Clever Care Charge CONfusion coming in 2023
The real truth about the new government “cap”” on care fees and your property
So, we are being told that as of October 2023 the proposal is, if you need to go into care or have care brought into your home, the maximum you will pay is £86,000 in a lifetime.
SADLY, THIS IS NOT TRUE!
If you take a care home charging the average fee in the south of £1000 per week – then,
£300 will be the charge for care and £600 will be the fee for board and lodging.
This means that to spend £86,000 on care, you will have actually had to have spent £286,380 on care home fees in total.
Currently, if you have assets above £23,250, there is no limit to the amount you could pay towards your care during your lifetime which devastates the estates of 1000s of individuals every year, causing many children to see their inheritances disappear in front of their eyes.
The new rules will increase the threshold from £23,250 to £100,000, meaning if you have total assets below this figure there will be some support available and if you have assets below £20,000, you will be fully funded.
There are of course very few properties worth less than £100,000, so this pretty much means that for most property owners, nothing is really going to change as most people do not have the best part of £300k sitting in a bank account waiting to be used for care.
The sale of a property to pay for care home fees is sadly, therefore, still inevitable for most people.
The key then is to have your home in Trust well before any care needs to be considered and to have less than £20,000 in savings which will mean your care will be fully funded, and what’s more, if you set up Powers of Attorney well in advance of when they may be needed, your property will be able to be rented out by your Attorneys and the resulting income added to whatever award you receive, which will ensure you get the best possible care available.
Don’t fall for the clever rhetoric being spouted by the Government.
Take control of your family’s financial future NOW while you can.
We have Property Trust packages to suit all needs and will always ensure you do not transgress the rules regarding deliberate deprivation of assets ensuring all the Trusts we set up will be robust and fit for purpose when and if the time comes.
You do not need to pay a penny towards your care fees, let alone £86,000, so long as you make the correct arrangements at the correct time for the correct reasons.
You have paid your taxes and national insurance contributions throughout your life so why should you lose £1000s when many others who have not paid into the system at all will get everything free of charge?
If you, like us believe that what you have saved for your family should go to your family then call us now on 0800 668 11 64