Most of us work very hard over the years to buy our own homes and build up our savings for our retirement. Often we wish to leave a “little something” for our children and grandchildren after we have gone.

 

Unfortunately, the costs involved in being in a Care Home can reduce your savings and your home may have to be sold to pay for care fees. This might mean that your loved ones could receive very little or even nothing at all of what you originally intended for them.

 

When someone requires care they are automatically “means tested” and ALL of your assets, including your home are taken into account. Only those who have very few assets can escape the costs of care.

 

 

First, it is important to safeguard your home and we must look at the way you currently own your home.

 

The majority of people own their homes as "joint tenants" which means that on first death, the survivor would then own 100% of the full property value. It is at this point your home becomes vulnerable to attack from the costs of Long Term Care.

 

By simply changing the way you own your home to what is known as "tenants In common", combined with the appropriate trust planning can often ensure that your property is fully protected should either of you enter long term care.

 

 

Once again, by changing the way your assets are invested and held can often ensure that your cash or liquid assets are also protected from the costs of long term care.

 

At Cornerstone, our team are able to advise on all aspects of care planning and provide you with the correct strategy to ensure that all your assets can be fully protected.