The process of managing a loved one’s affairs using a Lasting Power of Attorney (LPA) is to be made simpler and safer. An LPA is a legal document that allows people to appoint someone else (an attorney) to make decisions about their welfare, money or property. They are often used by older people to choose
The average stay in a care home is approximately 2 1/2 years [*LaingBuisson, Care of older people: UK market report, May 2017, p. xxiii] and the costs are typically £82,000 over that period of time. Planning for the potential care fees can ensure that your family and loved ones receive some inheritance when you die.
Should you require full-time residential care you will be expected to pay for your own fees where your capital exceeds £23,250. Whilst there is no safe way of avoiding paying care fees, there are measures that can be put in place to protect your estate. Planning for care fees may involve reviewing and amending your and your partner’s Wills to establish trusts which will provide some asset protection.
We can review how your estate is structured, consider how your home is owned and ensure that you are aware of any future liability. We can then take steps to protect your home and other assets.
We can provide practical and proactive advice to ensure your family wealth is protected.
Related Resources (View more resources)
Presentation slides from the webinar ‘Understanding inheritance and property – how to avoid disputes and claims’ which took place on Wednesday 7th July 2021.
Learn why you should write a will with Edward Gill and Radha Chauhan.
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Presentation slides from the webinar ‘Wills and inheritance tax planning – putting the right protection in place’ which took place on Wednesday 2nd June 2021