Trusts: Care Fees

The single largest asset in most estates is the family home, and by protecting it you are protecting the bulk of your estate to be passed on to your loved ones.

The population of the UK is now living longer, and so the size of our elderly population is growing year on year. Apparently 1 in 4 women and 1 in 6 men may require long-term care in the future. If you or your partner require long-term care then a means test is carried out to establish how much you should contribute. In some cases your home is included in the means test and may have to be sold to pay for care fees.

It is illegal for you or your partner to transfer ownership of your property to try and avoid paying care fees. However, you and your partner can protect half of your property from the means test by using a protective property trust.

If this is something that concerns you then please feel free to contact us.