Company Information
1st Floor
20 Coton Road
Nuneaton
CV12 5TJ
0845 263 5083
Care Costs in the West Midlands
Care Costs
70,000 homes a year sold by Local Authorities to pay Care Fees
Community Care - the most vicious tax of all
Warning: do not delay - advance planning is safer and much cheaper- Doing Nothing will disinherit your children by default.
Whilst Inheritance Tax (IHT) reduces the passing of wealth through the generations by taxing it at a 'modest' 40%, the need for a family member to have Long Term Care can be a 100% tax on your wealth.
Under the Charges for Residential Accommodation Guide (CRAG) Regulations:
If your assets exceed £21,500 and you need residential nursing care, the Government will contribute between nothing and around £100 a week to the costs you incur, which could be at least £500 a week or even double this figure.
YOU must find the rest. Once your assets drop below £21,500 (2008/09) you will receive a slightly higher contribution, until your assets are below £12,750 (2006/7) when the whole cost (up to a maximum set by your local Council) will generally be met by the Council. However, they are under a legal duty to recover as much as possible of the costs from your estate, and may well pursue people you have given significant gifts to and they will also sell your home (if you own it) unless it is still occupied by an acceptable dependent. Rates vary across the country.
You must ACT EARLY - or your Local Council could disinherit your children
None of this saving is possible if you leave it too late, or if you already have an illness which can reasonably be expected to mean you will need residential care in future.
It is essential to seek Professional Advice from those who are experienced in this field. Legal Estate Planning Ltd are specialists in this field.
Many people spend a lot of money doing very silly things which stand no chance whatsoever of working. Giving your home to your children to avoid community care fees is deliberate deprivation and they can be forced to sell it to pay the cost of your care.
Home | About Us | Inheritance Tax | Care Costs | Lasting Powers of Attorney | Listed in SmileLocal for Legal Document Services