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.
- You do not need to sell your home if your spouse is still resident there & over 60.
- You start to get help with fees when your income is under £23 000 (2009-10)
- 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.