Worried about Paying for Care?

Wills, Probate, Tax & Trusts Article

17 October, 2012

Many people are worried about needing care in the future and how the cost of that care might be met. Whilst it can be a frightening and daunting prospect, forward planning will put you in a better position and allow you to make informed decisions.

There is a fear that if you need care all your assets, including your home, will be taken to pay for that care. This has led to people giving assets away without appreciating the consequences, leaving them in a precarious financial situation and with limited choices if they do need care. In addition, if you give assets away with the intention of obtaining Local Authority funded care, the Local Authority will class this as a "deliberate deprivation" and will treat you as if you still owned those assets.

It is common to focus on the big assets and forget about income. If you have a good income then you may not need to use any of your assets to pay for care. If there is a shortfall then this can be met in many ways including family members agreeing to pay, renting out your home or a specialised care annuity. If you need care because of a health need then it may be that your care will be fully funded by the NHS.

It can be a stressful time when a family member needs care. People often find themselves "swept along" by an unfamiliar system and feel that they have little choice. Planning ahead can make this stressful time easier. For example, appointing attorneys who would be able to deal with your finances or make decisions about your health and welfare.

Even if you have been unable to plan ahead, it is worth taking advice at the time that care is needed as there may be options which you had not considered or which are not immediately offered to you. Taking advice can mean that you secure the care that you need in a way that suits you and your family best.

For advice and help contact one of our Elderly Client specialists, Victoria Motley, Jane Flaherty or Maureen Nicholl on 01772 220022.

Back

22 Oct 2018

Wills, Probate, Tax & Trusts

NEWS AND ARTICLES

Take advantage of Wills Week this November and support St Catherine's Hospice

St Catherine's Hospice and Forbes Solicitors are joining together this November to highlight the importance of…

Read the article

Forbes Solicitors has a 'very efficient and knowledgeable' team

2018 - 19 Edition Legal 500

More clients

Excellent in every way.

Marjorie Whittam

More clients

Thank you to Patricia Prescott and her staff who dealt patiently and efficiently with my many queries.

Kathleen Garnett

More clients

All staff were helpful and approachable. Victoria Motley made what is a daunting experience bearable.

Maria Scully

More clients

The staff were very friendly and approachable.

Jack Greenhalgh

More clients

There was a quick and clear response to all questions raised.

Peter Butler

More clients

The service I received from Victoria Motley was excellent.

Janet Lloyd

More clients

Thanks to Victoria Motley. Very professional and efficient firm.

Leonard Mlotshwa

More clients

Everything was explained fully to us in terms we understood. Thank you Jennifer for making things so easy for us.

James Preston

More clients

Approachable, professional and friendly service. A strong combination, thank you.

Dorothy Beecroft

More clients

May I personally thank you for your professionalism and courtesy throughout our meetings.

Declan Bolger
Warrington

More clients

The service provided was first class

Hilary Meller

More clients

Make an enquiry