Friday, February 12, 2010

Long Term Care: rather complex

In recent weeks various political parties have put  forward their proposals on long term care in England & Wales. (rules are different in Scotland)

What is Long term Care?

When a person is too old & frail to look after themselves, they may need to go into a care home. The main concern of individuals has been whether they would need to sell their home to pay for care.

The rules are very complicated  & vague. However a couple of general points can be made. 
  1. You do not need to sell your home if your spouse is still resident there & over 60.
  2. You start to get help with fees when your income is under £23 000 (2009-10)
  3. Attempts to hide assets are penalised eg transferring money & assets to children or grandchildren
It is a specialist area and it worth consulting an expert financial adviser with experience in this area.

Posted by Sean Wilson, APFS, Independent Financial Advisers (IFA), Swindon, Wiltshire.