Care Home Fees Advice Solicitor
Do you worry about paying for care home fees? Many thousands of elderly people sell their homes to pay for long term care. Did you know that average care home fees in the UK are now £540.00 per week?
Would you like to preserve your home and savings for which you have spent your whole life working from having to pay out for care home fees? Would you like to pass on your home and assets to your family?
At Crompton Halliwell, we advise elderly clients and their families on the best course of action in avoiding care home fees. Many home owners are concerned about the potential loss of assets, including their home, if residential care becomes necessary. Through our experience, we have gained a depth of knowledge in this area of law to guide our clients in preserving their assets with regards to future events.
In these situations, the best way to secure your home is to work with a care home fee advice solicitor to create a Family Life Interest Trust (FLIT). This type of trust is set up firstly for yourself, or a husband and wife, and then your family.
The main elements of this type of trust are as follows:
- The trust can be created by you or both you and your spouse.
- You retain possession of the asset or house at all times.
- The beneficiaries of the trust are yourself and your children.
- The trust lasts during your life or joint lives.
- You retain possession irrespective of your circumstances.
- The trustees, typically two in number, are usually your family.
- The house or assets are transferred to the trustees subject to the terms of the trust.
- The trust is maintained by the trustees, but they do not have ownership. They only look after it for you during your lifetime.
- Trust assets are generally exempt from a nursing home assessment.
- Any income from the trust is paid to you.
- It is perfectly safe and secure for you as you retain rights of possession throughout the duration of the trust.
- You can move house and the trust continues wherever you are
- The trust asset remains intact until the trust comes to an end when you die, and the assets are passed to your family through your will.
- Please note that the house must be in your name (or joint names) and free of mortgage.
In essence, this type of trust can be beneficial to yourself and your heirs. The cost of working with a solicitor to draft an accurate family life interest trust can be less than the cost of a month's care home fees. Clients typically see this as paying a bit in the short term to avoid paying a great deal of money in the long term.
Contact Our Firm
If you need advice concerning nursing home fees or care home fees in England and Wales, contact our firm by phone or by completing the e-mail form located on this website. Our business hours are from 9 a.m. to 5 p.m., Monday to Friday.
We are situated close to the centre of Bury on St. Mary's Place which is off Silver Street and Manchester Road and close to the Library and Job Centre.
