During these very strange economic times the Local Authorities are required to be even more stringent with their means testing, so when it comes to your assets in regard to the costs of Long-Term Care, then your local authority may have the right to sell your home and use the proceeds to meet the costs of your care.
- Thinking about it, this is quite reasonable isn’t it? After all who wants to be stuck in any old place that smells of boiled cabbage and urine? Far better to use your assets and provide the best possible care for you, isn’t it? Another thought though, if you have lost mental capacity then who says where you go? Who is going to make the choice of where you are going to be placed? That is far too many uncertainties for my liking, needless to say I do not like the smell of either!
- The other thought is, what if you died and never went into care but your surviving spouse or partner did? Your whole property may be sold to pay for your spouse or partners care, where you owned the property jointly (joint tenants). Do you think its fair that the whole of the property was taken up in care fees when only one person went into care?
- Most homes are held as Joint Tenants: where both parties own the property together, so on first death the property ownership automatically passes to the survivor who is then exposed to the means testing process should Long Term Care be required in the future.
- Some people think that transferring the ownership of the property to their children will avoid the property being assessed when it comes to means testing – WRONG - unfortunately you cannot transfer your property to relatives to avoid paying nursing home fees, without falling foul of the law.
So, how do we legally avoid events 1,2,3 & 4?
I know a way that will ensure that at least half the value of your property will go to your children or chosen beneficiaries. I also know a way of ensuring that you do not have to suffer the smell of Boiled Cabbage and Urine everyday in a grotty old Care Home that was chosen on your behalf.
If you dislike the thought of living somewhere and having to suffer the smell of Boiled Cabbage and Urine, and losing half of your estate value to boot, then perhaps give us a call?