Putting you at the heart of the picture
If you need long term care in the future but fall below the required criteria for the NHS to award you fully funded care (known as Continuing Health Care) then your assets will be assessed to see if you are able to fund your own care.
What if you need care and you have given assets away?
If you have given assets to your children, or you have transferred assets into a Lifetime trust, then the value of those assets should not be included in your financial assessment. However, if the Local Authority can show that the assets were transferred to avoid paying for care then it is possible for them to still include the value of those assets in your financial assessment as notional capital. It may even be possible for the Local Authority to send the bill for care to the family member who has received the transferred assets. It is therefore important to take advice on the risks before making such a transfer.
It’s very common to consider making gifts to family members to ensure the assets are kept in the family. In particular, many consider giving away their property, or a share of it, to children during their lifetime or in their will.
Potential risks with gifting of assets
We would not usually recommend that you transfer your assets without carefully considering your financial security as once a gift is made there is no turning back.
In particular, we would not suggest that you transfer the ownership of your property outright to someone else while you or your spouse/partner continues to live there. Problems may arise should one of the recipients of the gift suffer from financial difficulty, a divorce, or a family disagreement. It is extremely important to take the proper legal advice before making such a transfer.
Foresight Estate Planning - Simpler solutions to complex problems
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*The Financial Conduct Authority does not regulate tax advice, wills or trusts.
**The Financial Conduct Authority does not regulate tax advice.
Foresight Estate Planning – The key to future success
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