subject: Providing Advice And Care For The Elderly [print this page] The Local Authority can legally take 100% of your estate, provided it exceeds 20,000, while you are still alive in order to pay for your care fees!
Yes, its perfectly true, the UK Government can only take 40% Inheritance Tax from someone's estate after they have died and only then if their estate exceeds 263,000.
Whereas a Local Authority can take 100% of a persons estate, provided it exceeds 20,000, while that person is still alive, in order to pay for their residential care fees!
Simply transferring your home to your children wont necessarily avoid it being sold to pay for your care fees
People are living longer and knowing how best to help our parents, grandparents or others in old age is a difficult task. Most elderly people want to retain their independence for as long as possible but for some this is just not possible. the sooner you seek legal advice the better.
If you are responsible for an elderly persons care needs, and you need to take advice about some aspect of that care, the advice you need may not always be readily accessible to you. At times you may feel that you do not have the knowledge or ability to cope.
Things you need to consider when planning for the care of the elderly;
The handling of financial affairs for the elderly
Planning for what are now extremely expensive care fees
Benefits available for both care in the home and while in nursing or residential care,
All aspects of long-term healthcare finance planning.
The preparation and registration of Enduring Powers of Attorney
the implication of mental incapacity and the need to making an application to the Court of Protection
Providing advice and care for the elderly is an ever growing area of concern for all generations. National Health funding is being reduced and the number of available places in rest homes and nursing homes is on the decline. You should Regard long-term health planning as being just as, if not more important than tax planning.
