Navigating the financial implications of care can be challenging, especially if you or a loved one has recently received a dementia diagnosis. At Dementia Care Homes, we recognize the importance of protecting your assets while managing care costs. That’s why we highly recommend consulting with Viva Planning, specialists in estate planning and care fee strategies.
Understanding Care Costs
The cost of care can be substantial, and many families are caught off guard when they realize that local councils can claim up to 50% of their assets to cover these expenses. It’s essential to have a proactive plan in place to safeguard your family’s financial future. With the right strategies, you can significantly reduce your care cost liability.
Effective Strategies to Protect Your Home from Care Fees
Many couples jointly own 100% of their home, which can complicate matters if care becomes necessary. Here are some strategies to consider:
Tenants in Common: By exploring estate planning tools like tenants in common, you can divide your estate between partners. This method can help ensure that your assets are not fully exposed to care fees. Instead of the local council claiming a substantial portion of your property, you can protect your share and safeguard your inheritance for your children.
Trusts: Setting up a trust can be an effective way to protect your assets. A well-structured trust can provide a layer of security against care fees and ensure that your home remains in the family.
Gifting: Gifting assets to family members or loved ones can also be a strategy to minimize potential liabilities. However, it’s essential to understand the implications of such actions, including potential tax consequences.
Viva Planning provides expert guidance on these strategies, ensuring you understand how to navigate the complexities of estate planning while keeping your assets secure.
To learn more about how to implement these strategies, visit Viva Planning at www.vivaplanning.co.uk
Why Choose Viva Planning?
What sets Viva Planning apart is their commitment to making expert advice accessible. Most solicitors charge over £300 per hour for consultations, creating a financial barrier for many families seeking guidance. In contrast, Viva Planning offers free consultations, allowing you to explore your options without the burden of high fees. This approach empowers families to make informed decisions about their estate planning without incurring additional stress.
Take Action to Protect Your Estate
If you’re worried about losing your home to pay for care, we strongly encourage you to reach out to Viva Planning. Their knowledgeable team is dedicated to providing the best estate planning tools available to protect your assets and secure your family’s future.
By taking proactive steps now, you can significantly reduce your care cost liability and ensure that your loved ones are taken care of. Don’t wait until it’s too late—contact Viva Planning today to schedule your free consultation.