Will care home costs erode your legacy?

Will care home costs erode your legacy?

Will care home costs erode your legacy?

by | Inheritance

An ageing population in the UK is putting demands on care services.  For those unfortunate enough to be unable to care for themselves, the bill can be enough to make you ill.  Are you prepared?

We all know we have to prepare a will.  Those of you who have considered any UK inheritance and retirement plans will be aware that you may have an inheritance tax liability.  This is 40% on your estate over £350,000.  But there is another threshold that may erode your estate before Inheritance Tax even becomes an issue.

Care home fees assessment thresholds are as low as £23,000.  This means that should you need care in later life, your intended legacy may well be gone whilst you are still receiving treatment.  As medicine progresses and people live longer, planning for the worst and protecting your inheritance for your loved ones is a prudent plan.

There are no ways to avoid care home fee assessment.  Indeed to do so is against the law.  But you can prepare for any possible future.  Even the worst.  So if you do suffer from failing health or face a possible future needing assistance, start facing the future as soon as possible.

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