identified.
As part of the financial assessment, the Local Authority will consider income, which is any money received on a regular basis such as pensions, benefits, and also Capital which will include any savings, shares, investments and potentially the value of the person's home.
In terms of income, each person is currently entitled to a personal allowance of £24.40. The Local Authority will have details of what income is fully included and what income is partly disregarded. Details of the criteria are contained in CRAG - Charging for Residential Accommodation guide, available online or from your Local Authority.
In relation to Capital the UK Government set the Capital thresholds. Currently if you have capital above £23,250, you pay all your care fees. If you have Capital below £14,250 you will be fully funded, subject to your income. If you have a Capital balance falling in between the two thresholds you will have a contribution to pay towards your care. For every £250 you have over the £14,250 you will be deemed to have an extra £1 income.
Certain types of Capital may be disregarded such as money in a personal injury Trust, or the surrender value of a life insurance policy or annuity.
With regard to the family home, the property value will not be included for the first twelve weeks stay in care. After twelve weeks it will not be included if you have living at your home:
The Local Authority can choose to exclude the property if the person's carer is living at the property.
It is also possible to enter into a 'Deferred Payment Agreement'. This generally means the fees are calculated, records will be kept but payment is put off until a later agreed date such as the death of the person in care.
It may also be useful to you to see an Independent Financial Advisor. They can advise on how best to hold or invest Capital, to either maximise income or to invest it so that it may be disregarded as available Capital. It is important to remember that whatever you do will be subject to the Deprivation of Assets rules.
For more details please contact one of our Wills, Probate, Tax and Trusts Solicitors.
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Excellent in every way.
Thank you to Patricia Prescott and her staff who dealt patiently and efficiently with my many queries.
All staff were helpful and approachable. Victoria Motley made what is a daunting experience bearable.
The staff were very friendly and approachable.
There was a quick and clear response to all questions raised.
The service I received from Victoria Motley was excellent.
Thanks to Victoria Motley. Very professional and efficient firm.
Everything was explained fully to us in terms we understood. Thank you Jennifer for making things so easy for us.
Approachable, professional and friendly service. A strong combination, thank you.
May I personally thank you for your professionalism and courtesy throughout our meetings.
The service provided was first class