Protection Against Nursing Home Fees
With the general life expectancy of the population increasing every year, nursing homes are in demand more than ever before. The average nursing home in our area costs approximately £4,000.00 per month.
The local authority will not help you with funding until your estate is reduced to approximately £23,500.00. This includes the value of your house.
Consequently then, it is becoming more and more common for children to lose their inheritance in paying their parents’ nursing home fees.
There are ways that this can be avoided or significantly reduced. Through the use of trusts, one half of the property can be taken out of the estate of the second spouse or partner. This means that only one half of the house can be taken into account when the local authority calculates the contributions due.
These types of wills are more complex and need to be discussed. They offer further protection with regards to divorce, bankruptcy of the second spouse and even remarriage.
The local authority will not help you with funding until your estate is reduced to approximately £23,500.00. This includes the value of your house.
Consequently then, it is becoming more and more common for children to lose their inheritance in paying their parents’ nursing home fees.
There are ways that this can be avoided or significantly reduced. Through the use of trusts, one half of the property can be taken out of the estate of the second spouse or partner. This means that only one half of the house can be taken into account when the local authority calculates the contributions due.
These types of wills are more complex and need to be discussed. They offer further protection with regards to divorce, bankruptcy of the second spouse and even remarriage.