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Protecting your assets
Understand how your hard earned assets could be at risk to various risks such as the divorce and bankruptcy of your beneficiaries.Read more >
20 May 2015
Lasting powers of attorney
Your bank accounts could be frozen in the event of an accident or long term illness. Your family could be left in extreme hardship regardles...Read more >
18 May 2015
Creditors and bankruptcy
Understand how you can shelter your assets from your beneficiaries creditors.Read more >
12 May 2015
Long term care
Unfortunately, the costs involved in moving into a Care Home can literally wipe out your entire savings and your home may have to be sold to pay for care fees. This could mean that your loved ones could receive very little, or even nothing at all of what you originally intended them to have.
When someone enters care they are automatically “means tested” and ALL of your assets, including your home are taken into account. Only those who have very few assets will escape the costs of care.
Means Testing - Upper and Lower Limits (England & N.Ireland only)
If you own more than the upper limit currently £23,250 (which includes your property, any cash or savings and stocks and shares) you will be expected to fund the full cost of your care fees. You would not be able to receive any financial help from your local council until your savings (assets) have been reduced to the upper limit.
If you have less than the upper savings limit or, when your savings drop to this limit, the local council will then assess your ability to pay based on both your capital and income.
If you have assets below the lower limit currently £14,250 (please see below for Scotland & Wales) then any contribution you may be required to make towards the cost of your care will be based solely on your income and your assets disregarded.
There is planning available to you that may help you preserve your assets for the next generation.
Call Prime Today - we're here to help
If you would like to arrange a free, no-obligation meeting please contact us on 0845 872 2099 or email: firstname.lastname@example.org