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It is always a difficult and emotional time when a relative needs to move into care. It causes families a lot of soul searching and it becomes necessary to make many difficult decisions.
When someone goes into care, the local authority will assess their ability to pay for that care. For a single person all your pension income (less £21.15* per week personal expense allowance), will be assessed and used to pay for your care.
Anyone with assets of over £13,500* will have to contribute towards their care costs and those with assets of over £22,250* will have to fully fund their own care costs until the value of the assets reduce to less than £13,500*, at which point you will be at the mercy of the local Authority to fund your care costs.
The value of your property is excluded for first 12 weeks of care or will be totally excluded if your spouse still lives in it.
We are able to offer information on State Benefit entitlement and advice on the following areas:-
* Understanding of the local Authority rules
* Assessing how long capital will last, and the affordability of the care home chosen
* Funding methods, including tax free* care fee payment plans (Impaired life annuities)
* Bespoke investment portfolio design for those who wish to invest the money to cover care costs
In-Residence (a new and unique service set up to aid, support and provide accessible central advice for families of the elderly going into care)
In addition to the financial advice that Diane Needham of Chessman & Partners can offer, we have teamed up with two other professional ladies to create In-Residence. These three experienced ladies are all experts in their own fields and can provide a reliable solution to the hurdles faced when moving into care.
Joanne Smith of Blaser Mill Solicitors can arrange Wills and draw up and register Power Of Attorney documents.
Diane Moughton of Clutterbugs can help with the preparation for the move, overseeing the removals and assistance in unpacking.
You are able to select just one or two of our services or allow us to coordinate the whole process for you.
Impaired life annuities are only tax free when they are paid directly to the care home.
*based on allowances for tax year 2008/2009
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